TOKYO - 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 (www.IsDB.org), and Mizuho Bank (M) Berhad, a subsidiary of Mizuho Banking Group, have formalized a signing of Islamic financing agreement Wednesday. The financing is earmarked for the purpose of scaling up of ICD’s projects in its selected 55 member countries. The $150 million Murabahah agreement is the second bilateral Islamic facility that has been extended to ICD by Mizuho Bank (M) Berhad.
The Islamic financing term sheet agreement was signed by Khaled Al Aboodi, Chief Executive Officer and General Manager of ICD; and Shojiro Mizoguchi, Chief Executive Officer of Mizuho Bank (M) Berhad.
Al Aboodi expressed his strong support for the partnership, stating: "I am delighted that we are raising our partnership to a new level. As this represents the second facility being extended to us, it is a testament of the strong relationship we have with Mizuho Bank. ICD is eager to extend its good track record and continue with its development work in the private sector of the member countries, especially on the infrastructure front. In addition, this facility will play an important role in improving access to affordable finance for our member countries and help financial institutions become viable envoys of economic development. At the same time, Japan remains an important partner for us and we are committed to supporting the country’s efforts in developing Islamic finance capabilities of its well-established institutions."
Shojiro Mizoguchi said "we are very proud to continue to work with ICD, one of the most dynamic and reputable multilateral development institutions and our valued partner. By providing the funding it needs to execute crucial development projects, it signifies the trust we have in ICD and provides an exciting opportunity for us to further strengthen our capacity in developing our Shariah-compliant business. We look forward to leverage on each other’s expertise and experience." - SG
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