ICD signs Islamic credit facility agreement with Mizuho Bank (Malaysia) Berhad
The $300 million Murabahah agreement is the first cross-border bilateral Islamic facility for Mizuho Bank (Malaysia) Berhad.
The Islamic Corporation for the Development of the Private Sector (ICD), the private sector arm of Islamic Development Bank (IDB) Group, and Mizuho Bank (Malaysia) Berhad, a subsidiary of Mizuho Bank, Ltd. have formalised a financing agreement.
“We are proud of this landmark funding milestone which will support ICD in our continuous development work. Furthermore, the collaborative effort we are witnessing today is expected to strengthen the relationship between ICD and non-traditional partners in this region. Needless to say, ICD is committed to supporting Japan as the country works toward further developing the Islamic finance capabilities of its well-established financial institutions,” said Khaled Al Aboodi , Chief Executive Officer of ICD.
The two-year financing term has been secured for the purpose of funding ICD’s projects in its member countries. The $300 million Murabahah agreement is the first cross-border bilateral Islamic facility for Mizuho Bank (Malaysia) Berhad.
“We are very proud to partner with one of the most dynamic and reputable multilateral development institutions and play a role in supporting ICD’s good work in its member countries. Indeed, this ground-breaking transaction marks yet another milestone for Mizuho Bank (Malaysia) Berhad and will further strengthen our capacity to develop our Shari'ah-compliant business. We look forward to a long-term partnership,” said Shinichi Nishiyama, Deputy Chief Executive Officer of Mizuho Bank (Malaysia) Berhad.
The agreement was signed by Khaled M. Al Aboodi and Shinichi Nishiyama. Also in attendance to witness the signing event was Dato' Seri Talaat Husain, Chairman of Mizuho Bank (Malaysia) Berhad and Mohd Mokhtar Ghazali, Board Member of Mizuho Bank (Malaysia) Berhad.