Islamic Corporation for the Development of the Private Sector (ICD) and ICBC Financial Leasing Co .Ltd. signs Collaborative Agreement in Beijing
The agreement marks the first time that the ICBC Financial Leasing has worked with an Islamic institution
The leasing arm of largest bank in the world signed a landmark collaboration agreement with the Islamic Corporation for the Development of the Private Sector (ICD) (http://www.icd-idb.com), the private sector arm of the Islamic Development Bank Group (IDB). The agreement marks the first time that the ICBC Financial Leasing, a wholly owned subsidiary of the Industrial and Commercial Bank of China (ICBC) has worked with an Islamic institution, and represents one of the first strategic collaborations to unite the vast commercial strength of China with the significant liquidity and strong trade potential of the Islamic world
Combining the reputation, experience and expertise of the ICD with the strength and sophistication of the ICBC Group global banking network, the new collaborative agreement has the potential to channel the power and potential of the Chinese economy to enhance and encourage private sector progress across the Islamic world.
The two entities will work together across multiple lines to develop Islamic capabilities and opportunities and assist economic evolution across ICD member countries: including the provision of financing and banking services such as Ijarah, placement of funds, lines of finance and liquidity management; as well as technical assistance, training and expertise. The parties also plan to encourage and implement co-financing, club deal and syndication projects for eligible private sector projects.
H.E. Khaled Al Aboodi, CEO of the ICD, commented that: “China has hitherto been a relatively untapped market for Islamic finance, and offers exceptional potential in terms of its global strength and economic influence. ICBC Leasing, which is the biggest leasing firm in China and has a strong international network and outstanding financial fundamentals, is the ideal partner for this venture; and we are excited to embark on what promises to be a productive and rewarding collaboration uniting these two key markets.”
Cong Lin, the CEO of ICBC Leasing remarked that “As the “Silk Road Economic Belt and 21st Century Maritime Silk Road” (referred to as “One Belt One Road”) Concept and Strategy has been raised and promoted by the Chinese government recently, ICBC Leasing are also actively developing our international business with the corporations or financial institutions in the “one Belt one Road” region as an important part of our global development strategy. ICBC Leasing’s target markets cross with many ICD member states to a great extent. In addition, as China’s biggest financial leasing company we aim to support the real economy development directly and we note that ICD also focus on promoting the real economy development of the private sector on its membership countries. Based on the above we believe the two sides have huge potential for cooperation on funding, leasing business and many other areas in the future.”
Distributed by APO (African Press Organization) on behalf of The Islamic Corporation for the Development of the Private Sector (ICD)
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About ICBC Financial Leasing Co. Ltd.
Currently with CNY11bln (USD1.8bln) of registered capital, ICBC Leasing is a wholly-owned subsidiary of Industrial and Commercial Bank of China (ICBC) Limited and was established in November 2007. ICBC Financial leasing Co. Ltd. offers tailored financial leasing services, and its main business areas include aviation, shipping, and ‘big-ticket’ equipment such as transportation, power, and heavy engineering equipment.
About the Islamic Corporation for the Development of the Private Sector (ICD)
The Islamic Corporation for the Development of the Private Sector (ICD) (http://www.icd-idb.com) 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.