THE Islamic Corporation for the Development of the Private Sector, ICD, the private sector arm of IDB Group, and Coris Bank International have entered into a joint strategic collaboration to establish Islamic window.

Khaled Al Aboodi, CEO of the ICD, and Idrissa Nassa, CEO and chairman of Coris Bank International signed the advisory agreement.

Through the collaboration, the ICD is assisting Coris Bank International’s subsidiaries in launching four dedicated Islamic windows in Cote d’Ivoire, Mali, Senegal and Benin.

Al Aboodi stated: “We are happy to assist our partner Coris BANK in launching new channels in our common member countries in Africa. ICD has a deep experience in the African market and despite the complexities of Islamic finance and the various regulatory and supervisory challenges involved in the matter; ICD will share its experience in the field and the joint collaboration with Coris will set in stone a new important achievement in the countries involved.”

Nassa said: “Coris BANK, in its mission to bring innovative solutions; saw in the Islamic finance, an opportunity in the sense that it is an alternative to the conventional finance. So, after the successful implementation of the Islamic window of Burkina Faso, and in view of the undeniable potential of the Finance Islamic, with a 20 percent expected growth, Coris Group decided to make the Islamic finance as a main growth driver. The vision of Coris group is to be the leading banking group providing sharia compliant products and services. The strategy of the group is to implement an Islamic Window in all its banking network with the assistance of ICD. The signature of this advisory agreement with ICD aims to achieve this objective. In midterm the group aspires to create sharia compliant subsidiaries.”

—  May 29, 2017 @ 01:00 GMT