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SHARM EL SHEIKH, Egypt, June 9, 2022/APO Group/ —
Islamic Corporation for the Development of the Private Sector (ICD) (www.ICD-ps.org), the private sector arm of the Islamic Development Bank Group (IDB), and PT Bank NTB Syariah (Bank NTB Syariah) signed a Memorandum of Understanding (MoU) to establish a strategic cooperation in accordance with their respective mandates.
The Chief Executive Officer of ICD, H.E. Ayman Amin Sejiny, and the President Director of Bank NTB Syariah, Mr. Kukuk Rahardjo, signed the MoU on behalf of the two organizations in Sharm El Sheikh, Egypt, at the sidelines of the Islamic Development Bank (IDB) Group 47th Annual General Meetings held at the Tonino Lamborghini International Convention Center.
The MoU outlines the parameters of ICD’s mandates to cooperate and work closely together with Bank NTB Syariah in treasury, financing, advisory services, Sukuk transactions, asset management and other investment opportunities.
Speaking at the ceremony, H.E. Ayman Amin Sejiny said the MoU aims to strengthen and deepen ICD’s relationship with Bank NTB Syariah following the successful conversion of the bank into a full-fledged Syariah financial institution in 2018, where ICD had assisted as a technical advisor. Aside from providing potential advisory services support, ICD is currently considering a line of financing (LoF) to the bank to facilitate access to finance by SMEs and enhance their engagements in the local economy.
Mr. Kukuh said, “We are pleased to be working together with multilateral development institutions such as ICD, to assist and to reach out to as many SMEs as possible via their line of financing facility. Developing vibrant and healthy SMEs are integral to Indonesia’s economic transformation process and we remained committed to helping them access credit resources and financial services especially through digital banking services which will serve as the future funding platform for the community. In addition, through this collaboration, we can take advantage of ICD’s global experience and expertise in developing product and financial innovations to support the business growth of Bank NTB Syariah in the future.”
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