Islamic Cooperation for the Development of Private Sector (ICD), a private sector arm of the Islamic Development Bank Group (IDB), and Aktif Bank recently signed an agreement. ICD's CEO Khaled Mohammed Al-Aboodi and Aktif Bank's CEO Onder Halisdemir inked the deal.
As per the agreement, ICD and Aktif Bank will join forces to cooperate in various areas including financing of SMEs and the private sector's projects and investments, acting as an intermediary to establish new enterprises, encouraging the growth of existing companies and also supporting the projects which may create jobs.
Within the scope of this agreement, parties will aim to route the flow of investments to the right areas of business by combining ICD's mission to promote economic development among its member countries by encouraging the establishment, expansion, and modernization of private enterprises together with Aktif Bank's extensive physical network in Turkey, origination capabilities, experience and expertise.
ICD is a multilateral financial institution that supports economic development in its member countries by providing finance to private sector units and initiatives in accordance with the principles of Shariah.
