The Islamic Corporation for the Development of the Private Sector (ICD), the private sector arm of Islamic Development Bank (IDB) Group, in partnership with Affin Islamic Bank Berhad, a wholly-owned subsidiary of Affin Bank Berhad, have signed a memorandum of understanding (MoU) in which both parties will cooperate and identify areas for its strategic collaborations especially within the Asian region. The cooperation reflects ICD's ambition to expand its geographic footprint and exert its influence within the Asian region, given its reputation and expertise. In the process, both parties intend to offer technical and advisory support particularly on product development and Shariah concepts, including the provision of financing such as placement of funds, lines of finance and liquidity management. Under the agreement, cooperation will also be achieved through the exchange of information and the identification of business opportunities in ICD's member countries. The MoU was signed by Mohammed Alammari, the acting CEO of ICD, and Kamarul Ariffin Mohd Jamil, Managing Director/CEO of Affin Bank Berhad. Alammari expressed his strong support for the partnership, stating: "I am pleased to have this framework of collaboration with a new and strong partner in Asia. Cooperating with Affin Islamic will give our clients exposure and access to new market segments. We look forward to collaborate with Affin Islamic, a leading Islamic bank in the Asian region." Jamil said: "We are very proud to partner with ICD which is in line with Affin Bank's Priority Islamic Policy (PIP). PIP is our strategic move to be aligned with the Central Bank of Malaysia's Financial Sector Blueprint for financial institution to enhance its Islamic financing portfolio to 40% in 2020. InshaAllah, this strategic alliance will catapult Affin Bank Group and ICD to a new level that will revolutionize the Islamic Finance landscape. I personally look forward for both parties to start collaborating and begin this exciting journey together. We strive always to excel in virtue and truth (Bukhari)." ICD is a multilateral organization and kts mandate is to support economic development and promote the development of the private sector in its member countries through providing financing facilities and/or investments, which are in accordance with the principles of Shariah. ICD also provides advice to governments and private organizations to encourage the establishment, expansion and modernization of private enterprises. ICD is rated AA/F1+ by Fitch and Aa3/P1 by Moody's. Affin Islamic is headquartered in Kuala Lumpur, Malaysia. Affin Islamic started as the Islamic banking division of Affin Bank in 1993. On Sept. 13 2005, the Islamic Banking Division of Affin Bank was incorporated as a separate entity and effective April 1, 2006, Affin Islamic operates as a standalone Islamic bank with an authorized and paid up capital of RM1 billion and RM160 million respectively. As a pioneer in Islamic banking for both traditional Islamic consumer and business financing products, Affin Islamic also offers a wide array of consumer products and services to cater for the different needs of individual clients. Affin Islamic's Business Banking meanwhile offers Shariah-compliant business products and services from short to long term financing requirements including syndicated financing, project financing, trade finance and treasury products to all business enterprises ranging from small businesses to large corporation. Customers of Affin Islamic include government bodies, corporations, financial institution and both local and international investors.
