Baku, Azerbaijan, Mar. 14
By Elena Kosolapova – Trend:
The Islamic Corporation for the Development of the Private Sector (ICD), the private sector arm of Islamic Development Bank (IDB) Group and the Association of Financiers of Kazakhstan (AFK), signed a memorandum of understanding aimed at exploring possible avenues for collaboration related to supporting financial institutions and development of Islamic finance in Kazakhstan, ICD said in a message.
The memorandum was signed during the IFN CIS forum in Astana on March 14.
The agreement paves the way for a mutual collaboration in sharing of information, knowledge and expertise in relation to Islamic finance and assisting each other in the process of developing feasibility studies to evaluate the viability of projects. The two institutions also seek to establish a viable financing platform and business model for mutual collaboration in implementation and development projects and initiatives.
“Providing assistance to the development of the Islamic finance industry has always been among our top priorities. We look forward to pursuing and intensifying this effort to better tackle Kazakhstan needs to build up innovative, robust and competitive financial systems at both domestic and regional levels,” Khaled Al-Aboodi, Chief Executive Officer and General Manager of ICD said during the signing ceremony.
ICD is a multilateral organization and a member of the Islamic Development Bank Group. The mandate of ICD is to support economic development and promote the development of the private sector in its member countries through providing financing facilities and/or investments which are in accordance with the principles of Sharia’a.
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