GLOBAL: Seeing the
potential for Shariah compliant investments in China, the Islamic
Corporation for the Development of the Private Sector (ICD), the private
sector arm of the IDB Group, has signed an MoU with China International
Contractors Association (CHINCA), a contractor trade organization that acts
as a link between the Chinese government and CHINCA’s 1,300 members who
operate in over 180 countries.
Leveraging on the ICD’s expertise in infrastructure development, the
agreement facilitates synergy creation in key areas such as financing,
financial advisory and sound technical services that can be implemented in
its member countries. Together with CHINCA’s members’ presence in over 180
countries, the strategic partnership will be instrumental in generating business
and driving economic growth in new frontiers.
Commenting on the collaborative venture, ICD CEO Khaled Al Aboodi conveyed:
“We believe that the agreement with CHINCA represents a significant
milestone toward cementing business relations with Chinese entities and by
leveraging on both parties’ vast networks and expertise, we hope that this
will open up more business opportunities, especially towards Chinese
investments in ICD member countries.” The strategic measure is in line with
the organization’s plans to engage in new relationships with the
non-traditional partners in the Pacific region and Asia such as Japan,
China, Australia and Korea for joint projects, resource mobilization and
reverse linkages with these countries.
The MoU further formalizes the parties’ cooperation in identifying and
cultivating investment opportunities in the construction, infrastructure
and other key industries by leveraging on areas of expertise and utilizing
services currently offered by both parties. It also aims to build a
fruitful networking platform by developing and participating in
business-matching forums as a means to identify forces shaping the industry
and connect key industry players. CHINCA, with its sophisticated ties with
industry leaders in China, will also act as an intermediary for the ICD to
establish rapport with Chinese government agencies and companies to further
explore exciting prospects in vital economic sectors in overseas markets,
namely the Middle East, Africa and Central Asia.
This cooperation follows the ICD’s recent agreement with ICBC Financial
Leasing, the leasing arm of the Industrial and Commercial Bank of China
(ICBC) (which was contracted in May). Under the arrangement, both entities
will work together across multiple lines to develop Islamic capabilities
and opportunities and assist economic evolution across ICD member
countries. Further exploring opportunities in China, the IDB is also
reported to be in discussions with China’s proposed Asian Infrastructure
Investment Bank on the potential of utilizing Shariah compliant financing
facilities to fund Asia’s infrastructure needs.
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