The Islamic Corporation for the Development of the Private Sector (ICD), the private sector arm of Islamic Development Bank (IDB) Group, in partnership with Afriland First Bank Ivory Coast, a  Pan-African full service bank, have agreed to establish an Islamic Window in Ivory Coast.

Olivier Dadjeu Kengne, CEO and Managing Director of Afriland First Bank Ivory Coast, said: "Afriland First Bank Côte d’Ivoire is an African Bank which always works with the respect of African traditions and communities. We aim at developing enough closeness with people and local communities so that we can respond at the best to any of their solicitations.”

“Thus, the partnership with ICD appeared like a self-evidence to diversify the bank's activities and meet the needs of some of its customers, particularly to a large Muslim community which is actively involved in trades. So by this partnership we propose another financial system, an alternative model of financing, different from conventional finance which matches the values and principles of Islam,” he said.

Afriland First Bank Côte d’Ivoire is a subsidiary of Afriland First Group, a holding company including a Pan-African full service bank operating mainly in Cameroon, Ivory Coast, Equatorial Guinea, Liberia, Benin, Zambia, Democratic of Congo, SudSoudan, Guinea Conakry and São Tomé and Príncipe, but also in some countries located in other continent like France and China.

The cooperation reflects ICD’s ambition to promote Islamic Finance in its member countries, and support its growing presence and activities in Africa.

In the process, both parties intend to offer technical and advisory support to successfully structure and implement an Islamic Window.

The agreement was signed by Mr. Khaled Mohammed Al-Aboodi, CEO and Managing Director of ICD, and Mr. Olivier Dadjeu Kengne, CEO and Managing Director of Afriland First Bank Ivory Coast.

Khalid Al Aboodi , CEO and Managing Director of ICD, said: "I am extremely pleased to have this framework of collaboration with our partner. Cooperating with Afriland First Bankwill give us the opportunity to sit our presence in plain where the demand is always increasing and where ICD is needed the most given its reputation and expertise in the Islamic Finance."

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 Sharia’a.