Khaled Al-Aboodi

ICD partners with Al-Ajial to invest in Moroccan private sector

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.

Chad's Islamic finance moves get ICD involvement

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.

ICD cements plans to launch mortgage finance company

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 body to open banks in Mali, Benin

Two new Islamic banks are planned to be opened in Mali and Benin by the Islamic Corporation for the Development of the Private Sector (ICD). The openings are scheduled for next year. The initiative is part of the efforts to expand the industry's consumer base in Africa. According to Khaled Al-Aboodi, the development of Islamic banking in Africa is more important in terms of supplies than in terms of the potentially massive demand. ICD further intends to establish Islamic financial institutions including banks and takaful insurers in Africa. The established in 2009 Tamweel Africa Holding (TAH) is to contribute to the establishment, acquisition and management of Islamic financial institutions in West Africa.

Burj Bank announces Rs 147m profit in 6 months

The half yearly results of Burj Bank Limited (Burj) for the period until the end of June 2012 were made public. The bank registered profit before tax as high as Rs 147 million. The announcement is a reflection of the bank's turnaround in terms of continuous earning for the first two quarters of this year. Furthermore, the growth of the total deposits is 57% reaching Rs 32 billion in the first half of the year. The profits are seen as remarkable progress, especially having in mind the significant challenges the bank has faced in the period.

Burj Bank announces profit

Bank Burj's results for the first half of 2012 (until June 30th) are out. The bank registeres a profit before tax as high as Rs147 million. The results are a reflection of a turnaround of Burj Bank which caused continuous earning for the first two quarters of the year. The growth of the bank's total deposits lies at 57% reaching Rs 32b for the period. In spite of political and economical problems, the bank demonstrated excellent half yearly performance.

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IDB launches renewable energy fund

The Islamic Development Bank (IDB) is looking for new investments for farming projects in Kazakhstan through its $600 million agribusiness fund. Gulf countries offer capital but they do not have agricultural resources, while there are countries like Kazakhstan, which - on the contrary - have the resources but not the capital, said the chief executive of IDB. There are also opportunities in the sector of renewable energy, which is why IDB considers new investments into solar and wind projects that is not paid enough attention to.

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IDB eyes investment in Kazakh, Central Asia energy, farming

The Islamic Development Bank (IDB) plans to set up first Islamic company in Kazakhstan in 2013. The object of business shall be: renewable energy and agricultural projects. The reason for that is the lack of agricultural resources in Gulf countries. On the contrary, countries in Central Asia and Africa have the resources but not the capital, which is why IDB considers opportunities for Islamic banking in Kazakhstan, which has a resource-driven economy that is the largest in Central Asia.

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Jeddah-based IDB sets up business forum in Indonesia

On monday, Islamic Development Bank (IDB) Group opened its office of business forum (thiqah) at the Investment Coordinating Board (BKPM) in Jakarta. Since this is the bank's first office beyond the boundaries of Saudi Arabia, it is expexted that it will contribute to IDB's expansion and mobilization of its resources and promotion of Indonesia as a major investment destination for IDB's members. This move will enable a connection between Indonesia and investors from other Muslim countries, thus taking advantage of the rapidly growing Islamic economy.

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Saudi Arabia reaping fruits of economic reforms

Saudi Arabia, the biggest economy in the Middle East, is among the very few countries that have proved to be quite strong and robust.
According to Khaled Al-Aboodi, the chief executive officer of Islamic Corporation for the Development of the Private Sector, the reason are the large number of effective reforms that were undertaken in the last few years. He added the fact that Saudi Arabia’s economy is anticipated to grow by 6.5 percent this year which is much higher than the average growth rate of both the developed as well as the developing countries.

ICD, Kolon in deal to set up Islamic leasing companies in OIC

The Islamic Corporation for the Development of the Private Sector (ICD), the private sector arm of the Islamic Development Bank Group (IDB), and Kolon Corporation signed a memorandum of understanding (MoU) for jointly establishing Islamic leasing (ijara) companies to support small and medium enterprises (SMEs) in 57-member countries of the Organization of Islamic Cooperation (OIC).
The MoU was signed by ICD's CEO and General Manager Khaled Al-Aboodi and Kolon's CEO and President Kim Nam-soo.
The MoU arranges the establishment of a platform for mutual collaboration on market studies related to the leasing industry in countries where the project is to be initiated.

ICD starts lease services company in Bahrain

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.

ICD signs MoU to promote SEZs

The Islamic Corporation for the Development of the Private Sector (ICD), the private sector arm of the Islamic Development Bank Group (IDB), the Statistical, Economic & Social Research & Training Center for Islamic Countries (SESRIC) and the Economic Policy Research Foundation of Turkey (TEPAV) signed a memorandum of understanding (MOU) to promote and support the development of Special Economic Zones (SEZs).
Khaled Al-Aboodi, CEO and General Manager of ICD, Dr. Savas Alpay, Director General of SESRIC and Dr. Umit Ozlale, Director of TEPAV, signed the MOU in Istanbul, Turkey, on Oct. 6 on the sidelines of the 26th Session of COMCEC.
The institutions will liaise with one another and would also consider supporting each other through jointly conducting due diligence on specific feasible projects that have been identified for possible cooperation.

ICD to set up Islamic bank

The Islamic Corporation for the Development of the Private Sector (ICD), the private sector arm of the Islamic Development Bank (IDB), said it was committed to ensure that its plan to set up an Islamic bank in the Maldives in partnership with the government of the island would materialize soon.

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