The Islamic Corporation for the Development of the Private Sector (ICD) and Bosna Bank International (BBI) signed a memorandum of understanding on May 16 in Jeddah. The MoU is related to a new initiative — the Global Platform for Private Sector — where the two institutions and community of like-minded financial entities can collaborate on business opportunities, exchanging market intelligence and laying a foundation for actual financial transactions within the member countries and across borders.
The signing ceremony took place in ICD’s headquarters in Jeddah and the document was signed by Ayman Sejiny, CEO of ICD, and Amer Bukvic, CEO of BBI.
Sejiny said: “ICD takes the lead in launching such a platform network to demonstrate productive applications of fintech in modern global business affairs, to help reduce financial transaction costs for its member banks, leasing companies and micro-finance institutions and to upgrade the advisory services that ICD offers to its partners across the Islamic developmental network.”
Bukvic added: “We welcome the initiative and we’re happy to be among the first entities to sign the MoU with ICD. Such a platform would open opportunities for Bosnia and Herzegovina, BBI bank and other partners once implemented, and will most certainly facilitate investment across borders. This will extend our efforts already expressed by organizing international events in the capital of Bosnia and Herzegovina, such as the Sarajevo Business Forum and the Sarajevo Halal Fair.”
Bosna Bank International (BBI) d.d. Sarajevo is the first bank, both in Bosnia-Herzegovina and Southeast Europe, to operate in accordance with Islamic finance principles. BBI offers several types of financial services to retail and corporate clients through its business based on ethical principles and partnership. Shariah compliance is ensured by the BBI Shariah board with members of this board being prestigious local and international experts.
The Global Platform for Private Sector will be a cloud-based, next-generation, full-featured networking and fulfillment platform hosted by ICD for the benefit of its network of 88 financial institutions and 12 leasing companies worldwide. One major goal of this online platform is the sharing of investment, advisory, sukuk, financing and other deals in an environment of common Islamic values.
ICD is a multilateral development financial institution and is part of the Islamic Development Bank (IsDB) Group. It 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 and encouraging cross-border investments.
ICD has an authorized capital of $4 billion. Currently, the shareholders of ICD are the IsDB, 54 Islamic countries and five public financial institutions.