The leasing arm of Industrial and Commercial Bank of China (ICBC) has signed a collaboration agreement with the Islamic Corporation for the Development of the Private Sector (ICD), the private sector arm of the Islamic Development Bank Group (IDB).
The two entities will work together to develop Islamic business in the ICD’s 52 member countries, including the ijara type of sharia-compliant banking and liquidity management.
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The companies also aim to encourage and implement co-financing, club deal and syndication projects for eligible private sector projects.
ICD CEO Khaled Al-Aboodi said: "China has hitherto been a relatively untapped market for Islamic finance, and offers exceptional potential in terms of its global strength and economic influence.
"ICBC Leasing, which is the biggest leasing firm in China and has a strong international network and outstanding financial fundamentals, is the ideal partner for this venture; and we are excited to embark on what promises to be a productive and rewarding collaboration uniting these two key markets."
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