Page 11 - ICD-AR22-English

ABOUT THE ICD
1. About the Islamic Corporation for the
Development of the Private Sector (ICD)
The Islamic Corporation for the Development of the Private Sector (ICD) is a multilateral organization affiliated with the Islamic Development Bank (IsDB).
ICD's authorized capital stands at USD 4 billion, of which USD 2 billion is available for subscription. Its shareholders consist of the IsDB, 55 member countries and five public financial institutions. Headquartered in Jeddah, ICD was established by the IsDB Board of Governors during its 24th annual meeting held in Jeddah in Rajab 1420H (November 1999).
With its significant role in driving inclusive
and dynamic growth, private sector development has been the primary focus of the ICD since its inception in November 1999. ICD’s mission is
to complement the role played by the Islamic Development Bank (IsDB) through the development and promotion of the private sector as a vehicle for boosting economic growth and prosperity, with a vision of being a premier Islamic multilateral financial institution for that purpose.
ICD’s objectives as the private sector arm
of the Islamic Development Bank (IsDB) Group,
in accordance with the principles of the Shari’ah, include: i) to identify opportunities and initiatives
in the private sector that could function as engines of growth, ii) to provide a wide range of productive financial products and services for private sector development; iii) to mobilize additional resources for the private sector in member countries, and iv) to encourage the development of Islamic financial and capital markets.
REINVIGORATING THE PRIVATE SECTOR TO SHAPE A BETTER FUTURE 9