A Memorandum of Understanding (MoU) was signed between, the Islamic Corporation for the Development of the Private Sector (ICD) (www.ICD-ps.org), the private sector arm of Islamic Development Bank (IDB) Group, and The Islamic Research and Training Institute (IRTI) (www.IRTI.org), IsDB Group’s primary organizational unit for the delivery of Islamic Finance research, training, information, advisory, technical assistance and Islamic Financial Products development services within the Group and to its Member Countries.

The MoU envisages cooperation to explore all technical aspects related to Islamic finance that might help the industry, from high level training sessions, advising islamic banks and windows, to drafting Sharia compliant contracts and much more.

Mr. Ayman Sejiny, the Chief Executive Officer and General Manager of ICD, and Dr. Sami Al-Suwailem, Acting Director General of IRTI, signed the MoU.

During the signing ceremony, Mr. Ayman Sejiny commented: “we are pleased to find common ground to work with IRTI. The cooperation between ICD and IRTI will rend our respective activities more effective and beneficial to the private sector in the member countries in which we undertake our operations”.

Dr. Sami Al-Suwailem said, “We realize the many benefits of our close and continuing collaboration with ICD in enhancing the realization of our objectives. We believe that our cooperation will foster our joint operations but will also promote Islamic finance and expand the knowledge of islamic financial products and services offered to private sector in our member countries.”

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Distributed by APO Group on behalf of Islamic Corporation for the Development of the Private Sector (ICD).

About the Islamic Corporation for the Development of the Private Sector (ICD) ICD (www.ICD-ps.org) is a multilateral organization and a member of the Islamic Development Bank (IDB) Group. The mandate of ICD 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 Shari’a. 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. For more information, visit www.ICD-ps.org

About the Islamic Research and Training Institute (IRTI)  The Islamic Research and Training Institute (IRTI) (www.IRTI.org) is a Member of the Islamic Development Bank (IsDB) Group responsible for knowledge creation and dissemination on Islamic economics and finance, and how it can contribute to the sustainable development of Member Countries. More information about IRTI is available on www.IRTI.org

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