Islamic Corporation for the Development of the Private Sector (ICD) enters into a strategic alliance with Amana Bank PLC, Sri Lanka

The Islamic Corporation for the Development of the Private Sector (ICD) (www.ICD-PS.org), the private sector arm of the Islamic Development Bank Group, being the lead sponsor and manager of IB Growth Fund (Labuan) LLP (IBGFrdquo;) and Amana Bank PLC (ABLrdquo;), the first and the only full-fledged Islamic Bank in Sri Lanka have entered into a its strategic investment partnership by signing the Investment Term Sheet (ITSrdquo;), reflecting the agreed key terms and conditions of the proposed investment. With this landmark transaction, ICD via IBGF is expected to infuse growth capital of maximum USD 15 million through subscription in the capital of Amana Bank PLC.

The CEO of ICD, Mr. Khaled Al Aboodi and the Chairman of the Board of Directors of Amana Bank PLC, Mr. Osman Kassim signed the Investment Term Sheet on the sideline of the 42nd IDB Group Annual Meeting of Governors.

Mr. Khaled Al Aboodi, the CEO of ICD stated that this strategic initiative reflects ICD’s continuous effort to play a catalyst role in the promotion of Islamic finance, private sector development and regional cooperation in South Asia region. Proposed collaboration with Amana Bank exhibits ICD’s mandate and strategic vision to bring not only good corporate governance and international best management practice but also to secure the long-term stability of the Bank as well as boost the confidence of the market and different stakeholders in the growing Islamic finance industry in Sri Lanka.

Mr. Osman Kassim, the Chairman of the Board of Directors of Amana Bank PLC, said Amana Bank is truly honored to have the confidence of ICD, resulting in this strategic partnership. This collaboration would further strengthen bank’s journey towards much wider and extended network both at regional and international level. Mr. Osman Kassim further stressed that Sri Lanka being a non-member country, IDB earlier made an exception in investing in Amana Bank at its inception in 2011, and now ICD too making this investment is sincerely appreciated and the Board and Management of the Bank are committed to achieve mutual goals for the growth of Islamic finance industry and private sector development.

Source: Islamic Corporation for the Development of the Private Sector (ICD).