22 June 2015
The Islamic Corporation for the Development of the Private Sector ("ICD"), the private sector arm of the Islamic Development Bank
") secured a 13-month US$300 million Islamic Murabaha financing facility (the "Facility") from Dubai Islamic Bank PJSC
, First Gulf Bank PJSC
, Mizuho Bank (Malaysia) Berhad and Mizuho Bank Nederland N.V. in early June 2015
Dubai Islamic Bank acted as the sole Coordinator of the Facility, in addition to being the Mandated Lead Arranger along with First Gulf Bank, Mizuho Bank Malaysia and Mizuho Bank Nederland.
The ICD, based in Jeddah, Saudi Arabia, is a member of the Islamic Development Bank Group which has a rating of AAA/Aaa/AAA from Standard & Poors, Moody's and Fitch Ratings respectively. ICD itself is rated AA/F1+ by Fitch Ratings and Aa3/P-1 by Moody's.
The Facility, the largest to-date for ICD, is part of ICD's US$1.2 billion global resource mobilization program for 1436H (2015). The proceeds of the Facility was deployed for use of ICD's ordinary operations.
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Ariff Hasan / Nabil Al-Alami
Principal, Partnerships / Head, Marketing
Islamic Corporation for the Development of the Private Sector
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About the Islamic Corporation for the Development of the Private Sector (ICD)
The Islamic Corporation for the Development of the Private Sector (ICD) is a multilateral organization, part of the Islamic Development Bank (IDB) Group. ICD was established in November 1999 to promote economic development of its member countries in accordance with the principles of the Sharia 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. ICD operations complement the activities of the IDB.
About Dubai Islamic Bank
Dubai Islamic Bank (DIB), established in 1975, is the first Islamic bank to have incorporated the principles of Islam in all its practices and is the largest Islamic bank in the UAE. DIB is a public joint stock company, and its shares are listed on the Dubai Financial Market. The bank enjoys a reputation as a leader and innovator in maintaining the quality, flexibility and accessibility of its products and services. The bank currently operates 90 branches in the UAE.
The Bank has established DIB Pakistan Limited, a wholly owned subsidiary which has a network of more than 175 branches across 56 major cities in Pakistan. DIB has also started operations in Jordan, with the establishment of Jordan Dubai Islamic Bank, and in 2014, it acquired a 24.9 percent stake in PT Bank Panin Syariah in Indonesia.
DIB's leading position has been reaffirmed by more than 165 local, regional and international accolades that it has won since 2004. DIB has won awards across diversified areas, including retail, corporate and investment banking, as well as CSR and consultancy services.
About First Gulf Bank
As a major leading Bank in the UAE, FGB had Shareholder Equity of AED 31.6 Billion as of March 31st, 2015 making it one of the largest equity based Banks in the UAE. Established in 1979 and headquartered in Abu Dhabi, UAE, the Bank offers a full range of financial services to business and consumer sectors throughout an extensive network of branches across the UAE. Internationally, FGB has branches in Singapore and Qatar, representative offices in India, Hong Kong, Seoul and London and a subsidiary in Libya.
Today, FGB is recognised as a world-class organisation committed to maximising value for shareholders, customers and employees as it focuses on delivering banking products and services that meet client needs and support the UAE's dynamic economy. In line with its commitment to excellence the Bank continues to invest significantly in people and technology to provide superior service standards.
FGB received double honours from industry publication Cash Management Matters (CMM) for 'Best Bank Award for Trade Finance and Corporate Banking', in addition to obtaining benchmark status in the CMM Trade Finance Tajara Monitors 2014. The bank was also recognised as the "Most Innovative Service Provider" at the 2015 MENA IR Insurance Awards and received seven 2015 Banker Middle East UAE Product Awards: 'Best Call Centre', 'Best Credit Card', 'Best Personal Loan', 'Best Wealth Management Service/Proposition,' 'Best Offshore Wealth Proposition', 'Best Deposit Account Product' and the 'Best Bancassurance Product' award for the second year in a row. FGB has also recently won two Interactive Media Awards for its My FGB Card and FGB Wealth websites. The bank won awards in the 'Best in Class' and 'Outstanding Achievement' banking categories, respectively.
About Mizuho Bank (Malaysia) Berhad
Mizuho Bank (Malaysia) Berhad, incorporated in Malaysia, is a fully owned subsidiary of Mizuho Bank, Ltd. (formerly known as Mizuho Corporate Bank, Ltd.), incorporated in Japan. Mizuho has maintained its banking presence in Malaysia for more than 30 years, from the initial establishment of a representative office in Kuala Lumpur in 1981 to the subsequent successful expansion of its business operations in the Malaysian off-shore banking market. In 2011, Mizuho obtained the opportunity to enhance the provision of banking services to customers in the Malaysian on-shore banking market and to conduct Islamic banking business in foreign currencies other than Malaysian ringgit in an International Currency Business Unit, via Mizuho Bank (Malaysia) Berhad.
About Mizuho Nederland N.V.
Mizuho Bank Nederland N.V. was established in 1974 and is a 100% subsidiary of Mizuho Bank Ltd., which in turn is a wholly-owned subsidiary of Mizuho Financial Group. Mizuho Bank Nederland N.V employs around 63 FTE and has one Branch in Brussels (Belgium) and one Representative Office in Madrid (Spain).
© Press Release 2015