The Islamic Corporation for the Development of the Private Sector (“ICD”) the private sector arm of IDB Group, and, Al Kuraimi Islamic Microfinance Bank (“KIMB”) have entered into a Joint Strategic Collaboration to implement Islamic Microfinance Institutions
The collaboration will focus on the implementation of Islamic Microfinance Institutions and Banks particularly in the provision of required technical and advisory services
The CEO of ICD, Mr Khaled Al Aboodi and Mr. Yousuf Al Kuraimi, the Vice Chairman & CEO of KIMB signed the MOU during the IDB 42nd annual meeting at Hilton Jeddah, in Saudi Arabia.
The collaboration will focus on the implementation of Islamic Microfinance Institutions and Banks particularly in the provision of required technical and advisory services by ICD for the global expansion and diversification of KIMB’s current operations beyond Yemen. KIMB will make equity investments conditioned upon ICD and its affiliate(s) co-investing alongside.
Mr. Khalid Al Aboodi, CEO of ICD stated “This collaboration will pave the way for ICD to set a solid infrastructure base for Islamic microfinance in the country. With such program we hope to foster economic growth by enhancing Islamic Microfinance environment and institutional capabilities in the country.”
Mr., Yousuf Al Kuraimi said, “We believe that our collaboration with ICD will develop and promote the Islamic microfinance in the Muslim countries. This MoU will help to invest and encourage other private sector players to join us on this mission and it is also be a reflection of our joint objectives to enhance the social and economic development impact in those countries.”