Jeddah (IINA) : The Islamic Corporation for the Development of the Private Sector (ICD), the private sector arm of Islamic Development Bank (IDB) Group, and Affin Islamic Bank Berhad, a wholly-owned subsidiary of the Kuala Lumpur-based Affin Bank Berhad, have signed a memorandum of understanding (MoU) for cooperation and identification of areas for strategic collaboration especially within the Asian region.

The cooperation reflects ICD’s ambition to expand its geographic footprint and exert its influence within the Asian region, given its reputation and expertise, said a statement issued by the ICD last Thursday.

Under this agreement, both parties intend to offer technical and advisory support, particularly on product development and Shariah concepts including the provision of finance such as placement of funds, lines of finance and liquidity management. They will also exchange information and identify business opportunities in ICD member countries.

The MoU was signed by Acting Chief Executive Officer of ICD Mohammed Alammari and Managing Director/CEO of Affin Bank Berhad Kamarul Ariffin Mohd Jamil.

“I am pleased to have this framework of collaboration with a new and strong partner in Asia. Cooperating with Affin Islamic will give our clients exposure and access to new market segments,” Alammari said, expressing his strong support for the partnership. “We look forward to collaborating with Affin Islamic, a leading Islamic bank in the Asian region,” he added.

For his part, Mohd Jamil said: “We are very proud to partner with ICD, which is in line with Affin Bank’s Priority Islamic Policy (PIP). PIP is our strategic move to be aligned with the Central Bank of Malaysia’s Financial Sector Blueprint for financial institution to enhance its Islamic financing portfolio to 40 percent by 2020.”

“This strategic alliance will catapult Affin Bank Group and ICD to a new level that will revolutionize the Islamic Finance landscape. I personally look forward for both parties to start collaborating and begin this exciting journey together. We strive always to excel in virtue and truth,” he added.