The Islamic Corporation for the Development of the Private Sector (ICD), the private sector arm of Islamic Development Bank (IDB) Group, was presented with two prestigious awards at The Asset Triple A Islamic Finance Awards ceremony in Kuala Lumpur, Malaysia today.

The two winning deals include ‘Best Deal, Saudi Arabia’ which was a USD300 million wakala sukuk and also the first public issuance for ICD, and ‘Best Deal, Bangladesh’, which was a USD32 million syndicated term finance facility for Noman Group in which ICD acted as the co-arranger.

2017 is shaping up to be an exciting year for the industry, and many are expressing interest and gravitating towards Islamic finance as a stable alternative

As the financial publishing group in Asia with the widest reach among Asian issuers and global institutional investors active in the region, The Asset’s annual Triple A recognition represents the industry’s most prestigious awards for banking, finance, treasury and the capital markets. Financial institutions across Asia are nominated for the various categories of the awards and goes through a rigorous process before being selected.

The CEO of the ICD, Mr Khaled Aboodi commented, “We are honoured to receive this recognition. Winning two deals at this ceremony is the result of hard work of the ICD team which I am incredibly proud of. It showcases our efforts in taking a leadership role in Islamic finance. Indeed, 2017 is shaping up to be an exciting year for the industry, and many are expressing interest and gravitating towards Islamic finance as a stable alternative to risk-prone conventional banking. We will carry forward this achievement and continue to work towards making Sharia’a compliant banking the norm for businesses and consumers worldwide. I would also like to take this opportunity to thank The Asset and congratulate them on a job well done in recognizing and celebrating the significant contributions and successes of financial institutions in the region. I wish them all the best in their future endeavours.”