Islamic Corporation for the development of the Private Sector (ICD) Launches the ICD Finnovation Award 2020

7

The winners will be awarded in a very special ceremony to be organized during the Annual Meetings of Islamic Development Bank Group (IsDBG) to be held in June 2021

Jeddah, Kingdom of Saudi Arabia, The Islamic Corporation for the development of the Private Sector (ICD), the private arm of the Islamic Development Bank Group (IsDBG), today launches the “ICD Finnovation Award 2020”, to recognize, showcase and encourage financial institutions that provide an outstanding solution for the financial industry.

The COVID-19 pandemic has created an unprecedented scenario for individuals, households, businesses, and institutions globally. Partial solutions at play are new financial instruments and technology. This special initiative is therefore aimed at exploring more the role of technology and innovation in providing sustainable solutions to current challenges, including those posed by COVID-19.

“Finnovation” is an online platform, which ICD utilizes to list and highlight successful innovations of Financial Institutions (FIs) and FinTech startups at a global level.

Mr. Ayman Sejiny, the Chief Executive Officer of ICD stated: “The world is currently experiencing the devastating effects of the Coronavirus (COVID-19) pandemic. Majority of forecasters now expect the world GDP to shrink in the coming years, and we believe that part of the solution to overcome the related challenges is through development and design of innovative solutions for businesses and economies, as well as other advanced solutions which can be adopted in banking and other finance services. As a multilateral institution, we need to encourage such innovations.”

The ICD Finnovation Award 2020 invites Financial Institutions in ICD’s FIs network in its 55-member countries to submit their proven innovation(s) that may fall in one of the following Innovation Types:  

  1. Innovative financial products and services.
  2. Innovative marketing strategies that helped reach new beneficiaries.
  3. Innovations that improved the deployment of Islamic Financial Principles.
  4. Innovative Financial Technologies (FinTech) that attracted more Beneficiaries.
  5. Innovative internal policies and procedures that improved the financial inclusion.
  6. Innovative internal operational process that made operations more efficient and towards better net income.

The winners will be awarded in a very special ceremony to be organized during the Annual Meetings of IsDBG to be held in June 2021. The Annual Meetings are attended by government officials of member countries, high ranking officials and executives, with extensive media coverage through IsDBG’s network of the Islamic network of cooperative international media agencies.

About ICD:

The Islamic Corporation for the Development of the Private Sector (ICD) is a multilateral financial institution established by the Board of Governors of the Islamic Development Bank (IsDB) during its twenty-fourth (24) annual meeting held in Rajab 1420H (November 1999) in Jeddah, Kingdom of Saudi Arabia. ICD was established to be the IDBG private sector window. The authorized capital of the Corporation is USD 4 billion. The shareholders consist of the IsDB (rated Triple A), 55-member countries and 5 financial institutions from the member countries. ICD Rated A2’ by Moody’s, ‘A’ by S&P and, A+ by Fitch

The ICD aims to play a complementary role to the activities of IsDB and the national financing institutions in the member countries by focusing on private sector institutions in their various activities and operations in full compliance with the principles of Islamic Shari’ah. In addition to extending financing and financial services, ICD provides advisory and consultancy services to governments and private sector institutions in order to adopt policies for establishing, expanding and modernizing private sector companies, developing Equity Capital Market (ECM), Debt Capital Market (DCM) in the form of Sukuk, adopting better management practices, and strengthening the role of the market economy. ICD focuses its financing on development projects (such as infrastructure and private equity funds) that aim to create job opportunities and to encourage exports.

In order to achieve all these goals, ICD establishes and strengthens cooperation and partnership relationships with an aim to establish joint or collective financing. ICD also applies financial technology (Fintech) to make financing more efficient and comprehensive. Financial services institutions within ICD’s member countries are benefiting from fintech innovations by using artificial intelligence, robotics, blockchain, data analytics, and cloud computing services. ICD created a platform based on its relationships with 119 financial institutions, through which, the Islamic Development Bank Group (IsDBG) in general and the institution, in particular, can have access to a concerned country and identify available financing opportunities. The platform allows financial entities to collaborate in identifying investment opportunities, sharing market information and laying the groundwork for actual financial transactions within the OIC member countries and across borders.