The International Islamic Food Processing Association (“IFPA”) signed three bilateral agreements with the entities of the Islamic Development Bank Group (“IsDB Group”) (www.IsDB.org): ICIEC, ICD and ITFC respectively during the Private Sector Forum which was organized in conjunction with the 46th Annual Meetings of the IsDB Group in Tashkent, Uzbekistan and in collaboration with the IsDB Group Business Forum “THIQAH”.
The main objective of the agreements is to promote mutually beneficial cooperation to establish frameworks of partnership and understanding between the IFPA and the three organs of the IDB Group in the pursuit of their respective mandates in several areas of Islamic financing and investments in agro-food sectors across the OIC Member States.
First, a Strategic Partnership Agreement (“ASP”) was signed by HE Mr. Yerlan Baidaulet, Director General of the Islamic Organization for Food Security (“IOFS” and Chairman of the Board of Directors of IFPA and HE Mr. Oussama Kaissi , Director General of the Islamic Cooperation for Investment Insurance and Export Credits (“ICIEC”). The SPA aims to strengthen cooperation and coordination by providing investment and credit insurance solutions to export for intra-OIC agri-food trade in accordance with Sharia principles through the multilateral private sector platform of IFPA.
Mr. Oussama Kaissi, CEO of ICIEC, said: “Through IOFS, we wish to establish a framework of cooperation to promote best practices between our member states in knowledge exchange in food and agricultural security. and promote “South-South / Triangular Cooperation.” On the other hand, IFPA will help enable the penetration of ICIEC’s trade insurance and investment solutions in the agri-food sector within the Member States of ICIEC. OIC.
Second, a Memorandum of Understanding (“MoU”) was signed by HE Mr. Yerlan Baidaulet and HE Mr. Ayman Amin Sejiny, CEO of the Islamic Corporation for the Development of the Private Sector (“ICD”) – the private sector arm of the Group. IsDB. The main objective of the MoU is to explore beneficial cooperation between IFPA and ICD in the areas of the provision of Islamic finance and investment for agribusiness projects, advisory services and technical assistance. in accordance with Sharia principles to encourage the establishment, expansion and modernization of private agribusiness enterprises in the IFPA portfolio. In addition, ICD and IFPA intend to promote agribusiness projects related to the use of Islamic finance, including Sukuk and other investment opportunities and potential transactions of mutual interest.
Mr. Ayman Sejiny, CEO of ICD, said: “The ICD and IFPA are keen to explore the possibility of identifying and promoting agribusiness projects related to the use of Islamic finance in our states. members. This includes co-marketing activities, the search for sources of funding such as the sukuk and other instruments of Islamic finance. “
Finally, another Partnership Agreement (“PA”) was signed by HE Mr. Yerlan A. Baidaulet and SE Eng. Hani Salem Sonbol, CEO of the International Islamic Trade Finance Corporation (“ITFC”). This PA reaffirms the confidence of the parties in their partnership and defines the framework for future cooperation between the entities.
Ing. ITFC CEO Hani Salem Sonbol said, “ITFC and IFPA will partner to provide access to finance to SMEs. The financing that will be extended through local banks is designed for private sector agribusiness chain enterprises in some OIC member countries. “
HE Sheikh Bilal Khan, Director General and CEO of IFPA appreciated these excellent partnerships with all private sector entities of the IDB Group. IFPA will work closely with the organs of the IDB Group to attract Islamic finance, investment funds, Takaful insurance and other Islamic instruments to develop inward investment and export potential to outside the small and medium enterprises as well as the megaprojects of the OIC agribusiness industry.
(With contributions from APO)