The Islamic Corporation for the Development of the Private Sector (ICD), the private sector arm of the Islamic Development Bank Group (IsDB), and the Small Enterprise Assistance Funds (SEAF), a US-based international financial institution mandated to promote economic development and positive local impact through investment in entrepreneurial activities in emerging markets, have signed a Memorandum of Understanding (MoU) to enter into a joint strategic collaboration. Separately, the ICD also signed an MoU with the Japan International Cooperation Agency (JICA) to set out a framework for collaboration in the development of the Islamic finance industry. In particular, ICD and JICA will cooperate in supporting the development of the Islamic money market and international capital market for the countries of common interest.
The MoU with SEAF aims to foster the development of small and medium sized enterprises (SMEs) through the deployment of Shariah compliant risk capital and financing. Supporting this, the two partners plan to establish country-focused SME funds in emerging and frontier markets of common interest, to encourage and promote private sector growth.
The funds will focus on providing development and expansion capital to established SMEs with high-growth potential in their respective markets; and will be mandated towards high impact and commercially viable investments in the SME sector using multiple instruments including equity, quasi-equity, term finance and other financing products. ICD and SEAF will also work together toward improving the feasibility and bankability of SME projects and enabling post-investment support for each portfolio investment and thereby the funds. The first fund is planned for Algeria, and will have an independent legal personality with its own board of directors, and the ICD and SEAF represented at investment committee level. The ICD will also act as advisor to the fund including in regard to Islamic finance.
Bert van der Vaart, CEO and Co-Founder of SEAF, stated “SEAF is proud to partner with ICD to invest in and promote the growth of the private sector and generate sustainable employment across a wide range of countries. SEAF believes with ICD that significant opportunities exist in these countries, given the generally high level of education, good infrastructure and regional linkages. SEAF also believes that making risk capital investments in Shariah compliant instruments should result in greater local trust and support for the activities of these funds. SEAF recognizes ICD’s leadership in developing such instruments.”
The MoU with JICA includes the establishment of a platform for international dialogue on Islamic finance as a potential tool for inclusive and sustainable growth. In the first instance, ICD and JICA are partnering to provide Technical Assistance on Sukuk issuance
Kunio Okamura, JICA’s Senior Special Advisor, said, “We are glad to sign the MOU with IDB Group in the field of Islamic finance following the one signed for the Palestine Assistance. Partnering with ICD, We are ready to utilize the Islamic finance for the inclusive and sustainable growth for the ICD’s member countries. Technical Assistance for Sukuk issuance would be our very first cooperation. We are keen to implement the project incorporating Japanese financial institutions, which ultimately would achieve awareness-raising and penetration of the Islamic Finance in Japan for the better interaction of ICD’s member countries and Japan.”
Commenting on the two agreements, ICD Chief Executive Officer, Khaled Al Aboodi, said, “The collaboration between ICD and SEAF represents a promising step forward in the enhanced relationship between global markets, which will facilitate not only valuable information exchange but improved cross-border collaboration for capacity-building in the private sector across our key focus markets,” and on the subject of capacity building in Islamic finance in Japan he said, “By creating an Islamic money market, the country would be able to provide an alternative to its treasury bills for Islamic Financial Institutions to invest in. Even though such area is not commercially viable for global Sukuk arrangers, we took responsibility to fill this gap in the market which naturally falls within the developmental principals of ICD.”
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