IslamicFinance.de

The Islamic Corporation for the Development of the Private Sector (ICD) signed a Memorandum of Understanding (MoU) with JANA Bena'a Productive Families of Saudi Arabia in order to test a new banking model named Biniog Sathi. The MOU was singed by Khaled Al-Aboodi, the CEO of ICD and Mohammed Al Khamis, Chairman of JANA Bena'a Productive Families. The new banking model will resolve the problem of credit default in the banking industry with the help of Zakat and Sadaqa. JANA Bena'a Productive Families Centre provides interest free loans to support women in starting their own businesses.