Trust Bank (TB) has signed an advisory services agreement with the Islamic Corporation for the Development of the Private Sector (ICD), the private sector arm of the Islamic Development Bank Group (IDB), in order to process and support its conversion into full Shariah-compliant operations. The agreement is designed to develop an advisory process in order to efficiently and effectively deliver full conversion: including to identify challenges and address impediments to this mutual collaboration. The ICD will dedicate seven key teams across the full conversion process: including the areas of project management, Shariah compliance, treasury, accounting, human resources, information technology, marketing and legal framework. Khaled Al Aboodi, the CEO of ICD commented: "ICD will scale up its continuous advisory support and technical assistance to Trust Bank to deliver the best value and achieve the ultimate goal of converting Trust Bank to become the first Shariah-compliant bank not only in Suriname but the whole of Caribbean and South America". He added: "I am convinced that Islamic Finance can play a major role in catalyzing long-term sustainable economic development in our member countries, as it promotes risk-sharing, connects the financial sector with the real economy and emphasizes financial inclusion and social welfare". The Chief Executive Officer of Trust Bank, Ms. Maureen Badjoeri said: "Within our new strategy, one of our ambitions is to contribute to the socio economic development of SMEs. Once becoming an Islamic Bank, and with the collaboration with ICD, Trust Bank wants to facilitate SMEs in more ways than just financially. With this approach, SMEs will be able to start-up or expand production of goods and services with a spin-off in job creation, trade, export and adding to GDP growth and strengthening of the Surinamese currency and economy". She added: "We want to reach our goals in financial inclusion, foster sustainable growth and development by offering Shariah-compliant products and services for the benefit of all" In Paramaribo, the management of Trust Bank decided to adopt the principles of Islamic banking in June. "Trust Bank" is hoping to become the leading platform in Suriname to provide customers with a bank of new Islamic banking products, as they are not sufficiently represented in the banking system of Suriname. ICD is a multilateral organization, part of IDB Group. ICD was established in November 1999 to promote economic development of its member countries in accordance with the principles of the Shariah through private sector development. ICD encourages the establishment, expansion and modernization of private enterprises through financing private sector enterprises or projects. Projects are selected on the basis of their contribution to economic development considering factors such as creation of employment opportunities and contribution to exports. ICD also provides advice to governments and private sector groups on policies to encourage the establishment, expansion and modernization of private enterprises, development of capital markets, best management practices and enhance the role of market economy. — SG
