22 Acquisition International - M&A Awards 2017 Company: Islamic Development Bank Contact: Nabil El-Alami Contact Email:
[email protected] Address: P.O. Box 54069, Jeddah, 21514, Saudi Arabia Phone: 966126361400 Website: www.isdb-pilot.org MA170040 Best Private Islamic Finance Company 2017 & Financial Services CEO of the Year: Khaled Al-AboodiI - Saudi Arabia The Islamic Development Bank Established in 1974, IDB supports a wide range of clients, providing a vast array of Islamic banking and financial services. The purpose of the Bank is to foster the economic development and social progress of member countries and Muslim communities individually as well as jointly in accordance with the principles of Shari’ah i.e., Islamic Law. Furthermore, The Bank also extends loans to its member countries in order to aid the financing of infrastructural and agricultural projects. These schemes can include roads, canals, dams, schools, hospitals, housing, rural development to name a few, in both the private and the public sector. These projects can have an impact on the economic and social development of member countries associated with the bank. These loans, in conformity with Shariah, are interest-free and IDB recovers its administrative expenses by imposing a service fee. IDB organized four regional workshops in 2005 in order to solicit ideas and views on strategic challenges from regional perspectives. This was done to make the Vision stakeholder-centric, after consultation with the Commission. These workshops were held across the region, in Kuala Lumpur, Malaysia Almaty, Kazakhstan Dubai, United Arab Emirates and Ouqadougou in Burkina Faso. The workshops enabled the Commission and IDB to hear from stakeholders, mainly comprising of Commission Members, IDB Governors, IDV Executive Directors, IDC Management, Country Proton Partners International Ltd is a company in the vanguard of advancing proton beam therapy in the UK. We invited Mike Moran to tell us more about the firm and examine the secrets behind its success. representatives and representatives from Muslim communities. As a result, the bank was able to identify strategic challenges that could affect them, as well as being able to discuss the future of IDB in responding to the needs of its Member Countries. Additionally, to ensure excellence for its clients, the functions of the Bank are to participate in equity capital and grant loans for productive projects and enterprises besides providing financial assistance to member countries in other forms for economic and social development. The Bank is also required to establish and operate special funds for specific purposes including a fund for assistance to Muslim communities in non-member countries, in addition to setting up trust funds. The Bank is authorized to accept deposits and to mobilize financial resources through Shari’ah compatible modes. The Bank’s principal office is in Jeddah in the Kingdom of Saudi Arabia. Four regional offices were opened in Rabat, Morocco (1994), Kuala Lumpur, Malaysia (1994). Almaty, Kazakhstan (1997), and Dakar, Senegal (2008). It also has two country gateway offices in Ankara, Turkey and Jakarta (Indonesia) and field representatives in 14 member countries (Afghanistan, Azerbaijan, Bangladesh, Burkina Faso, Guinea, Iran, Mali, Pakistan, Sudan, Turkmenistan, Uzbekistan, Yemen, Mauritania and Libya). Overall, the IDB Group is a multilateral development institution which consists of five entities. Islamic Development Bank (IDB), Islamic Research and Training Institute (IRTI), Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), Islamic Corporation for the Development of the Private Sector (ICD) and International Islamic Trade Finance Corporation (ITFC). Looking ahead, the group will continue to support its clients and provide them with the solutions they need. “Additionally, to ensure excellence for its clients, the functions of the Bank are to participate in equity capital and grant loans for productive projects and enterprises besides providing financial assistance to member countries in other forms for economic and social development. “