IslamicFinance.de

The Islamic Corporation for the Development of the Private Sector (ICD) hosted a delegation from Cote d’Ivoire composed of 40 entrepreneurs, the Ambassador of Cote d’Ivoire in Saudi Arabia, the President of Chamber of Commerce of Cote d’Ivoire and the Vice president of the Confederation of Corporation of Cote d’Ivoire. The B2B Meeting was an opportunity to exchange on the opportunities of doing business in Cote d’Ivoire. ICD re-emphasized its commitment to support the private sector in Cote d’Ivoire through Direct Investments, Investments in dedicated Funds and through Line of Financing to financial institutions.

The Islamic Corporation for the Development of the Private Sector (ICD) and Coris Bank International have entered into a Joint Strategic Collaboration to establish Islamic windows. ICD is assisting Coris Bank International’s subsidiaries in launching four dedicated Islamic windows in Cote d’Ivoire, Mali, Senegal and Benin. The advisory agreement was signed by the CEO of ICD, Mr. Khaled Al Aboodi and Mr. Idrissa Nassa, CEO and Chairman of Coris Bank International. Mr. Nassa stated that the signature of this advisory agreement with ICD aims to achieve the bank's objectives. The current strategy of the group is to implement an Islamic Window in all its banking network. In midterm the group aspires to create sharia compliant subsidiaries.

According to law firm Hogan Lovells, the launch of Sukuk bonds by three West African governments will open up a vast financing channel for the region. Hogan Lovells advised the Islamic Corporation for the Development of the Private Sector (ICD) as lead arranger on the issuance of three sovereign Sukuks in West Africa. These include Cote d’Ivoire, Senegal and the Republic of Togo. The Sukuks were listed on the Bourse Régionale des Valeurs Mobilières (BRVM), Abidjan, Cote d’Ivoire. Altogether with the debut issuances for Senegal and Cote d’Ivoire, the combined listing value was CFA 766 billion. Imran Mufti, who led the Hogan Lovells’ team, said the landmark Sukuk bonds will enhance the development of Islamic finance in West Africa.