Download IsDB Group Private Sector Forum Fosters Economic Development of

IsDB Group Private Sector Forum Fosters Economic
Development of Member Countries
Forum connects business leaders, investors, entrepreneurs and SMEs to discuss business issues
and development goals while showcasing IsDB Group roles in Member Countries
Jeddah, 16 May 2016 – Aiming to further develop the private sector in member countries, the
Islamic Development Bank (IsDB) Group hosted the IsDB Group Private Sector Forum at Hilton
Hotel, Jeddah - Saudi Arabia on May 16th, 2017. The event was held as part of the IsDB Group
42nd Annual Meeting and inaugurated by H.E. Dr. Bandar Hajjar, President of IsDB Group, and
the CEOs of the Islamic Corporation for the Development of the Private Sector (ICD), the Islamic
Corporation for Insurance of Investment and Export Credit (ICIEC), and the International Islamic
Trade Finance Corporation (ITFC) -- Mr. Khaled Al-Aboodi, Mr. Oussama Kaissi and Eng. Hani
Salem Sonbol, respectively.
The Forum is the brainchild of IsDB Group private sector entities, which include ICD, ICIEC, ITFC
along with the IsDB Group Business Forum (THIQAH). The forum featured engaging panel
discussions, which deliberated on the activities carried out in member countries. The panel
touched on issues related to Islamic trade financing, investment challenges and export credit
insurance. With the aim to further encourage economic and social development in member
countries, the forum convened the most relevant and knowledgeable thought leaders from
business, academia and government to discuss present-day business environment and
challenges, develop new insights and design innovative solutions to tackle pressing issues in the
private sector.
The CEO of ICD, Mr. Khaled Al-Aboodi, stated, “The fundamental role of private sector in
helping the economies in the member countries shows that now is the time to mobilize the
global business community as never before. ICD as well as all MDBs, Governments, and
businesses must take the lead in living up to their pledges and drive the private sector to
success. Islamic financial channels are also very important to private sector and ICD has always
set focus on developing them in order to create a multiplier effect and address the
developmental needs of member countries more broadly. ICD strongly believes that
strengthening financial institutions in member countries will serve as a main vehicle to enhance
access to finance for SMEs and young entrepreneurs.”
The CEO of ICIEC, Mr. Oussama A. Kaissi added, “We are expecting that this global gathering will
shed light on ICIEC’s international role as a unique Multilateral Takaful institution and as an
enabler for boosting intra OIC Trade and Foreign Direct Investment (FDI) inflows, as well as a
unique strategic partner of ICIEC’s member countries in achieving the Sustainable Development
Goals (SDGs)”.
From his side, Eng. Hani Salem Sonbol, CEO of ITFC, commented, “The need for trade finance,
which is a catalyst for trade, has become more imperative now. However, many providers of
trade finance have reduced their exposure to businesses, leading to a gap in trade finance for
companies, importers and exporters, just at a time when they most need it. ITFC is pushing its
efforts to positively contribute to the SME sector by extending innovative financing structures
and platforms.”
The Forum observed that while development assistance has its limitations, the resources of the
private sector can contribute significantly to development funding and sharing of experiences
to help meet development objectives. The forum provided an effective setting to encourage
investment opportunities while renewing confidence and constructive cooperation between
industry players and potential investors in member countries.
---------------------------------------------------------------------------- END --------------------------------------------------------------------About Islamic Development Bank (IsDB) Group
The Islamic Development Bank “IDB”
IDB is an international financial institution established to foster the economic development and social progress of
member countries in accordance with the principles of Shari’ah. The functions of the Bank are to participate in
equity capital and grant loans for productive projects and enterprises besides providing financial assistance.
(www.isdb.org)
The Islamic Corporation for the Development of the Private Sector “ICD”
ICD provides equity, debt financing and financial advisory services in accordance with the Islamic banking and
finance principles. Projects financed by ICD are selected on the basis of their contribution to economic
development (www.icd-ps.org)
The International Islamic Trade Finance Corporation “ITFC”
ITFC was formed to consolidate the trade finance business that was formerly undertaken by various entities within
the IDB Group. ITFC promotes IDB developmental objectives through its two main pillars, Trade Finance and Trade
Promotion, to fulfil its vision of ‘Advancing Trade & Improving Lives’ (www.itfc-idb.org)
The Islamic Corporation for the Insurance of Investment and Export Credit "ICIEC"
ICIEC was established with the objective to increase the scope of trade transactions of member countries to
facilitate foreign direct investments and to provide reinsurance facilities to their national export credit agencies.
ICIEC provides appropriate Islamic Shari’ah compatible credit and country risk insurance and reinsurance
instruments. (www.iciec.com)
IDB Group Business Forum (THIQAH)
The IsDB Group Business Forum - THIQAH is the main window which acts as an enabler and plays facilitation and
catalyst roles to connect the private sector institutions in IDBG member countries. The main objective of THIQAH is
to establish a unique and innovative platform for dialogue, cooperation and inclusive partnership for business
leaders committed to partnering in promising investment opportunities. THIQAH’s vision is to position itself as the
leading business platform of the IDB Group serving the private sector in member countries and maximizing the
achievements of successful investment projects. The primary focus is on maximizing cross-border investments
among IDB Group member countries, with the support of IDB Group’s financial products and services
(www.idbgbf.org)
For further information, please kindly contact:
ICD contact details:
Name: Nabil Al-Alami
Telephone: +966 12 646 8192
Email: [email protected]
ITFC contact details:
Name: Raghda
Telephone: +966 12 646 8409
Email: [email protected]
ICIEC contact details:
Name: Rania Bin Himd
Telephone: +966 12 646 7608
Email: [email protected]
THIQAH contact details:
Name: Sahal Al-Marwai
Telephone: +966 12 646 8168
Email: [email protected]