The Islamic Corporation for the Development of the Private Sector (“ICD”), the private sector arm of IDB Group, and Afriland First Bank Guinea have entered into a Joint Strategic Collaboration to establish an Islamic window in Guinea.

The MoU was signed by Mr. Khaled Al-Aboodi CEO of ICD and Dr. Paul Fokam, Chairman of Afriland First Bank during the IDB 42^nd Annual meeting at Hotel Hilton in Jeddah, Saudi Arabia.

Through this advisory mandate, ICD is assisting Afriland First Bank in launching a dedicated Islamic window in Guinea by providing them with total solution covering sharia, accounting, Information Technology, Marketing and communication, Human Resources and legal aspects combined with an on-site extensive theoretical training and supported by on-job training in Islamic banks.

Speaking on the occasion, Mr. Khaled Al Aboodi expressed his strong support for the partnership, stating: “I am extremely pleased to have this framework of collaboration with our partner. Cooperating with Afriland First Bank Guinea give us the opportunity to sit our presence in plain where the demand is always increasing and where ICD is needed the most given its reputation and expertise in the Islamic Finance.”

Dr. Paul Fokam said, “The new Islamic banking window is a special opportunity to breed a new generation of entrepreneurs in Guinea and specially to empower hundred thousands of women involved in MUFFA network for making poverty history in Africa.”

Afriland First Bank Guinea

Afriland First Bank Guinea is a universal bank that operates in all market segments: retail, corporate, institutional and public sector. It is the subsidiary in Guinea of Afriland First Bank group, a leading African Banking group. Afriland First Bank Guinea offers its customers a range of products and commercial banking services: financing, deposit and treasury management, payments, trade finance.

About the Islamic Corporation for the Development of the Private Sector

ICD is a multilateral organization and a member of the Islamic Development Bank (IDB) Group. The mandate of ICD is to support economic development and promote the development of the private sector in its member countries through providing financing facilities and/or investments which are in accordance with the principles of Shari’ah. ICD also provides advice to governments and private organizations to encourage the establishment, expansion and modernization of private enterprises. ICD is rated AA/F1+ by Fitch and Aa3/P1 by Moody’s. For more information visit www.icd-ps.org