ICD, BBI launch global private sector platform

The agreement was signed by Ayman Sejiny, CEO of ICD, and Amer Bukvic, CEO of BBI, on Wednesday at the ICD’s headquarters in Jeddah.
Updated 23 May 2019
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ICD, BBI launch global private sector platform

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.

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The Global Platform for Private Sector explained

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.


Millennium MEA confirms rights to Makkah hotel

The five-star Makkah Millennium Hotel is the closest hotel to the Holy Mosque, located by the Holy Haram Piazza in front of King Fahd Gate.
Updated 16 June 2019
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Millennium MEA confirms rights to Makkah hotel

Millennium Hotels and Resorts Middle East and Africa (MEA), a hotel management company in the region, has addressed its guests with deep regrets for the inconvenience they might have encountered during their stay at Makkah Millennium Hotel and Towers.
“It is with regret that Millennium and Copthorne had announced that on June 13, 2019 the owner of Makkah Millennium Hotel and Towers had unlawfully, and in contrary to the terms of the operating and management agreement, interfered with the exclusive rights of Millennium in the management and operation of the hotel and towers,” the company said in a press release.
“Millennium disagrees with the owner’s acts and had commenced proceedings to remove this interference and confirm Millennium’s exclusive rights to manage and operate the hotel and towers without interference from the owner or others.
“Millennium regrets any inconvenience this situation has caused or may continue to cause to its guests.”
The company said it is pursuing all available legal courses of action inside the Kingdom, and is confident of the Saudi judiciary system in the protection of rights and imposing of justice.
Operating 4,067 keys in the Kingdom, Millennium Hotels and Resorts MEA has affirmed its commitment to the Saudi market and pledged to continue its efforts toward tourism, travel and hospitality sectors in Saudi Arabia to achieve the goals of Vision 2030 and beyond.
Millennium Hotels & Resorts is a global hotel company, which was founded in 1989, on the vision of its chairman, Kwek Leng Beng, who leads Singapore’s Hong Leong Group. With almost 40,000 rooms worldwide, the company currently operates 40 hotels, has 14 hotels due to open this year and 35 hotels in the pipeline across the region.
The five-star Makkah Millennium Hotel is the closest hotel to the Holy Mosque, located by the Holy Haram Piazza in front of King Fahd Gate.
The luxury hotel features direct views of the Grand Mosque and the Holy Kaaba. The hotel has five restaurants, namely, Jasmin Café, Al-Fayhaa Restaurant, Al-Andalus Restaurant, Al-Noor Restaurant and Lagenda Restaurant.
Makkah Millennium Hotel is located close to many main attractions in the city, including important Islamic holy sites that are less than five miles away. Zamzam well, Jabal Al-Nour, Cave of Hira and the Makkah museum are some of the nearby landmarks, while other areas of interest close by include a large shopping mall, supermarket, and a variety of international restaurants and lounges.