To the Members
Islamic Corporation for the Development of the Private Sector
Jeddah,
Saudi Arabia
We have audited the accompanying statement of financial position of the Islamic Corporation for the Development of the Private Sector ("the Corporation") as of Dhul Hijja 30, 1421 (March 25, 2001) and the related statements of income, cash flows and changes in members' equity for the period from Rabi Thani 6, 1421 (July 8, 2000) to Dhul Hijja 30, 1421 (March 25, 2001) and notes 1 to 14 which form an integral part of these financial statements. These financial statements and the Corporation's undertaking to operate in accordance with Islamic Shari'a are the responsibility of the Corporation's management. Our responsibility is to express an opinion on these financial statements based on our audit.

We conducted our audit in accordance with the standards issued by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

In our opinion, the financial statements give a true and fair view of the financial position of the Corporation as of Dhul Hijja 30, 1421 (March 25, 2001) and of the results of its operations and its cash flows for the period from Rabi Thani 6, 1421 (July 8, 2000) to Dhul Hijja 30, 1421 (March 25, 2001) in accordance with the Shari'a Rules and Principles as determined by the Shari'a Committee of the Corporation and the accounting standards of the AAOIFI.

Bakr Abulkhair & Co
Al-Mutahhar Y. Hamiduddin
Licence No.296
Safar 9, 1422
May 2, 2001