Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

ICD partners with PIF and PIB to launch Ijara company in Palestine  Join our daily free Newsletter

MENAFN - Arab News - 07/12/2013
No. of Ratings : 0
Add to Mixx!

(MENAFN - Arab News) The Islamic Corporation for the Development of the Private Sector (ICD) announced the launch of its first project in Palestine, a specialized Ijara company, in partnership with the Palestine Investment Fund (PIF) and the Palestine Islamic Bank (PIB). The announcement was made during an inaugural event in Ramallah attended by a number of ministers and government officials, and representatives from the Palestinian financial sector and the business community.

Leading the inauguration event, Maher Al-Masri, chairman of the Palestinian Capital Markets Authority, noted that the Palestine Ijara Company (PIC) was the first of its kind in Palestine as it specialized in Shariah-compliant financing. The financial instruments offered by Ijara will add significant depth to the Palestinian financial sector and will tremendously benefit the Palestinian SME segment."

Palestinian Deputy Prime Minister for Economic Affairs and Chairman of PIF Mohammed Mustafa said: "PIC will offer multiple leasing products that are new to Palestine." He added: "We are also particularly proud of partnering with ICD. And I would like to take the opportunity to thank ICD CEO Khalid Al-Aboodi for the efforts to ensure the success of this unprecedented partnership. We hope that this partnership represents the beginning of a fruitful relationship between our organizations."

Mahmoud Al-Khoshman, ICD's adviser and representative on the board of the Palestine Ijara Company, remarked: "The ICD is honored to partner with major Palestinian investment and banking institutions such as the Palestine Investment Fund and the Palestine Islamic Bank. Through this partnership, we aim to assist Palestinian SMEs in fulfilling their growth potential by offering them Islamic-compliant financing products."

Al-Khoshman added: "The project, which is the first of its kind in Palestine, is 100 percent Shariah-compliant. The Palestine Ijara Company will help add depth and diversity to the Palestinian financial services sector. This is also the first engagement of ICD in Palestine and it will be followed by more to come in the future. As a strategic partner in the company, ICD will utilize its extensive experience and expertise, which we have accumulated over the course of establishing 17 similar Ijara companies across the Islamic and Arab world, to ensure that the company meets its stated goals and objectives."

Durgham Maraee, chief investment officer of PIF, noted that PIF will be
executing this transaction through its specialized SME investment and financing arm, Sharakat Fund. He added: "The fact that the three partners complement each other will ensure the success of the company and optimize its positive impact on the development of the SMEs sector."

Bayan Qasem, acting GM of the Palestine Islamic Bank, said: "The establishment of the Palestine Ijara Company (PIC) marks a significant milestone in the development of the Palestinian Islamic financing sector. PIC's work will complement the Palestine Islamic Bank's efforts to strengthen the presence of Islamic-banking in Palestine."

The new company, the Palestine Ijara Company (PIC), will offer asset-based Ijara financing to SMEs in various economic sectors, including agribusiness, industry, construction, education, health care, and tourism. The financing will range between 100,000 and 1 million per transaction, and will aim to grow the operations of SME's and ultimately to create many new job opportunities in Palestine.


Arab News

  MENA News Headlines
 Nov 28 2015 - Turkey revised military engagement rules in 2012The Journal Of Turkish Weekly
(MENAFN - The Journal Of Turkish Weekly) Turkey's rules of engagement were changed long before Tuesday’s downing of Russian aircraft when on June 22 2012Syria shot down an unarmed Turkish ...

 Nov 28 2015 - Turkey- Arrest of Turkish journalists over Syria trucks news sparks outrageThe Journal Of Turkish Weekly
(MENAFN - The Journal Of Turkish Weekly) Domestic and international press institutions and political figures have condemned the Nov. 26 arrest of daily Cumhuriyet editor-in-chief Can Dündar ...

 Nov 28 2015 - In New York a warmer reception for Syrian refugeesThe Journal Of Turkish Weekly
(MENAFN - The Journal Of Turkish Weekly) In the wake of the terror attacks in Paris politicians and others are calling for a ban — or at least a delay — on the influx of refugees to the ...

 Nov 28 2015 - IS attacks raise odds of closer international cooperationThe Journal Of Turkish Weekly
(MENAFN - The Journal Of Turkish Weekly) A new wave of Islamic State (IS) group terror attacks has exposed the vulnerability of countries across Europe and the Middle East forcing governments to ...

 Nov 28 2015 - UAE's international sphere inks contract with LiechtensteinMENAFN
(MENAFN) UAE based investment firm signed a business contract with the Liechtenstein Foundation for State Governance.Moreover; global sphere will organize the important approvals from African ...

 Nov 28 2015 - Saudi's National Trans and Despatch Co. gets USD 4.5mn for power projectMENAFN
(MENAFN) National Transmission and Despatch Co. Limited (NTDCL) and United Bank Limited signed a finance facility of USD 4.5mn for building a 270km transmission line.Furthermore; this investment ...

 Nov 28 2015 - Qatar fund plan gives optimism for the blindMENAFN
(MENAFN) Qatar fund plan is giving hope for millions of children suffering from blind issues, the donation worth USD 8mn.Furthermore, the joint "Qatar Creating Vision" plan will fund surgical ...

 Nov 28 2015 - Saudi- Schools to improve science educationArab News
(MENAFN - Arab News) JEDDAH: The Ministry of Education and King Abdulaziz City for Science and Technology (KACST) have signed several agreements to boost science and technology teaching at schools. ...

 Nov 28 2015 - MCI judged best e govt department in GCCArab News
(MENAFN - Arab News) RIYADH: The Ministry of Commerce and Industry (MCI) won the award for providing the Best E-Government Service among Gulf Cooperation Council countries. The award 'Best ...

 Nov 28 2015 - Saudi- Al Qaeda supporter gets 19 yearsArab News
(MENAFN - Arab News) JEDDAH: A special court has sentenced a Syrian national to 19 years in jail for supporting Al-Qaeda and other terror-related activities. The sentence includes three years for ...





Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  

Middle East North Africa - Financial Network

Main News
News By Industry
News By Country

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices


Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks

Saudi Arabia 

Economic Calendar
Financial Glossary

Financial Calculators

RSS Feeds [XML]

Corporate Monitor


Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters

© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help