REPORT
OF THE ICD SHARI'AH COMMITTEE
To:
The Board of Directors
Islamic Corporation for the Development of the Private Sector
P.O. Box 54069
Jeddah 21514
Kingdom of Saudi Arabia
The
Shari'ah Committee of ICD was established as per Article 29 of
the ICD Articles of Agreement.
The
period of our review (Ramadan-Dhul Hijjah 1421H) did not include
review of any legal agreement of operations approved by ICD as
the preparation of these agreements will be completed during the
year 1422H.
The
management of the liquid funds of the Corporation has been entrusted
to the Islamic Development Bank (the Mudarib) of which ICD is
an affiliate.
We
understand that the management of the ICD liquid funds by IsDB
is carried out in compliance with the principles of the Fiqh Academy
to which we adhere.
It
is our responsibility to form an independent opinion of the operations
of ICD covering the period of our tenure and report to you.
We
have reviewed, on a sample basis, the liquid fund transactions
of the Corporation during the period and obtained all the necessary
explanations from the management in addition to the discussions
held with them.
On
the basis of the review conducted, the explanations and the discussions
held with the management, we established an opinion and have no
objection to the Sharia Compliance of the ICD liquid fund management
and its operations for the period ended 30 Dhul Hijjah 1421H.
We
beg Allah the Almighty to grant us all the success and straight-forwardness.
Wasalam Alaikum Wa Rahmat Allah Wa Barakatuhu.
Sheikh
Adbullah Bin Manei,
Chairman
Dr.
Abdul Sattar Abu Ghudah
Justice
Mohammed
Taqi Usmani
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