(MENAFN - Arab News) Nouakchott, Mauritania: The Islamic Corporation for the Development of the Private Sector, a private sector arm of the Islamic Development Bank Group (IDBG), and the government of Mauritania yesterday inked a deal, which entitles ICD to act as the transaction adviser for the proposed revolving sukuk offering by Mauritania to the tune of 300 million, on the sidelines of the 2nd Islamic Finance Maghreb Forum.
Khaled Al-Aboodi, CEO & general manager of ICD, and Sid Ahmed Ould Rayess, governor of the Central Bank of Mauritania signed the agreement.
With the support of the minister of Economic Affairs and Development and the Governor of the Central Bank of Mauritania, the ICD and the General Council for Islamic Banks and Financial Institutions (CIBAFI) organized the 2nd two-day Islamic Finance Maghreb Forum under the theme "Islamic banking and the development of small and medium enterprises" in Nouakchott, which ended yesterday.
The forum explored the potential of Islamic finance and its opportunities in the Maghreb countries with a special focus on Mauritania. Also, it highlighted the impact of regulatory development and reform on the growth of the Islamic investment and finance market across Maghreb countries. The event showcased the impact of the Islamic banking in the development of the Maghreb economies and deliberated on its role on the growth of the SMEs. In addition, the forum was the appropriate business platform to present, promote the investment opportunities in Mauritania and enhance investment and trade between Maghreb countries.
ICD is a multilateral financial institution that supports economic development in its member countries by providing finance to private sector, units and initiatives, in accordance with the principles of Shariah.