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