Being a part of the Islamic Development Bank (IDB) Group ICD actively operates in CIS countries and involved in various projects in the field of Islamic finance.
For example, with the participation of ICD the fist ijara company in the Republic of Kazakhstan was established, in the same region fist takaful-operator were funded, and leasing company in Uzbekestan was launched. ICD is also consulting governments and private companies in terms of establishing, expansion and modernization the private enterprises.
Mr. Khaled Al-Aboodi, CEO of ICD is becoming a key speaker at Investment forum, which is going to be held on the second day of KazanSummit 2015.
Other IDB divisions are also joining ICD on the KazanSummit, among them are ICIEC (The Islamic Corporation for the Insurance of Investment and Export Credit), IRTI (Islamic Research and Training Institute). Islamic Development Bank delegation consisting of 50 participants will be led by Dr. Ahmad Mohamed Ali Al-Madani, the President of IBD Group.
KazanSummit 2015 – the a main platform for developing economic relations between Russian regions and OIC member countries – will be held on 15-16 June, 2015 in Kazan. Central banks of CIS and OIC member countries, Ministries, Chambers of commerce and leading Islamic finance organizations have been invited to participate at the 7th International Economic Summit of Russia and OIC countries.
ICD is a multilateral development financial institution and is part of the Islamic Development Bank (IDB) Group. ICD was established by IDB’s Board of Directors at the 24th Bank annual meeting in Jeddah in 1999. ICD’s headquarter is located in Jeddah (Saudi Arabia).
ICD’s purpose is to support economic development and promote private sector development in IDB-member countries through the provision of finance and/or investments according to the Sharia principles.
Under the ICD jurisdiction there is economic development support in IDB-member countries through developing a private sector by financing private sector projects based on Sharia complained principles. Projects funded by ICD are being selected based on their contribution to the economic development with taking into account such factors as job creation and contribution to export development.
The Islamic Corporation for Private Sector Development is also attracting co-financiers for projects, provides advisory services to the governments and private sector groups on policies of promoting, expansion and modernization the private sectors, of capital market development, of management improvement and strengthening the role of market economy. ICD also supplements activities carried out by IDB in its member countries and national financial institutions.