Tokyo deal boon for ICD member states

Islamic Corporation for the Development of the Private Sector (ICD), the private sector arm of the Islamic Development Bank Group (IDB), and Bank of Tokyo-Mitsubishi UFJ (Malaysia) Berhad (BTMUM) have signed a memorandum of understanding (MoU) to form a joint strategic collaboration to tap opportunities in the Islamic finance industry.
Khaled Al-Aboodi, ICD’s CEO and general manager, Naoki Nishida, BTMUM CEO, inked the MoU at BTMU headquarters in Tokyo to signify another important milestone for ICD and BTMUM in the international financial market industry.
Speaking during ceremony, Khaled Al-Aboodi said the agreement will strengthen and deepen the ICD’s relationship with its non-traditional partners from the Pacific region such as BTMUM especially to promote cross-border investment in ICD member states and sharing of Islamic finance knowledge and expertise.
The parties intend to leverage each other strengths and expertise especially to expand its Islamic finance activities in the ICD member countries.
“Japan has shown growing interest to further develop its Islamic finance industry with the signing of today’s MoU between ICD and BTMUM,” said Al-Aboodi.
He said: “We are delighted with this initiative as we always viewed South East Asia region as the Islamic finance hub for us to engage new relationship with the non-traditional partners in the Pacific region and Asia such as Japan, China, Australia and Korea, to collaborate for joint projects, resource mobilization and reverse linkages with these countries.”
The Islamic Corporation for the Development of the Private Sector (ICD) is a multilateral organization, part of the Islamic Development Bank (IDB) Group.
ICD was established in November 1999 to promote economic development of its member countries in accordance with the principles of the Shariah through private sector development.
ICD encourages the establishment, expansion and modernization of private enterprises through financing private sector enterprises or projects.
Bank of Tokyo-Mitsubishi UFJ (Malaysia) Berhad is a financial institution wholly owned by Bank of Tokyo-Mitsubishi UFJ, Ltd; and both are part of Mitsubishi UFJ Financial Group, one of the world’s largest banking groups and also the leading banking group in Japan.
In Malaysia, the bank has a 57-year track record primarily providing banking services to Japanese and Malaysian corporations.