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Global recognition for ICD's strategic initiatives.

AWARD WINNER: The Islamic Corporation for the Development of the Private Sector (ICD) wins award for 'Excellence in Development of the Islamic Private Sector - MENA 2014' from International Finance Magazine (IFM).


The Islamic Corporation for the Development of the Private Sector (ICD) has been awarded the accolade of 'Excellence in Development of the Islamic Private Sector -- MENA 2014' by International Finance Magazine (IFM) in its annual IFM Awards. The award recognizes the strong support by ICD of the global development of the private sector and in particular its activities in the MENA region. Through its strategic initiatives, ICDhas been successfully supporting the economic development of its member countries through provision of finance to private sector projects in accordance with the principles of Shariah law. Khaled Al-Aboodi, CEO of ICD, commented: "Receiving this award is testament to the commitment and collaboration that ICD continues to pursue in its ongoing quest to mobilize resources, add real economic value and encourage, enhance and elevate private sector partnership across its member countries. " The CEO said: "In line with our new strategy, ICD is now not only focusing on deepening and strengthening operations across co-partner countries but expanding our focus outwards to collaborate with a wider range of non-member and non-Muslim jurisdictions in order to support the spread and significance of Islamic finance globally." "With multiple new agreements signed with cohorts as diverse as Korea and Japan; as well as our ongoing commitment to programs in Africa and the CIS region bearing plentiful fruit, we are proud to receive this IFM award for Excellence in Development of the Islamic Private Sector. " Despite the challenging economic environment,ICDhas made solid progress toward implementing its strategic agenda and provided considerable and consistent support for the private sector in its member countries through key investments, financial provision and advisory services. MENA continues to be a key focus for the group, which is continuing its active operations across the region: including most recently an agreement in June 2014 signed in Jeddah with the Saudi-Egyptian Business Council on the co-operation between ICD and Saudi companies interested in investing in Egypt. The IFM Awards celebrate excellence in its purest form, and were established to recognize and honor both individuals and organizations across the international finance industry that make a significant difference and add value. The awards herald the highest standards of innovation and performance, and shine a spotlight on those who make a contribution to raising the bar in the financial industry through activities of note and significance. These include path-breaking initiatives in corporate social responsibility or charitable activities, better corporate governance and other achievements that impact the global finance community: as well as focusing on those organizations that operate in niche industries and exhibit brilliance in the unsung corners of the finance industry.

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Publication:Arab News (Jeddah, Saudi Arabia)
Date:Nov 28, 2014
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