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For the second consecutive year, the Islamic Corporation for the Development of the Private Sector (ICD) presents findings from the Islamic Finance Development Indicator (IFDI), developed in collaboration with Thomson Reuters. The IFDI measures five key components that combine to depict the bigger picture of the state of Islamic finance in 92 countries: quantitative development, governance, social responsibility, knowledge and awareness. The number of Islamic finance conferences (>100 participants) worldwide surged by 41 per cent to 107 in 2013 from 76 in 2012, with 36 countries hosting conferences compared to 25 in 2012. Islamic finance in the UAE is most newsworthy, with Malaysia and rest of the GCC also make headlines. UK topped European coverage.

The Economic Development Board (EDB) and the Islamic Corporation for the Development of the Private Sector (ICD) signed a Memorandum of Understanding (MOU) on July 9 to promote SME growth in Bahrain. Under the terms of the joint partnership, the ICD will establish an Islamic Ijara Company in Bahrain to help SMEs succeed by offering Sharia-compliant financing products. The proposed Ijara Company will also be used as a training centre to help Bahrainis in the area of Islamic finance. In addition, ICD plans to set up a software development centre in Bahrain for software solutions for Ijara, Takaful, Mortgage and Islamic Banking, for export to the international market. Moreover, the ICD will assess the feasibility of establishing an SME Fund in partnership with the EDB, with the aim of supporting and investing in SMEs based in Bahrain.

The Islamic Corporation for the Development of the Private Sector (ICD) hopes to advise on the mandate for Pakistan's $1 billion Islamic bond. ICD and Karachi-based Burj Bank, 33.9 per cent owned by ICD, have applied to be advisers on the sovereign deal, meeting Pakistan's finance ministry earlier this week. A ministry statement also said that it would review the applications starting next week. The ICD has further initiatives in the pipeline. Among others, ICD signed separate agreements to help develop Islamic leasing businesses in Malaysia and Uzbekistan, as well as extending $5 million in financing to support SME lending in the former soviet state.

The Islamic Corporation for the Development of the Private Sector (ICD) and the Bank of Tokyo-Mitsubishi UFJ (Malaysia) Berhad (BTMUM) have signed a memorandum of understanding (MoU) to form a joint strategic collaboration to tap opportunities in the Islamic finance industry. Khaled Al-Aboodi, ICD’s CEO and general manager, and Naoki Nishida, BTMUM CEO, inked the MoU at BTMU headquarters in Tokyo. The parties intend to leverage each other strengths and expertise especially to expand its Islamic finance activities in the ICD member countries. Khaled Al-Aboodi said the agreement will strengthen and deepen the ICD’s relationship with its non-traditional partners from the Pacific region especially to promote cross-border investment in ICD member states.

The European Bank for Reconstruction and Development (EBRD) and the Islamic Corporation for the Development of the Private Sector (ICD) have signed a Memorandum of Understanding developing joint collaboration to support SMEs in Egypt, Jordan, Morocco and Tunisia. Under the terms of the memorandum, the EBRD and the ICD will aim to establish a $120 million investment fund, to develop and to financially support SMEs across the southern and eastern Mediterranean region (SEMED). Various financing products will be used such as equity and quasi-equity.The two institutions will contribute to the SME Fund, as well as exploring additional institutional investors and donor streams in order to provide further SME financing and technical assistance required in the region.

The Islamic Corporation for the Development of the Private Sector ( ICD ) together with Al-Nouran Multitrading (ANM), Egypt's private sector sugar trading house, have announced the signing of the Islamic Senior, Mezzanine and Working Capital Facilities Agreements for a new mega sugar production facility in Al-Sharkia Governorate. A total of $372 million will be invested into building this facility, which is expected to produce and refine more than 500,000 metric tons of sugar annually. ICD supported the project by a package including equity investment, mezzanine financing and standby
guarantees of up to $46 million. Further, ICD played a key role in arranging and structuring equity investment and mezzanine financing as well as supported ANM in negotiating and closing remaining financing package.

The Islamic Corporation for the Development of the Private Sector (ICD) plans to increase its activities in Africa, part of plans to widen the appeal of Islamic finance across the region. Under a new strategy, the ICD is helping develop what it terms "Islamic finance channels" to spread sharia-compliant financial products more widely, ICD chief executive Khaled Al-Aboodi said. Such channels include Islamic banks, investment and ijara companies, and takaful and retakaful firms. Some of the projects will be led by Senegal-based Tamweel Africa Holding which will establish an Islamic bank in Benin and is finalizing a feasibility study for one in Mali. In Chad, the ICD is supporting the establishment of an Islamic bank and a leasing company, depending on the approval from local authorities.

Saudi-based Islamic Corporation for the Development of the Private Sector (ICD) has signed a memorandum of understanding with Morocco’s Al-Ajial Funds (Al-Ajial). Through this partnership, ICD and Al-Ajial Funds will establish a framework of cooperation in order to co-invest in potential projects within Morocco’s private sectors. The ICD is particularly interested in Al-Ajial Funds’ experience in supporting Morocco’s private sector, according to ICD chief executive Khaled Al-Aboodi.

The Islamic Corporation for the Development of the Private Sector (ICD) has celebrated the completion of the First Cohort of its Islamic Finance Talent Development Program (IFTDP) last week. The IFTDP has been designed for mid-career professionals who possess prodigious leadership competencies. Its sole objective is to build up a pool of highly talented Islamic finance executives who are capable of leading the Islamic finance industry in the future. The IFTDP for experience professional has a rotational program that includes three eight-month assignments in an IDB Group sub-business and a comprehensive in-residence global training curriculum over the course of two years. The classroom training will lead to the Certified Islamic Finance Professional (CIFP) qualification, awarded by INCEIF.

The Islamic Corporation for the Development of the Private Sector (ICD) has celebrated the completion of the First Cohort of its Islamic Finance Talent Development Program (IFTDP). The IFTDP has been designed for mid-career professionals who possess prodigious leadership competencies. Its sole objective is to build up a pool of highly talented Islamic finance executives who are capable of leading the industry in the future. While the IFTDP is the latest addition by ICD to develop world-class Islamic finance executives, the Young Professional Program (YPP) has been the preeminent program preparing outstanding young graduates to become global development leaders. Both programs are based on the belief that attracting and retaining talent is the most powerful factor behind the success and excellence of organizations.

The Islamic Corporation for the Development of the Private Sector ( ICD ) and Chad's Ministry of Finance and Budget have signed a partnership agreement aiming at the creation of a local leasing company (ijara) and a local Islamic bank compliant to the principles of Islamic finance. The two future entities -- leasing company and Islamic bank -- will provide Shariah-compliant financial services and products with a special focus on the SME sector. Through this agreement, ICD will contribute to promote the development of Islamic finance and support SMEs. Minister of Finance and Budget of Chad Atteib Doutoum thanked the ICD and reaffirmed his full support to make the private sector a key player in the economic development of the country. He then promised to provide the necessary support of his Ministry to implement the two financial institutions.

The Islamic Corporation for the Development of the Private Sector (ICD) moves in the Islamic banking sector of Kazakhstan with a mandate of converting a regional Bank into an Islamic bank with expected investment of up to 35 percent of the subscribed and paid up capital of the bank. Accordingly, it will become second Islamic bank in the country. Earlier, ICD , together with a diverse group of International and local investors including owners of Zaman Group established the first Islamic Leasing (Ijara) Company in Kazakhstan with authorized capital of $ 36 million. In addition, ICD extended $ 20 million for the real estate development project and committed $ 40 million lines of financing facility for the SME sector in the country.

Thomson Reuters has launched an Islamic Finance Development Indicator in collaboration with the Islamic Corporation for the Development of the Private Sector (ICD), the private sector development arm of the Islamic Development Bank (IDB). The indicator is a numerical measure representing the overall health and growth of the Islamic finance industry worldwide. It measures five key components quantitative development, governance, social responsibility, knowledge and awareness. Therefore, the Islamic Finance Development Indicator is a unbiased and reliable multi-dimensional barometer of the development of the Islamic finance industry.

The Islamic Corporation for the Development of the Private Sector gave start to a fund aiming to finance renewable- energy projects in Central Asia and plans another in Africa. The fund is worth $35 million and is situated in Kazakhstan. In the very near future the North Africa fund containing $35 million to $50 million is to be opened. Financing for renewables ventures is targeting emerging markets due to the governments' striving to curb reliance on fuel imports and cash-strapped nations in Europe cut subsidies for clean power.

Earlier this week, the Islamic Corporation for the Development of the Private Sector (ICD) was host to a meeting on a high level discussing the launch of a new national home finance company with committed shareholders. The brand name of the company will be Bidaya. In particular, the status of the new company's development and plans concerning the next steps towards the launch were discussed. According to Khaled Al-Aboodi - CEO of ICD - the Mortgage Law together with the recent release of draft regulations give the industry clarity and direction which was very necessary.

Islamic Corporation for the Development of the Private Sector & AIM have signed an MOU to consider establishing a joint venture company, to be called Al Hayat Capital, to manage renewable energy investments. Al-Hayat is intended to be incorporated offshore and targets to raise $250 000 000 through its first Fund. The Fund will be invested in accordance with the principles of Sharia'a in Green Energy Infrastructure projects located in member countries of the Organization of the Islamic Conference.

The Islamic Corporation for the Development of the Private Sector launched the Ijarah Management Services Company (IMC), which will be based in Bahrain.
The chief executive officer of ICD, Khaled Al-Aboodi, hopes the IMC will work with various governments and its agencies in developing leasing industries and leasing laws in countries, where leasing is still not developed.

Islamic Corporation for the Development of the Private Sector, a unit of Islamic Development Bank plans to invest as much as USD 500 mn in PT Bank Negara Indonesia’s Shariah- compliant banking unit to help it expand in Asia, specifically Indonesia, Southern Thailand and Malaysia.

The nation’s Shariah-compliant banking assets rose 47 % to 48.4 trillion rupiah (USD 4.6 bn) at the end of 2008, according to Bank Indonesia data.