ICD boosting activity in Africa to widen Islamic finance appeal

Wednesday, April 23, 2014

The private sector arm of the Jeddah-based Islamic Development Bank [ISDBA.UL] plans to increase its activities in Africa, part of plans to widen the appeal of Islamic finance across the region, its chief executive said.

Established in 1999, the Islamic Corporation for the Development of the Private Sector (ICD) supports the economic development of its 51 member countries by financing private sector projects which follow Islamic principles.

Under a new strategy, the ICD is helping develop what it terms “Islamic finance channels” to spread sharia-compliant financial products more widely, ICD chief executive Khaled Al-Aboodi told Reuters.

Source: Reuters (link opens in a new window)

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banking, Islamic finance, poverty alleviation