{"id":6789,"date":"2024-05-07T02:35:51","date_gmt":"2024-05-07T02:35:51","guid":{"rendered":"https:\/\/sotnews.agency\/?p=6789"},"modified":"2024-05-07T02:35:51","modified_gmt":"2024-05-07T02:35:51","slug":"islamic-development-bank-group-announces-winners-of-private-sector-forum-awards-2024-recognizing-excellence-in-islamic-finance-and-development-initiatives-2","status":"publish","type":"post","link":"https:\/\/sotnews.agency\/?p=6789","title":{"rendered":"Islamic Development Bank Group Announces Winners of Private Sector Forum Awards 2024 Recognizing Excellence in Islamic Finance and Development Initiatives"},"content":{"rendered":"
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The Islamic Development Bank Group (IsDB) announces the winners of the Private Sector Forum (PSF) 2024 Awards, celebrating outstanding contributions to Islamic finance and development initiatives across 57 member countries.<\/p>\n

The IsDB Group, comprising the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), the Islamic Corporation for the Development (ICD), and the International Islamic Trade Finance Corporation (ITFC), leverages its diverse tools to support member countries in achieving their development goals.<\/p>\n

The PSF 2024 Awards honors exceptional achievements, groundbreaking innovations and impactful initiatives by market practitioners driving positive change through Shariah compliant financial instruments in the areas of trade finance, export credit and private sector development, in six categories:<\/p>\n

ICIEC:<\/strong><\/p>\n

Export Credit Agency of the Year: Kazakh Export<\/strong><\/p>\n

The ICIEC cooperated with Kazakh Export, for the export of locomotives to Azerbaijan Railways by providing insurance support for a US$29.8 million lease finance facility of 10 \u2018Evolution \u2013 Type\u2019 diesel locomotives to Azerbaijan Railways for 10 years, while supporting intra-OIC trade and meets SDG 9 of the UN.<\/p>\n

\u00a0Most Innovative Investment Development Initiative of the Year: African Development Bank (AfDB)<\/strong><\/p>\n

The ICIEC has signed a risk-sharing arrangement with African Development Bank (AfDB) to support financing dedicated to ESG projects in C\u00f4te d\u2019Ivoire. The ICIEC has provided an insurance capacity of EUR194 million (US$210.13 million), backstopping the EUR400 million (US$433.25 million) partial credit guarantee (PCG) issued by the AfDB against the non-payment risk associated with a facility of EUR533 million (US$577.31 million) extended by Standard Chartered Bank to the government of the C\u00f4te d\u2019Ivoire.<\/p>\n

ICD:<\/strong><\/p>\n

Most Impactful Islamic Financial Institution of the Year: Kazakhstan\u2019s JSC Leasing Group<\/strong><\/p>\n

ICD issued last year a Tenge-denominated sukuk which was rated \u201cA+\u201d by Fitch. With a size of KZT 2 billion, this is the first sukuk in the national currency of one of the Commonwealth of Independent States (CIS).<\/p>\n

The sukuk proceeds were used to support Kazakhstan\u2019s JSC Leasing Group\u2019s on-lending activities. The ultimate beneficiaries are mostly small and medium-sized enterprises. With the volatility in currency markets representing a major risk for companies with revenues in local currency, ICD provided a local currency financing solution to Leasing Group.<\/p>\n

Leasing Group is listed on the Kazakhstan Stock Exchange.<\/p>\n

Most Impactful ICD Investee Company of the Year: Tunisia\u2019s Wifak Bank<\/strong><\/p>\n

Tunisia\u2019s Wifak Bank made the transition a fully-fledged Shariah compliant bank in 2016, while the ICD participated in the capital increase reserved for strategic partners including the Tunisian sovereign wealth fund and other Tunisian investors. In line with ISO 26000 standards, Wifak is quantifying its carbon footprint and is attempting to reduce it while also making progress on SDGs 5, 8, 9, and 17. Wifak\u2019s Fitch rating outpaces the sovereign rating as it provides 55,000 individuals\/SMEs with access to financial resources and employed over 300 local talents while collaborating with a fintech company to introduce digital payments.<\/p>\n

ITFC:<\/strong><\/p>\n

Trade Finance Deal of the Year: Turk Eximbank<\/strong><\/p>\n

ITFC has awarded T\u00fcrk Eximbank the \u201cTrade Finance Deal of the Year\u201d award. This recognizes their long-standing partnership and T\u00fcrk Eximbank\u2019s key role in expanding ITFC\u2019s private sector initiatives in Turkey. Since 2009, ITFC has provided T\u00fcrk Eximbank with approximately US$3.5 billion in financing, with an impressive US$3.2 billion mobilized from external sources.\u00a0 This collaborative effort has significantly impacted Turkey\u2019s trade landscape, with a particular focus on SMEs and the textile sector.<\/p>\n

Outstanding Contribution to Intra-OIC Trade Development: Foreign Trade Training Centre (FTTC)<\/strong><\/p>\n

ITFC has awarded the Foreign Trade Training Centre (FTTC) the \u201cOutstanding Contribution to Intra-OIC Trade Development\u201d award.\u00a0 This recognizes the FTTC\u2019s dedication to boosting Egypt\u2019s global trade position and its successful partnership with ITFC. Founded by the Egyptian Ministry of Trade&Industry, the FTTC plays a vital role in developing export professionals, strengthening trade ties within the OIC.\u00a0 Through ITFC-supported programs like TREE and STEP, the FTTC has trained hundreds of new exporters and entrepreneurs, contributing to Egypt\u2019s goal of reaching USD 100 billion in exports within five years.<\/p>\n

The winners were announced and awarded on Sunday, April 28th during the 2024 Private Sector Forum at the InterContinental Hotel in Riyadh.<\/p>\n

Distributed by APO Group on behalf of Islamic Development Bank Group Business Forum (THIQAH).<\/p>

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The Islamic Development Bank Group (IsDB) announces the winners of the Private Sector Forum (PSF) 2024 Awards, celebrating outstanding contributions to Islamic finance and development initiatives across 57 member countries.… <\/p>\n","protected":false},"author":1,"featured_media":6788,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":{"facebook_2277560469115098_106292521332774":"","twitter_aToxNzczMzI3Njk4OTg4ODUxMjAxOw==_1773327698988851200":""},"rop_publish_now_history":[],"rop_publish_now_status":"pending","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[13],"tags":[],"class_list":["post-6789","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-world"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/posts\/6789","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/sotnews.agency\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=6789"}],"version-history":[{"count":0,"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/posts\/6789\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/media\/6788"}],"wp:attachment":[{"href":"https:\/\/sotnews.agency\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=6789"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/sotnews.agency\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=6789"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/sotnews.agency\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=6789"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}