ABG signed a Memorandum of Understanding (MoU) with the Islamic Corporation for the Development of the Private Sector (ICDID) , the investment arm of the Islamic Development Bank whose goal is to assist private sector companies and institutions in the Organisation of Islamic conference countries and enhance cooperation between them.
The Memorandum of Understating was signed by Mr. Adnan Ahmed Yousif, President & Chief Executive of Al Baraka Banking Group and Mr. Khaled Al Aboodi, Chief Executive Officer of Islamic Corporation for the Development of the Private Sector on the sidelines of the Al Baraka Banking Group's 31st Symposium on Islamic Economics in the presence of a number of economists and Islamic Sharia scholars.
Mr. Adnan Yousif, President & Chief Executive of Al Baraka Banking Group said that the MoU agreement sets a framework for cooperation between Al Baraka Banking Group Mr. Al Aboodi said "There is no doubt that Al Baraka Banking Group is an Islamic world leading institution in terms of offering Sharia-compliant products and services and its large network of subsidiary units that achieved continued successes and excellent growth in recent times.
By this MoU, Al Baraka Banking Group seeks toforge a partnership with ICDID for the benefit of private sector companies and institutions in the member states of the Organization of Islamic Conference". He further elaborated that the MoU includes clauses that facilitate entering into arrangements to finance a number of projects in cooperation with ABG or the issuance of Sukuks for certain projects by ABG subsidiary units.
Source : http://www.zawya.com/Story.cfm/sidZAWYA20100825100957/MoU%20between%20Al%20Baraka%20Banking%20Group%20and%20Islamic%20Corporation%20for%20the%20Development%20of%20the%20Private%20Sector - Aug 25, 2010
