ISTANBUL: The Islamic Cooperation for the Development of the private Sector (ICD), the private sector arm of the Islamic Development Bank Group (IDB) , has signed an agreement with the government of Maldives (GOM), to jointly develop and carry out Islamic banking services in the Maldives. The signing ceremony was held during the World Bank Group/International Monetary Fund annual meeting in Istanbul.

Representing the GOM, its Minister of Finance Ali Hashim, emphasized the GOM and the ministry were very pleased with the level of cooperation with the ICD that resulted in signing the agreement. The event is a reflection of the full confidence in the encouraging investment environment in the Maldives, he added.

"The signing ceremony takes us a significant step closer toward the establishment of what will certainly prove to be a truly pioneering venture," said Hashim. We have long maintained that this type of partnership is very important for the government, particularly due to its efficient contributions to national development," he added.

"The establishment of an Islamic bank initiative represents another important milestone in our strategic partnership with GOM and further strengthens the relationship with our member countries," said ICD's CEO & General Manager Khaled Al-Aboodi after the signing ceremony to formalize the agreement.

"I am confident that the establishment of Maldives Islamic Bank, the country's first Islamic bank, will spur the economic growth of the country. Indeed, ICD is proud of this partnership and hope that it will be a fruitful initiative for both the bank and the country. We look forward to enhancing the ICD-Maldives partnership in various fields and IDB Group remains focused on reinforcing our presence in Maldives", he added.

© Arab News 2009 omar 1.1:zy