Jeddah (November 7, 2021) – The Islamic Corporation for the development of the Private Sector (ICD), the private arm of the Islamic Development Bank Group (IsDBG), today launches the “ICD Finnovation Award 2021”, to recognize, showcase and encourage financial institutions that provide an outstanding solution for the financial industry.

The COVID-19 pandemic has created an unprecedented scenario for individuals, households, businesses, and institutions globally. Partial solutions at play are new financial instruments and technology. This special initiative is therefore aimed at exploring more the role of technology and innovation in providing sustainable solutions to current challenges, including those posed by COVID-19.

Mr. Ayman Sejiny, the Chief Executive Officer of ICD stated: “The world is currently experiencing the devastating effects of the Coronavirus (COVID-19) pandemic. Majority of forecasters now expect the world GDP to shrink in the coming years, and we believe that part of the solution to overcome the related challenges is through  development and design of innovative solutions for businesses and economies, as well as other advanced solutions which can be adopted in banking and other finance services.  As a multilateral institution, we need to encourage such innovations.”


The ICD Finnovation Award 2021 invites Financial Institutions in ICD’s FIs network in its 55-member countries to submit their proven innovation(s) that may fall in one of the following Innovation Types:  

  1. Innovations in financial products and services
  2. Innovations in infrastructure financial technologies (FinTech)
  3. Innovations that drive green economic growth in member countries
  4. Innovations that boost Covid-19 recovery
  5. Innovations in marketing strategies that helped reach new beneficiaries


The winners will be awarded in a very special ceremony to be organized during the Annual Meetings of IsDBG to be held in June 2022 in Egypt. The Annual Meetings are attended by government officials of member countries, high ranking officials and executives, with extensive media coverage through IsDBG’s network of the Islamic network of cooperative international media agencies.

For more information on the “ICD Finnovation Award2020” and how to apply , please visit www.InnovativeFIs.net

“Finnovation” is an online platform, “ www.InnovativeFIs.net ”, which ICD utilizes to list and highlight successful innovations of Financial Institutions (FIs) and FinTech startups at a global level.


For more information contact:

Eng. Hamza A. Alsaktawi, Head

Innovation and Knowledge Management Unit