1. What is the Islamic Corporation for the Development of the Private Sector (ICD)? How was it established? When did it start functioning?

2. What are the main objectives of ICD?

3. Which countries are entitled to become members of ICD? How many have joined ICD?

4. What is the capital structure of ICD?

5. How much must a country subscribe to ICD�s share capital upon joining the Corporation?

6. What is the organizational Structure of ICD?

7. Does ICD have the same Board of Directors as IDB?

8. What are the products and services of ICD?

9. What are the operating principles of ICD?

10. What is Shari'a ?

11. What are the types of projects eligible for financing by ICD?

12. What are the criteria of eligibility for ICD financing?

13. What is the unit of account and operation?

14. What is the project information required for ICD financing?

15. Does ICD contribute to the financing of micro-enterprises and SMEs?

16. Can ICD co-finance projects with non-Islamic financing institutions?

17. What are the contact details of ICD?


1. What is the Islamic Corporation for the Development of the Private Sector (ICD)? How was it established? When did it start functioning?

The Islamic Corporation for the Development of the Private Sector (ICD) is an affiliate of the Islamic Development Bank (IsDB). It is an international multilateral financial institution created for the development of its member countries through the provision of financial services to the private sector. ICD was established as per the resolution of the IsDB Board of Governors during its 24th meeting held on 24-25 Rajab 1420H (2-3 November 1999) in Jeddah, Kingdom of Saudi Arabia. ICD started functioning on the same day its Inaugural General Assembly Meeting was held, i.e. 6 Rabi� II 1421H (8 July 2000).

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2. What are the main objectives of ICD?

ICD focuses on the following objectives:

 * Identifying opportunities in the private sector that could function as engines of growth.

 *
Providing a wide range of Shari�a-compatible financial products and services.

 * Expanding access to Islamic capital markets by private companies in IDB member countries.

 * In achieving these objectives, ICD seeks to play a role in: mobilizing funds for private sector investment; acting as a catalyst in privatization programs and restructuring of companies in member countries by providing advisory services to both public and private sectors; encouraging the development of Islamic capital markets.

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3. Which countries are entitled to become members of ICD?
How many have joined ICD?

All member countries of IDB are entitled to become members of ICD. As of 29 Safar 1423H (12 May 2002), forty-five (45) countries had signed the Articles of Agreement of ICD; out of these 45 countries, 33 had ratified the Articles of Agreement and became member countries of ICD. Moreover, three public institutions have also fulfilled the conditions of membership and became members of ICD.

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4. What is the capital structure of ICD?

The authorized capital of ICD is US$ 1.0 billion of which US$ 500 million is subscribed capital. The structure of the subscribed capital is as follows: IDB 50%; Member Countries 30%; Financial Institutions of member countries 20%.

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5. How much must a country subscribe to ICD�s share capital upon joining the Corporation?

Upon joining ICD, a country agrees to subscribe the number of shares that was allocated to it as per the resolution of IsDB Board of Governors during its 24th meeting held on 24-25 Rajab 1420H (2-3 November 1999) in Jeddah, Kingdom of Saudi Arabia.

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6. What is the organizational structure of ICD?

ICD has a General Assembly representing its members (countries and institutions), a Board of Directors, and an Executive Committee that consists of a selected number of Board members and acts as a fast-track decision-making body.
ICD has also a Shari'a Committee that advises on Shari'a compliance of ICD products and services, and an Advisory Board comprising renowned personalities well versed with ICD's fields of activity. The President of IsDB is the ex-officio Chairman of the ICD Board of Directors. Appointed by the BOD,the General Manager of ICD is the chief executive officer, conducting the current business of the Corporation under the general supervision of the Chairman of the Board of Directors.

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7. Does ICD have the same Board of Directors as IDB?

No, despite the fact that IDB has 50% shareholding in the capital of ICD, the two institutions have different Boards of Directors.

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8. What are the Products and services of ICD?

* ICD provides a wide variety of financial products from which its clients can choose. This enables ICD to offer a mix of financing that is tailored to meet the needs of each project. ICD's direct financing is through the subscription and purchase of shares or the provision of term financing in productive and profitable projects or companies operating in member countries. As a policy, ICD shall not be the single largest shareholder in any project nor shall it acquire a majority or controlling interest in the share capital of a project or enterprise except when it is necessary to protect its interest.

* ICD also acts as a manager (Mudarib) or sponsor for funds created by other institutional investors. It can create venture capital or sector funds for financing of projects or companies.

* ICD structures, arranges and manages syndications, underwrites and manages share and securities issues, makes private placements and also carries out securitizations for its clients.

* ICD provides advisory services to governments, public and private companies on economic, financial, institutional, and legal aspects relating inter alia, to creating a suitable environment for private sector development, project financing, restructuring/rehabilitation of companies, privatization, securitization, Islamic finance and development of Islamic capital markets.

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9. What are the operating principles of ICD?

ICD operates along the following principles:

* Provide financing on terms and conditions which take into account the requirements of the project/company to be financed, risks of the project and the market terms and conditions of similar financing.

* Seek representation on the Board of the companies it finances or invests in without assuming responsibility for managing any of these companies.

* Maintain reasonable diversification of its investments.

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10. What is Shari'a ?

ICD utilizes Shari'a compatible modes of financing/financial products, in particular, Equity, participating in the share capital (Musharaka), profit sharing with declining participation, or trustee profit sharing (Mudharaba).

Term Financing: leasing (Ijara), installment sale and istisna'a (financing of a construction/manufacturer order).

Quasi-equity in the form of term financing convertible into equity at some stage of the project life.

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11. What are the types of projects eligible for financing by ICD?

* The projects eligible for financing by ICD are mainly:

Greenfield projects : This refers to investment/financing of new companies/projects which will have a developmental impact on the economy as a whole, and fulfill the criteria of technical soundness and financial proficiency.

Expansion projects : This refers to financing/investment in plant expansion or capacity enhancement.

Existing projects under restructuring / rehabilitation :As most countries are restructuring their industries to reduce dependence on a particular sector,ICD will have the opportunity to finance companies that are being restructured or rehabilitated.

Privatization operations: ICD will finance state-owned enterprises which are being privatized as long as the remaining investment by the government in the company does not exceed 49%. Moreover, it will structure and finance projects implemented through concession agreements (BOT, BOOT, BOO, etc.) and also finance the modernization of privatized companies to enhance their productivity and competitiveness.

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12. What are the criteria of eligibility for ICD financing?

All productive or service activities that are legal, Shari'a compliant, financially profitable, economically viable and contribute to the development of the member countries are eligible for ICD financing as long as the public ownership of the project does not exceed 49% of the share capital. Further, all sectors are eligible with the exception of recreation and defense.

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13. What is the unit of account and operation?

ICD currency of account is the US dollar. However, ICD will finance in the major convertible currencies.

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14. What is the project information required for ICD financing?

When undertaking a preliminary evaluation of the possibility of investment or financing of a project, ICD requires information on the company such as project's objective, details on company and sponsor, ownership structure, sector of operation, project cost and financing requirements. Following a first expression of interest in the request, the basic information on the project has to be complemented by a market study or a feasibility study and other elements of information that may be deemed necessary to enable ICD make the final decision.

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15. Does ICD contribute to the financing of micro-enterprises and SMEs?

ICD does not contribute to the financing of micro-enterprises, as this activity is being carried out by the Islamic Development Bank which also extends lines of financing to National Development Financing Institutions (NDFIs) to finance SMEs. ICD can however provide financing to SMEs through special funds established on a regional or country basis in promising sectors such as telecommunications, new technology,such as telecommunications and new technology.

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16. Can ICD co-finance projects with non-Islamic financing institutions?

ICD can co-finance projects with non-Islamic financing institutions, including conventional banks, provided that the financing to be extended by the Corporation itself is Sharia�a compliant. Thus, two cases may arise in this respect. One possibility is that ICD and the non-Islamic financing institutions undertake parallel co-financing where the component financed by ICD is separate from those financed by the other institutions even though they relate to the same project. Another possibility is that the other institutions are willing to apply the same Shari�a - compliant mode of financing as ICD. In this case a joint co-financing may be envisaged, and even a financing syndication.

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17. What are the contact details of ICD?

Islamic Corporation for the Development of the
Private Sector (ICD)

P.O. Box 54069 Jeddah 21514 Kingdom of Saudi Arabia

Tel : + ( 966 - 2 ) 644 - 1644

Tel : + ( 966 - 2 ) 636 - 1400

Fax : + ( 966 - 2 ) 644 - 4427

Email:        [email protected]

Web Site :
www.icd-idb.org

 

 




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