ICD is a multilateral organization and a member of the Islamic Development Bank (IsDB) Group. Its authorized capital stands at $2.0 billion, of which $1.0 billion is available for subscription. Its shareholders consist of the IsDB, 52 member countries, and five public financial institutions. Headquarters in Jeddah, ICD was established by the IsDB Board of Governors during its 24th annual meeting held in Jeddah in November 1999. ICD is rated AA by Fitch Ratings in November 2014.
The mandate of ICD is to support the economic development of its member countries through provision of finance and equity investments to private sector projects in accordance with the principles of Islamic finance. ICD finances and invests in projects that are specifically geared to creating employment opportunities and boosting exports. Furthermore, ICD mobilizes additional resources for projects and encourages the development of Islamic financing and capital markets. It also attracts co-financiers for its projects and provides advice to governments and private sector groups on policies aimed at encouraging the establishment, expansion and modernization of private enterprises, development of capital markets, best management practices and enhancing the role of market economy.
Since its inception until end of 2013, ICD’s accumulated approvals had reached US$3 billion with allocations to 267 projects. The sectoral composition of ICD accumulated approvals underscores diversity and is spread over 11 sectors. The financial sector accounted for the largest share amounting
to $1.3 billion, or 44 percent of accumulated gross approvals since inception. The industrial and mining sectors had the second largest share, with a total approved amount of
$771.8 million, representing 26 percent of gross approvals. This was followed by real estate, with a total approved amount of $339.5 million (11 percent). The remaining
$584.1 million (19 percent) of the accumulated approvals were allocated to 8 different sectors.
Key figures from the most recent report available (November 2013):
|Total financing & investment: