UAE Laws and Islamic Finance

Laws of the UAE and Islamic Finance

What is the Islamic Corporation for the Development of the Private Sector?

“The Islamic Corporation for the Development of the Private Sector (ICD) is a multilateral organization affiliated with the Islamic Development Bank (IDB) Group. It is authorized capital stands at $2.0 billion, of which $1.0 billion is available for subscription. The current subscribed and paid-in capital is $875 million and $568 million respectively. Its shareholders consist of the IDB, 51 member countries, and five public financial institutions. Headquarters in Jeddah, ICD was established by the IDB Board of Governors during its 24th annual meeting held in Jeddah in Rajab 1420H (November 1999).

The mandate of ICD is to support the economic development of its member countries through provision of finance to private sector projects in accordance with the principles of the Shari’a law. ICD finances projects that are specifically geared to creating employment opportunities and boosting exports. Furthermore, ICD mobilizes additional resources for projects and encourages the development of Islamic financing and capital markets. It also attracts co-financiers for its projects and provides advice to governments and private sector groups on policies aimed at encouraging the establishment, expansion and modernization of private enterprises, development of capital markets, best management practices and enhancing the role of market economy.”

http://www.icd-idb.com/irj/portal/anonymous?NavigationTarget=navurl://85a1ba033d81e8e0a1a5e77d882f0924

IDB Group Structure

http://www.icd-idb.com/irj/portal/anonymous?NavigationTarget=navurl://585d8dba25545375afce3c0d73c579b1&guest_user=icd_en

Articles of Agreement of ICD

ICD_Articles-of-Agreement copy 2

UAE Laws and Islamic Finance

Laws of the UAE and Islamic Finance

%d bloggers like this: