Islamic finance: Affin Bank and ICD upbeat on partnership

The Affin Bank Group hopes that its new new strategic alliance with the Islamic Corporation for the Development of the Private Sector (ICD) will catapult both institutions to a new level that will revolutionize the Islamic finance landscape.

  
Image used for illustrative purpose. An investor holds the tasbeeh as he monitors electronic boards displaying stock information

Image used for illustrative purpose. An investor holds the tasbeeh as he monitors electronic boards displaying stock information

REUTERS/Stringer
08 October 2016
JEDDAH: The Affin Bank Group hopes that its new new strategic alliance with the Islamic Corporation for the Development of the Private Sector (ICD) will catapult both institutions to a new level that will revolutionize the Islamic finance landscape, said a top bank official.

“We are very proud to partner with ICD which is in line with Affin Bank’s Priority Islamic Policy (PIP),” said Kamarul Ariffin Mohammed Jamil, managing director/CEO Affin Bank Berhad.

His remarks came as the 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, signed a memorandum of understanding (MoU). 

Both parties aim to cooperate and identify areas for their strategic collaboration especially within the Asian region under this deal. 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, co-operation will also be achieved through the exchange of information and the identification of business opportunities in ICD’s member countries.

Mohammed Alammari, acting CEO of ICD, and Kamarul Ariffin Mohd Jamil, managing director/CEO of Affin Bank Berhad, signed the MoU. Mohammed Alammari expressed his strong support for the partnership.

He said: “I am pleased to have this framework of collaboration with a new and strong partner in Asia.” 

He added: 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.”

Kamarul Ariffin Mohammed Jamil, managing director/CEO Affin Bank Berhad, added: “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 percent in 2020. 

He added: “I personally look forward for both parties to start collaborating and begin this exciting journey together.”

ICD 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 Shariaha. 

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 Bank Berhad is a wholly-owned subsidiary of Affin Bank Berhad 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.

© Arab News 2016


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