The Islamic Corporation for the Development of the Private Sector (“ICD”) (www.ICD-ps.org) the private sector arm of the Islamic Development Bank (“IsDB”) Group, today inked a collaboration Memorandum of Understanding (MoU) with IAP Integrated Sdn Bhd (“IAP Integrated”) (www.IAPlatform.com), the owner and operator of the Investment Account Platform or IAP. The collaboration MoU was inked during a signing ceremony held in Kuala Lumpur.
The MoU came as a result of an ongoing discussion about future collaboration, between ICD and IAP Integrated since the 22nd of January 2019 during the visit of the IAP Integrated’s management team to ICD’s office in Kuala Lumpur.
Mr Ayman Sejiny, the CEO of ICD commented “ICD is pleased to be the first organization that IAP Integrated turns to in an effort to market its crowdfunding fintech solutions to other major Islamic markets such as Central Asia and Africa, in addition to the traditional Islamic markets in the Arab regions. We believe that this collaboration will enhance our reputation as a trusted long-term partner towards contributing to the development of the economies of our member countries through private sector development”.
IAP Integrated’s CEO, Joann Maryam Enriquez said that “for IAP to penetrate the above markets, it needs a partner that is reputable, has a good network and experience in those markets and more importantly, with a name and branding that interested parties and potential suitors in those markets can trust. In ICD, we have found a partner with all these traits”.
“IAP as a multibank crowdfunding platform has helped raise funds of more than MYR200.0 million for various SMEs and private companies since we started in February 2016. We work very closely with our 6 shareholder banks to ensure that both the investors and the entrepreneurs can benefit from the risk-sharing concept with the banks assuming the role as investment intermediary. We believe that our experience in Malaysia can be successfully replicated and implemented in other Islamic markets”, she added.
Currently, ICD and IAP Integrated are also working closely to assist viable but under-bankable SMEs in Malaysia to secure funding for their contract financing deals via the Investment Account Platform.
Distributed by APO Group on behalf of Islamic Corporation for the Development of the Private Sector (ICD).
Mohd Muzamir Mohamad Radzi
019 400 4178
Ahmed A Khalid
012 220 1584
About the Islamic Corporation for the Development of the Private Sector (ICD):
Established in 1999, ICD (www.ICD-ps.org) is a multilateral development organization and a member of the Islamic Development Bank (IsDB) 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 in accordance with the principles of Sharia’a. ICD also provides technical assistance and advisory services to member countries and their public and private enterprises with a view to improving the environment for private investment, facilitating the identification and promotion of investment opportunities, privatization of public enterprises and the development of the Islamic capital markets.
For more information about ICD, visit www.ICD-ps.org.
About IAP Integrated Sdn Bhd:
IAP Integrated Sdn Bhd (IAP Integrated) (www.IAPlatform.com) is a wholly-owned subsidiary of Raeed Holdings Sdn Bhd (Raeed) which is a consortium of six Islamic Banks in Malaysia namely Affin Islamic Bank Berhad, Bank Islam Malaysia Berhad, Bank Muamalat Malaysia Berhad and Maybank Islamic Berhad. The consortium was later joined by Bank Kerjasama Rakyat Malaysia Berhad and Bank Simpanan Nasional.
IAP Integrated started its business in 2015 as an internet based multibank investment portal. The portal facilitates efficient intermediation by the Sponsoring Banks to match financing requirement of ventures with investment from retail and institutional investors via Investment Account (IA) product. IAP Integrated aims to be the avenue of choice for Shariah compliant investment and fundraising activities.
Log on to www.IAPlatform.com for more information.
Islamic Corporation for the Development of the Private Sector (“ICD”) and IAP Integrated Sdn Bhd (“IAP Integrated”) signed a collaboration Memorandum of Understanding (MoU) in Kuala Lumpur