ADIB signs MoU with Islamic Corporation for Development of Private Sector

Abu Dhabi Islamic Bank – Egypt (ADIB) has participated in the 2022 annual meetings of the Islamic Development Bank (IsDB) Group Private Sector Forum, held in Sharm El-Sheikh, from 2 to 4 June.

On the sidelines, the ADIB signed a memorandum of understanding (MoU) with the Islamic Corporation for the Development of the Private Sector (ICD).

ICD is the entity entrusted with promoting sustainable economic growth in the 55 member countries of the IsDB, by financing private sector investments, mobilizing capital in international financial markets, and providing advisory services to companies and governments.

During the meetings, the ADIB Egypt was represented by Mohamed Aly, CEO and Managing Director of the bank; Hatem El Demerdash, CEO and Managing Director of the Abu Dhabi Islamic Capital; Sameh Khalil, Head of Investments Sector; and Tamer Shaheen, Head of Treasury and Capital Market Sector.

The MoU aims to explore opportunities for cooperation, financing and investment in Egypt. It also aims to identify opportunities for co-financing sponsored by the private sector or operations and projects supported by the non-sovereign sector in the country, including corporate financing, project financing, risk-sharing and public-private partnerships, in order to develop an ecosystem Islamic finance in Egypt.

It also supports cooperation in the field of bilateral financing and medium-term liquidity to support the operations of the parties or meet the liquidity and operations requirements of qualified institutions and companies in Egypt. It also supports cooperation in the development of capital markets in Egypt through the structuring of Sukuk (trust certificates), advisory services, and other areas related to the capital market, treasury and other areas that may be determined and agreed upon by the two parties from time to time.

Mohamed Aly expressed his pride in the distinguished partnership with the Islamic Corporation, as a leading multilateral development financial institution in the field of Islamic finance, which is in line with the bank’s strategy based on providing banking transactions in accordance with the provisions of Islamic Sharia. He pointed out that the MoU that was signed with the institution comes as a new episode within the bank’s continuous efforts to conclude constructive partnerships at various levels.

He stressed the importance of continuous consultation between the two parties, and their agreement to develop specific tools to implement what was stated in the MoU, in a way that stimulates and supports the private sector in Egypt to enhance the bank’s vision and sincere desire to continue the developmental role at all levels. This will achieve the development of the Egyptian economy through the promising private sector under this strategic partnership between the two parties.

Several international and regional financial institutions, Islamic banks, national institutions for development finance, and consortia of contractors and consultants from member countries of the ICD participated in the meetings.

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