AI Issue 9 2017

Acquisition International - September 2017 21 The Islamic Corporation for the Development of the Private Sector (ICD) is a multilateral development financial institution and is part of the Islamic Development Bank (IDB) Group. They were pleased to win the ‘Leading Private Equity and Capital Consultant of the Year - Saudi Arabia’ accolade, within the Leading Adviser Awards 2017. To mark this success, we profiled the firm’s work in supporting the economic development of its member countries. slamic Corporation for the Development of the Private Sector (ICD) was established in November 1999, to support the economic development of its member countries through the provision of finance for private sector projects, promoting competition and entrepreneurship, providing advisory services to the governments and private companies as well as encouraging cross border investments. ICD has an authorised capital of $4 billion. Currently, the shareholders of ICD are the IsDB, 53 Islamic countries and five public financial institutions. ICD fosters sustainable economic growth in its 53 member countries, by financing private sector investment, mobilising capital in the international financial markets and providing advisory services to business and governments. ICD financing projects are selected based on their contribution to economic development, considering factors such as job creation and Islamic finance development, contribution to exports. ICD also provides advisory services to governments and private sector groups, on policies designed to encourage the establishment, expansion and modernisation of private enterprises, development of capital markets, best management practices and to enhance the role of the market economy. ICD operates to complement the activities of the IDB in member countries and that of national financial institutions. Khaled Mohammed Al-Aboodi CEO & General Manager tells us more about the firm, in his own words. “Today, ICD realises more than ever, that the role of forward-looking and well-supported private sector in Company: Islamic Corporation for the Development of the Private Sector (ICD) Name: Nabil El-Alami Email: [email protected] Web Address: www.icd-ps.org Address: Headquarter ICD - P.O. Box 54069 Jeddah 21514, Kingdom of Saudi Arabia Saudi Arabia Telephone: Tel. +966 12 6441644, +966 12 6361400 Supporting Economic Development I 1708AI31 achieving an inclusive development has never been more fundamental. ICD is building its reputation as a trusted long-term partner toward contributing to the development of the economies of its member countries. ICD takes pride in being the first multilateral private sector development financing institution, in the world offering Islamic finance for private sector and one of the leading private sector development institutions in the Muslim world. “In the years, ahead, we will continue to respond vigorously to the Muslim World’s needs for private sector development and will further strengthen our efforts in the immediate future, to achieve that goal. “As I continually affirm, it is important to remember that the Muslim countries are rich in human and natural resources and that they have a tremendous potential to enjoy a much better quality of life. I want to take this opportunity to emphasise that we all need to do our best to tap that potential.” ICD’s strategy is based on the following six core principles of: • Having a demonstrable and sustainable development impact; • Delivering sustainable financial returns; • Benefiting to all member countries within a group context; • Being a complementary to IsDB group strategy; • Offering leadership on private sector development and; • Creating additionality in the private sector of member countries. • One last thought, is that ICD will deliver its vision through a ‘four pillars’ strategy, with a focus on developing Islamic finance channels. These include: • Shift focus to developing Islamic finance channels; • Targeted direct financing of the private sector; • Partner with IsDB and other IFIs to shape an enabling environment and; • Leverage partners to go beyond ICD’s own resources. “In the years, ahead, we will continue to respond vigorously to theMuslimWorld’s needs for private sector development and will further strengthen our efforts in the immediate future, to achieve that goal .”