The Islamic Corporation for the Development of the Private Sector (ICD) and Amana Takaful (Maldives) PLC: A Collaborative Partnership Agreement

A “Collaborative Partnership” Memorandum of Understanding was signed on the 13th of May 2023 between The Islamic Corporation for the Development of the Private Sector (ICD) and Amana Takaful (Maldives) PLC (ATM) to explore and identify investment, financing, advisory services, and development of Takaful operations in CIS countries and worldwide that are of mutual benefit to both Parties and to promote sustainable socio-economic development within the bounds of Shari’ah.

Constituent to the agreement, a framework of cooperation between the partners will encompass several specific areas working together to support member states. Furthermore, the partners will consult each other to develop specific instruments or agreements for implementing the various activities they undertake to give effect to the joint cooperation.

The Islamic Corporation for the Development of the Private Sector (ICD) is a multilateral organization affiliated with the Islamic Development Bank (IsDB). Headquartered in Jeddah, ICD was established by the IsDB Board of Governors in 1999. The mandate of ICD is to support the economic development of its member countries by providing financial assistance to private sector projects in accordance with the principles of Shari’ah. On the hand, ATM is a fully-fledged Takaful operator, the pioneer of Islamic Finance in the Maldives Islands. The company has thrived for the last two decades, successfully pacifying challenges and making a firm foothold as a leading financial institution in the Maldives.

The Memorandum of Understanding (MoU) was officially signed by Mr. Mohamed Azmeer, the Managing Director of Amana Bank, Sri Lanka, acting on behalf of Mr. Osman Kassim, the Deputy Chairman of Amana Takaful Maldives PLC. Due to Mr. Kassim’s prior commitments from Jeddah, he was unable to attend the singing session personally. Mr. Hani Sambol, the acting CEO of ICD, represented ICD and signed the MoU on their behalf.