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In the name of Allah, the Beneficent, the Merciful

It is my distinct honor and pleasure to present the 1433H Annual Report, which looks back at yet another successful year for the ICD. The report shows how the Corporation has managed to address the strategic development agenda of the member countries without compromising its own priorities.

Today ICD realizes that the role of forward-looking and well-supported private sector in achieving an inclusive development has never been more fundamental. This realization is borne out of my personal experience. During my travels across our member countries, I have witnessed how ICD is building its reputation as a trusted long-term partner toward contributing to the development of their economies. ICD takes pride in being the first multilateral private sector development financing institution in the world offering Islamic finance for private sector and one of the leading private sector development institutions in the Muslim world.

In 1433H, ICD made solid progress on implementing its strategic agenda. This included stronger support of private sector in member countries through project financing and advisory services, which led to the creation of jobs, mobilized savings, and skill development. Our $419 million record approval in the past year underscores that intent. Despite the sluggish growth of the world economy and persistence of uncertainties in 1433H, we managed to support 26 investment projects, including 18 new projects and 8 capital increases. These projects added value to the economic and social development of member countries in a number of ways.

During 1433H, ICD also put special emphasis on rebalancing the geographical and sectoral allocation of its investment commitments. This allocation had been made on the basis of a number of factors including, member countries’ developmental needs, their creditworthiness and the strategic priorities of ICD. As a result, ICD invested in seven different sectors and in all regions of operation.

ICD also takes pride in having played a catalytic role in enhancing the capacity of private sector through its vital advisory initiatives. The advisory services undertaken by ICD last year included initiatives such as advising financial institutions on converting them to Islamic institutions, helping companies to gain access to capital through Shari’a-compliant means, and launching private equity funds to support SMEs and specific development aspects.

These achievements, at a time of uncertainty in the global economy and tough macroeconomic situation among our member countries, highlight sound strategic planning, strong guiding plan by the Board and the management, and complete devotion of the staff to their duties. Therefore, I would like to thank all members of the Board and management as well as professional team members at ICD for their unstinted support and hard work.

I would like to conclude by reiterating our commitment that in the years ahead, we would continue to respond vigorously to the Muslim World’s needs toward private sector development and further strengthen our efforts in the immediate future to achieve that goal. I want to take this opportunity to emphasize that despite the uncertainties in global economy our member countries are poised for a better future as they are rich in human and natural resources and we need to do our part in order to tap that potential.

I pray to Allah the Almighty to guide us in our efforts to overcome the challenges ahead and help us achieving the welfare and prosperity of the Muslim Ummah, Amin.

Mr. Khaled Mohammed Al-Aboodi
CEO & General Manager