The main objective of the Private Sector Forum is to highlight IsDB Group activities, services, initiatives and joint solutions in member countries (investment, trade and insurance)
Tashkent, Uzbekistan: The private sector institutions of the Islamic Development Bank (IsDB) Group will organize the “Private Sector Forum” on September 2, 2021, in Tashkent City Congress Hall, Tashkent – the Republic of Uzbekistan, from 09:30 am to 04:30 pm (Tashkent time), in conjunction with the 46th Annual Board of Governors Meeting of the Islamic Development Bank Group, under the theme “Respond, Restore, Restart: Post-COVID Resilience and Prosperity for all”.
The main objective of the Private Sector Forum is to highlight IsDB Group activities, services, initiatives and joint solutions in member countries (investment, trade and insurance). The Private Sector Forum shall provide a unique platform to network and establish business relations and partnerships with other leading representatives and counterparts from the business community to share their related experience, success stories & best practices, and explore together the investment and trade opportunities offered by CIS countries. Furthermore, it will connect business communities in member countries by arranging parallel B2B and B2G scheduled meetings.
The Forum will discuss the future outlook to overcome the COVID-19 pandemic. In addition, the Forum will highlight the IsDB Group’s US$ 2.3 billion Strategic Preparedness and Response Program (SPRP) for COVID-19 under its 3Rs approach “Respond, Restore and Restart”.
The Forum will also witness high callibre of speakers who will join and share their in-depth perspectives with the IsDB Group Entities Chief Executive Officers: Mr. Oussama Kaissi, the Chief Executive Officer of the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC); Mr Ayman Sejiny, the CEO of the Islamic Corporation for the Development of the Private Sector (ICD) and Eng. Hani Salem Sonbol, the Chief Executive Officer of the International Islamic Trade Finance Corporation (ITFC).
The Forum will gather more than 1,000 participants from multiple sectors across the globe such as government officials, Chairmen, Presidents & CEOs of local and international companies, multilateral and financial institutions, chambers of commerce & industry, business associations, investment promotion agencies, individual investors, entrepreneurs, hundreds of policy and decision-makers, as well as their Excellencies the Governors of the Islamic Development Bank.
About Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC):
ICIEC is a member of the Islamic Development Bank (IsDB) Group. ICIEC was established in 1994 to strengthen the economic relations between member countries of the OIC. Over 27 years, ICIEC has insured in trade and investment more than USD78 billion. USD 62.3 billion represents support for exports and imports, while USD 15.6 billion covered foreign direct investments into ICIEC’s member countries. ICIEC is Rated Aa3 by Moody’s. ICIEC’s cover has been provided to its 47 member countries across the Muslim world, assisting in their economic prosperity, development and diversification. ICIEC is recognized as the preferred enabler of trade and investment for boosting sustainable economic development in Member Countries, facilitating trade and investment between member countries and the world through Shariah-compliant risk mitigation solutions and tools.
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). Its 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).
The mandate of ICD is to support the economic development of its member countries by providing financial assistance to private sector projects in accordance with the principles of Shari’ah, aimed at creating employment opportunities and enhancing their export potential. Furthermore, ICD has the mandate of mobilizing additional resources for projects and encouraging the development of Islamic finance. It also attracts co-financiers for its projects and provides advice to governments and private sector groups on policies aimed at encouraging the establishment, expansion and modernization of private enterprises, the development of capital markets, best management practices, and the enhancement of the role of market economy. ICD’s operations complement the activities of IsDB in member countries and also those of national financial institutions.
About the International Trade Finance Corporation (ITFC):
The International Islamic Trade Finance Corporation (ITFC) is a member of the Islamic Development Bank (IsDB) Group. It was established with the primary objective of advancing trade among OIC member countries, which would ultimately contribute to the overarching goal of improving socioeconomic conditions of the people across the world. Commencing operations in January 2008, ITFC has provided more than US$55 billion of financing to OIC member countries, making it the leading provider of trade solutions for these member countries’ needs. With a mission to become a catalyst for trade development for OIC member countries and beyond, the Corporation helps entities in member countries gain better access to trade finance and provides them with the necessary trade-related capacity building tools, which would enable them to successfully compete in the global market.
About the Islamic Development Bank Group Business Forum (THIQAH):
The Islamic Development Bank Group Business Forum (THIQAH) is the window of the IsDB Group that facilitate contact and coordination between entities concerned of the IsDB Group and private sector firms and related institutions in IsDB Group member countries. The main objective of THIQAH is to establish a unique platform for effective dialogue, cooperation and inclusive partnership for business leaders committed to partnering in promising investment opportunities. Through facilitation and catalyst roles, THIQAH will be leveraging IsDB Group’s resources to offer necessary services and confidence to investors and to establish strategic partnerships with the leaders of the private sector. The primary focus will be on maximizing cross-border investment among member countries to be supported by IsDB Group’s financial products and services.