The Islamic Corporation for the Development of the Private Sector (ICD) Signs MoU with PT Bank NTB Syariah to Establish a Strategic Cooperation under their Respective Mandates

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The MoU outlines the parameters of ICD’s mandates to cooperate and work closely together with Bank NTB Syariah in treasury

SHARM EL SHEIKH, Egypt: Corporation for the Development of the Private Sector (ICD) (www.ICD-ps.org), the private sector arm of the Islamic Development Bank Group (IDB), and PT Bank NTB Syariah (Bank NTB Syariah) signed a Memorandum of Understanding (MoU) to establish a strategic cooperation in accordance with their respective mandates.

The Chief Executive Officer of ICD, H.E. Ayman Amin Sejiny, and the President Director of Bank NTB Syariah, Mr. Kukuk Rahardjo, signed the MoU on behalf of the two organizations in Sharm El Sheikh, Egypt, at the sidelines of the Islamic Development Bank (IDB) Group 47th Annual General Meetings held at the Tonino Lamborghini International Convention Center.

The MoU outlines the parameters of ICD’s mandates to cooperate and work closely together with Bank NTB Syariah in treasury, financing, advisory services, Sukuk transactions, asset management and other investment opportunities.

Speaking at the ceremony, H.E. Ayman Amin Sejiny said the MoU aims to strengthen and deepen  ICD’s relationship with Bank NTB Syariah following the successful conversion of the bank into a full-fledged Syariah financial institution in 2018, where ICD had assisted  as a technical advisor. Aside from providing potential advisory services support, ICD is currently considering  a line of financing (LoF) to the bank to facilitate  access to finance by SMEs and enhance their engagements in the local economy.

Mr. Kukuh said, “We are pleased to be working together with multilateral development institutions such as ICD, to assist and to reach out to as many SMEs as possible via their line of financing facility. Developing vibrant and healthy SMEs are integral to Indonesia’s economic transformation process and we remained committed to helping them access credit resources and financial services especially through digital banking services which will serve as the future funding platform for the community. In addition, through this collaboration, we can take advantage of ICD’s global experience and expertise in developing product and financial innovations to support the business growth of Bank NTB Syariah in the future.”

About the Islamic Corporation for the Development of the Private Sector (ICD):
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.

About PT Bank NTB Syariah:
PT Bank NTB Syariah is a regional development bank provides sharia banking services to assist the community in sharia banking transactions and improve the regional economy in West Nusa Tenggara in particular and in Indonesia as well. Among regional bank players, Bank NTB Syariah is known as an innovative bank with excellent performance and won a number of awards including in the fields of digitalization, leadership and performance.