Latest news with #IsDB
Zawya
2 days ago
- Business
- Zawya
Al Baraka Bank Egypt wins 'Most Impactful Islamic Financial Institution of 2025' award from the IsDB Group
Cairo – Al Baraka Bank Egypt has been awarded the prestigious title of 'Most Impactful Islamic Financial Institution of 2025' by the Islamic Development Bank (IsDB) Group. This notable recognition highlights the bank's pivotal role in supporting economic and social development. The award was received by Mr. Ahmed Atteya, Head of Financial Institutions at Al Baraka Bank Egypt, from Dr. Khaled Khalafallah, Acting CEO of the Islamic Corporation for the Development of the Private Sector (ICD), during the Private Sector Forum Awards Ceremony (PSF 2025), held as part of the annual meetings of the Islamic Development Bank Group in the Algerian capital. This accolade reflects Al Baraka Bank Egypt's distinguished position as a leading institution in providing Sharia-compliant banking products and services that cater to the needs of a wide range of clients, from individuals to corporations. Notably, the bank has successfully expanded its correspondent banking network to cover over 130 countries worldwide, significantly enhancing its capabilities in sustainably supporting foreign trade finance. The award also underscores the bank's remarkable growth in both direct and indirect financing portfolios targeted at small and medium-sized enterprises (SMEs), driven by its dedication to delivering fast, innovative financial solutions. Among its flagship programs are 'Ezdehar' and Medical Financing, with the total value of the SME financing portfolio surpassing USD 220 million in just three years. This achievement marks a significant milestone in the bank's journey toward empowering SMEs, reflecting its firm commitment to offering specialized financial solutions built on a deep understanding of this vital sector. Through these efforts, the bank has provided optimal support to over 930 small and medium-sized projects across key sectors that contribute to national economic development. Al Baraka Bank Egypt believes that empowering entrepreneurs is a cornerstone of economic progress and an investment in a more prosperous and sustainable future. The bank continues to develop innovative financing programs that unleash the potential of the SME sector and open new avenues for growth and expansion. Beyond new programs, the bank's support for SMEs is rooted in a comprehensive, long-standing strategy that focuses on providing flexible financing solutions tailored to meet the diverse needs of this dynamic segment.
Asharq Al-Awsat
3 days ago
- Business
- Asharq Al-Awsat
Saudi-Funded Fisheries Project Set to Boost Maldives' Global Market Reach
The Maldives is preparing to launch a major fisheries development project focused on cold storage and export infrastructure with funding from the Saudi Fund for Development (SFD), according to the country's Minister of Fisheries and Marine Resources, Ahmed Shiyam. Speaking to Asharq Al-Awsat during the Islamic Development Bank (IsDB) meetings in Algiers, Shiyam said the project will enhance the competitiveness of Maldivian seafood in global markets by enabling better storage and higher-quality exports. 'We're working with Saudi funds on a cold storage project that will give our companies a global edge and help secure better prices,' Shiyam said. 'We're ready to begin implementation very soon.' The initiative is part of broader collaboration with the IsDB and the Lives and Livelihoods Fund (LLF), which is already supporting a large-scale fisheries project aimed at improving community livelihoods. Shiyam noted that the project is halfway through and progressing well. A key feature is a seawater cooling system that reduces environmental impact and boosts operational efficiency. 'Fishermen are eager to install this system, which lowers costs, saves time, and increases profits,' he said. Shiyam stressed the Maldives' strong partnership with Saudi Arabia, calling it the country's most significant bilateral relationship. 'We're working closely with Saudi institutions, particularly the Saudi Fund for Development, on projects that directly improve our fisheries sector and the lives of our people,' he said. The minister acknowledged challenges such as limited storage and ice production, which currently force the Maldives to export raw fish without pricing leverage. 'Once these projects are complete, we'll be able to store fish until market conditions are favorable, giving us more control and better returns,' he added.
Zawya
4 days ago
- Business
- Zawya
Key Outcomes from Islamic Development Bank Group (IsDB)'s 13th Private Sector Forum in Algiers
The Islamic Development Bank Group (IsDBG) ( affiliated institutions organized the 13 th Private Sector Forum from May 20 to 22, 2025, at Abdelatif Rahal International Conference Center in Algiers (People's Democratic Republic of Algeria). The forum was convened on the sidelines of the Group's annual meetings, under the high patronage of His Excellency President Abdelmadjid Tebboune, President of the People's Democratic Republic of Algeria. The Islamic Development Bank Group's Private Sector Forum witnessed a wide turnout, with more than 1,300 participants from 50 countries. It featured active participation from the local, regional, and international private sectors. The program included eight (8) events and panel discussions, with the involvement of more than 50 speakers and 36 exhibitors. For the third consecutive year, the forum presented the "Private Sector Award" to outstanding companies and financial institutions in recognition of their contributions to economic development, trade facilitation, investment, and risk management. Additionally, the forum saw the signing of 26 agreements and memoranda of understanding, amounting to over $3.6 billion. A startup competition was also held, with participation from more than 300 startups and business incubators. More than 250 bilateral meetings (B2B and B2G) were conducted to enhance trade, investment, and partnership relations among member countries. The forum showcased the IsDB Group's activities and initiatives aimed at empowering both public and private sectors in member countries, particularly in the People's Democratic Republic of Algeria. The discussions focused on prevailing opportunities and challenges facing the business sector and highlighted the Group's suite of financing instruments, including lines of financing, private sector financing, trade development support, investment insurance, and export credit facilities, among others. The forum agenda featured a series of dialogue sessions and workshops addressing key economic themes and development projects. Particiants also attended presentations on trade and investment opportunities. The forum attracted high-level participation from Algerian government officials, presidents and CEOs of local, regional, and international private sector companies, investors, businessmen, chambers of commerce and industry, trade and investment promotion bodies, and regional and international financial and development institutions. In his opening remarks, His Excellency Dr. Mohammed Al Jasser, President of the Islamic Development Bank Group, welcomed all participants to the forum. He stated: 'This forum is not just an annual event, but a renewed strategic platform through which we highlight the innovative tools and services offered by the Islamic Development Bank Group institutions to support investment and trade, and expand partnerships within our member countries, including the beloved Republic of Algeria. This session represents a unique opportunity for investors, businessmen, and CEOs from member countries to open channels of communication, establish partnerships, and forge business relations with their counterparts in the Republic of Algeria.' Dr. Khaled Yousef Khalafallah, CEO of the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) and Acting CEO of the Islamic Corporation for the Development of the Private Sector (ICD), stated that the Private Sector Forum 'witnessed a distinguished cohort of partners from both public and private sectors. Sustainability and development constitute the core focus of our mission, as we strive to unify the efforts of our private sector partners and other financing agencies to bridge the sustainable financing gap, provide co-financing opportunities, and develop innovative solutions to address the challenges of sustainable development. He added, 'Since its inception and until 2024, the ICIEC provided cumulative insurance coverage exceeding 121 billion USD, including 96 billion USD to support trade flows and more than 25 billion USD to facilitate foreign investments. Leveraging a robust global reinsurance network, the Corporation has mobilized a cumulative reinsurance capacity of 69 billion USD from the private reinsurance market. Through more than 65,000 transactions across vital sectors including agriculture, renewable energy, infrastructure, manufacturing, and healthcare, the Corporation continues to drive significant development impact across member countries." Regarding the ICD, Dr. Khalid stated 'Since its inception in 1999, the Islamic Corporation for the Development of the Private Sector (ICD) has played a pivotal role in fostering development, empowering businesses, promoting entrepreneurship, and supporting sustainable economic growth. Its diversified investments have had a tangible impact on communities by enabling transformative projects, facilitating partnerships, and building capacity. The Corporation has so far approved 575 projects worth 7.58 billion USD. ICD interventions cover various sectors, including finance, infrastructure, agriculture, manufacturing, and energy, and it has investment operations in 48 member countries, underscoring the broad geographic and sectoral reach of ICD operations.' On his part, Eng. Adeeb Al-Aama, CEO of the International Islamic Trade Finance Corporation (ITFC), stated, "The 13th edition of the Private Sector Forum reaffirmed the vital role of the private sector in fostering economic growth, generating employment, and reducing poverty in member countries. The active participation of the business investors greatly enriched discussions and strengthened collaborative efforts to promote economic resilience and business dynamism.' He added, 'Since its launch in 2008, ITFC has extended over 83 billion USD in financing to OIC member countries, becoming the leading provider of trade solutions in the region. Of this, 19 billion USD was allocated to enhance SMEs competitiveness – combining financial support, technical assistance, and capacity building efforts to help these enterprises access regional and international markets.' For more information, please visit the event website ( Distributed by APO Group on behalf of Islamic Development Bank Group (IsDB Group). ICD: Website: ITFC: Tel: +966 12 646 8337 Fax: +966 12 637 1064 E-mail: ITFC@ THIQAH: Email: THIQAH@ Social Media: ICIEC: X: Facebook: LinkedIn: Youtube: Instagram: ICD: Twitter: @ ICD_PS LinkedIn: ICDPS Facebook: icdps Instagram: @ icdps YouTube: ICDPSTV ITFC: Twitter: @ ITFCCORP Facebook: @ ITFCCORP LinkedIn: International Islamic Trade Finance Corporation (ITFC) THIQAH: Twitter: @ IDBGTHIQAH Facebook: @ IDBGTHIQAH LinkedIn: IsDB Group Business Forum - THIQAH About The Islamic Development Bank (IsDB): The Islamic Development Bank (IsDB), rated AAA by major international rating agencies, is a multilateral development bank that has strived to improve the lives of the communities it serves for over 50 years by delivering impact at scale. Operating in 57 member countries across four continents, IsDB's mission is to empower people to drive their economic and social progress and provide the infrastructure needed to enable them to reach their full potential. Headquartered in Jeddah, Saudi Arabia, the Bank also operated regional offices and centers of excellence in 11 member countries. Over the years, the Bank has evolved from a single entity into a group of five entities comprising: the Islamic Development Bank (IsDB), the Islamic Development Bank Institute (IsDBI) in charge of research and Training, the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), the Islamic Corporation for the Development of the Private Sector (ICD), and the International Islamic Trade Finance Corporation (ITFC). About the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC): Established in 1994, ICIEC seeks to strengthen economic relations and stimulate trade and investment among OIC member countries through the provision of risk mitigation instruments and financial solutions. It remains the world's only multilateral insurer operating in compliance with Islamic Sharia. ICIEC currently serves 50 countries and has maintained its "Aa3" insurance credit rating from Moody's for 17 consecutive years – the among credit and political risk insurers. It also received a first-time long-term credit rating of AA- from Standard&Poor's with a stable outlook. The Corporation's resilience is underpinned by sound underwriting, reinsurance and risk management practices. To date, ICIEC has cumulatively insured over 121 billion USD in trade and investment across key sectors, including energy, manufacturing, infrastructure, healthcare, and agriculture. For more information, visit: About the Islamic Corporation for the Development of the Private Sector (ICD): A member of the Islamic Development Bank Group, ICD is a multilateral financial institution with an authorized capital is 4 billion USD, of which 2 billion USD is available for subscription. Its shareholders comprise the Islamic Development Bank, 56 member countries, and five public financial institutions. Since its inception in 1999, the Corporation has played a pivotal role in fostering inclusive and sustainable growth through Shariah-compliant financing, cross-border investments, and vital infrastructure development. ICD has contributed significantly to enhancing the economic landscape of its member countries. About the International Trade Finance Corporation (ITFC): A member of the Islamic Development Bank Group, ITFC was established to promote trade among OIC member countries, contributing to their economic development and social well-being. Since commencing operations in January 2008, ITFC has provided over 83 billion USD in trade finance, becoming a leader in delivering tailored trade solutions. The Corporation's mission is to serve as a catalyst for trade development, helping member countries access finance and capacity building programs to enhance competitiveness and global market integration. About the Islamic Development Bank Group Business Forum (THIQAH): THIQAH serves as the private sector interface of the IsDB Group, facilitating engagement and collaboration between the Group entities and businesses in member countries. Its core aim is to build an inclusive, strategic platform for dialogue, cooperation and partnerships focused on high potentials investment opportunities. By leveraging IsDB Group resources, THIQAH offers support services and confidence to investors while promoting cross-border investment flows withing member countries. Website (
Zawya
4 days ago
- Business
- Zawya
IsDB approves $200mln to support food security in Jordan
AMMAN — Chairman of Islamic Development Bank (IsDB) Group Muhammad Al Jasser said that the group agreed during the "Governors' Dialogue" meeting to provide $200 million to support food security programmes in Jordan during this year. Jasser said that the bank's team has engaged in technical studies for the national carrier project, which the government is conducting with the aim of financing the project, pointing out that the bank will study its suitability for its work mechanism, according to Al Mamlaka TV. He pointed out that the IsDB recognises the great pressures on food and water security in Jordan due to the large numbers of refugees, noting that this sector is one of the priorities focused on by the bank for Jordan and member countries. The Kingdom participated in the group's annual meetings held in Algiers earlier this week under the theme "Diversifying the Economy, Enriching Life", during which participants discussed economic challenges of member states, mechanisms to empower the private sector and support for innovation. Between 1975 and 2024, IsDB provided soft financing, loans and grants worth $1.3 billion, which contributed to implementing several development and economic projects. © Copyright The Jordan Times. All rights reserved. Provided by SyndiGate Media Inc. (
Trade Arabia
4 days ago
- Business
- Trade Arabia
ITFC, TDFD in deal to deliver clean cooking solutions in Nigeria
The International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IsDB) Group, has signed a multilateral financing and implementation agreement to support the Forward7 initiative in Nigeria. The agreement brings together ITFC, the Trade Development Fund (TDFD -Managed by ITFC), the Oil Sustainability Program (OSP), and BURN Manufacturing, and was signed at the Ministry of Energy headquarters in Riyadh. The initiative aims to manufacture and distribute 20,000 liquefied petroleum gas (LPG) cooking kits to low-income households in Nigeria. Each kit comprises a gas cylinder, stove, and essential accessories, alongside training to ensure safe and sustainable use. The signing ceremony was held in the presence of Prince Abdulaziz bin Salman Al Saud, Minister of Energy of the Kingdom of Saudi Arabia, and Dr Muhammad Al Jasser, Chairman of the Islamic Development Bank Group. The agreement was signed by Eng Adeeb Y Al-Aama, CEO of ITFC and Chairman of the Executive Committee of TDFD, Eng. Mohammed bin Haitham Al-Tayyar, representative of the Forward7 initiative, and Lev Herrom, Chief Financial Officer of BURN Manufacturing. Additionally, a separate commitment agreement was signed between Eng Abdulrahman Bin Sulaiman, CEO of GASCO, and Eng Adeeb Y Al-Aama in his capacity as Chairman of the Executive Committee of TDFD. Under this agreement, TDFD will be responsible for receiving and managing allocated funds from all partners and disbursing them to the executing entity. This project is a direct translation of the kingdom's commitment to the Middle East Green Initiative launched in 2021, and marks the first official project under the Forward7 umbrella, which seeks to expand access to clean cooking solutions across the Least Developed Countries. – TradeArabia News Service
