ICD and KIMB signed a MoU to cooperate in Islamic Microfinance
18 May 2017
News & Press Release
Jeddah May 18 2017—The Islamic Corporation for the Development of the Private Sector (“ICD”), the private sector arm of IDB Group, and, Al Kuraimi Islamic Microfinance Bank (“KIMB”) have entered into a Joint Strategic Collaboration to implement Islamic Microfinance Institutions
The CEO of ICD, Mr Khaled Al Aboodi and Mr. Yousuf Al Kuraimi , the Vice Chairman & CEO of KIMB signed the MOU during the IDB 42nd annual meeting at Hilton Jeddah, in Saudi Arabia.
The collaboration will focus on the implementation of Islamic Microfinance Institutions and Banks particularly in the provision of required technical and advisory services by ICD for the global expansion and diversification of KIMB’s current operations beyond Yemen. KIMB will make equity investments conditioned upon ICD and its affiliate(s) co-investing alongside.
Mr. Khalid Al Aboodi, CEO of ICD stated “This collaboration will pave the way for ICD to set a solid infrastructure base for Islamic microfinance in the country. With such program we hope to foster economic growth by enhancing Islamic Microfinance environment and institutional capabilities in the country.”
Mr., Yousuf Al Kuraimi said, “We believe that our collaboration with ICD will develop and promote the Islamic microfinance in the Muslim countries. This MoU will help to invest and encourage other private sector players to join us on this mission and it is also be a reflection of our joint objectives to enhance the social and economic development impact in those countries.”
Al-Kuraimi Islamic Microfinance Bank (KIMB) is a for-profit Yemeni closed-shared Company providing financial services
for all Yemenis' (Exchange, Transfer, FINANCE And Savings). The bank was established based on the Microfinance Law N.15 for the Year 2009, as a result of the transformation of Al- Kuraimi Exchange Company, which was serving customers with 78 branches using the latest technology.
At the end of the year 1995 the company had three branches serving our customers manually, and the decision to apply IT system was made in the year 2000 in which seven branches were in service . In the year 2003 we linked our branches with an integrated IT System with the ability to send and receive money in a fast and direct manner. Al- Kuraimi Express was launched after that in the year 2008 as a registered trade mark, and as a strategic move helped leveraging our company among other institutions in the financial sector. In the year 2009 we reached 78 branches serving customers in all the
Yemeni Governorates. At that time we started thinking of adding more services that the majority of the customers in need of and helping in developing the national economy.
In the year 2010 and with the help of the Social Fund For Development( SFD) the company transformed into Islamic Microfinance Bank aiming at supporting the development of the nation by providing FINANCE and Savings.
The bank is accepting saving, and INVESTING money according to Islamic Sharia. The bank got the final license from the Central Bank of Yemen in 02/06/2010 , based on the Law N.15 For the year 2009 .
The Bank purpose is to contribute to the economical and social development and to the improvement of the standard of living of the Yemeni society. That will be through expanding the provision of our high quality diversified financial services to include savings and financing of small and microenterprises according to the Islamic sharia’a law while continuing to occupy a pioneering position in the banking sector. The Bank intend to combine professional mechanisms which cost efficient and provide good return to investors and depositors with exemplary customer services .
About the Islamic Corporation for the Development of the Private Sector
ICD is a multilateral organization and a member of the Islamic Development Bank (IDB) Group. The mandate of ICD is to support economic development and promote the development of the private sector in its member countries through providing financing facilities and/or investments which are in accordance with the principles of Shari’ah. ICD also provides advice to governments and private organizations to encourage the establishment, expansion and modernization of private enterprises. ICD is rated AA/F1+ by Fitch and Aa3/P1 by Moody’s. For more information visit www.icd-ps.org