The Islamic Corporation for the Development of the Private Sector (ICD) and Affin Islamic Bank announces plans to strengthen its strategic collaboration within the Asian region

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, in partnership with Affin Islamic Bank Berhad (www.AffinIslamic.com.my), a wholly-owned subsidiary of Affin Bank Berhad, have signed a memorandum of understanding (MoU) in which both parties will cooperate and identify areas for its strategic collaborations especially within the Asian region.

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 Sharia’a 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.

The MoU was signed by Mr. Mohammed Alammari, the Acting CEO of ICD, and Mr. Kamarul Ariffin Mohd Jamil, Managing Director/CEO of Affin Bank Berhad.

Mr. Mohammed Alammari expressed his strong support for the partnership, stating: “I am pleased to have this framework of collaboration with a new and strong partner in Asia. 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.”

Mr. Kamarul Ariffin Mohd Jamil, Managing Director/CEO Affin Bank Berhad: “We are very proud to partner with ICD which is in line with Affin Bank’s Priority Islamic Policy (PIP). 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% in 2020. Insha Allah, this strategic alliance will catapult Affin Bank Group and ICD to a new level that will revolutionize the Islamic Finance landscape. I personally look forward for both parties to start collaborating and begin this exciting journey together. We strive always to excel in virtue and truth (Bukhari)”