IslamicFinance.de

The Islamic Corporation for the Development of the Private Sector (ICD), a member of the Islamic Development Bank Group (IDB), and the government of Senegal and have announced the African state’s plan to relaunch a XOF 100 billion ($200 million) sukuk project next year. Amadou Ba, Senegal’s minister of economy and finance, has reaffirmed the interest of his government of Senegal to diversify its financing instruments. This project is the beginning of an ambitious program which could lead to the financing of innovative infrastructure and energy projects through sukuk issuances. This project is the first of its kind in the West African Economic and Monetary Union (WAEMU) and aims to promote Islamic finance as an alternative instrument to finance the economies of the member states of the union.

The Islamic Corporation for the Development of the Private Sector (ICD) has entered into a joint venture agreement with Capitas Group, LLC, a US financial services firm specializing in developing and managing Shariah-compliant finance companies, to form a management company dedicated to the global development of the Shariah-compliant finance industry. ICD is a multilateral financial institution, which is part of the Islamic Development Bank.

Some 2,300 international investors, a 12% increase on the same period 2009, have already signed up for the 21st edition of MIPIM (Cannes from March 16-19), as executives report improved confidence in the real estate market and economic recovery opens the door to new investment opportunities. Other major investment topics on the conference agenda include the presentation by Khaled Al-Aboodi, CEO of the Islamic Corporation for the Development of the Private Sector (Saudi Arabia), who will talk about Islamic finance.

Bank Indonesia plans to reduce the capital adequacy ratio (CAR) for conventional banks wishing to set up a shariah commercial bank through a spin-off from Rp 1 trillion to Rp 500 billion as of March.

The Islamic Corporation for the Development of the Private Sector (ICD), looks into establishing an Islamic bank in Indonesia as partner.

Khaleej Times reported on 26 March about The Islamic Corporation for the Development of the Private Sector (ICD), an arm of the Jeddah-based Islamic Development Bank (IDB).
 
According to Khaled M. Al Aboodi, the new CEO, international projects include the feasibility study to establish an Islamic bank in Maldives and further studies regarding sukuk issues of banks in Mauritania and Indonesia. ICD has also initiated an Islamic investment bank in Azerbaijan.
 
In Saudi-Arabia ICD has established a real estate company called Ewaan, which is capitalised at SR4 00 mn. The company plans to build housing complexes for the low and middle-income people.
 
ICD provides a variety of financial products to its clients such as direct financing through equity participation, term-financing, line of financing to commercial banks and national development financing institutions (NDFIs), short-term corporate finance, asset management, structured financing, and advisory services to private and public companies.
 
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