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General Assembly

The General Assembly is the highest decision-making authority. Each member is represented at the General Assembly by an appointed representative. Its main functions are to lay down the policies governing the work and general supervision of ICD. The General Assembly may delegate authority to the Board of Directors to exercise any of its powers, except those reserved to the General Assembly under the Articles of Agreement.

Board of Directors (BOD)
As of end of 2021

Note: Dr. Bandar M.H. Hajjar was Chairman of the Board until 5 August 2021.

The BOD is mainly responsible for the adoption of policies, the operations strategy, budget, and general conduct of ICD operations within the powers delegated to it by the General Assembly. The Board consists of ten members (including the Chairman) and is chaired by the President of the IsDB Group. Other members include:  the representatives of IsDB, member country groups from Africa, Asia, and Arab Asia, public financial institutions and a permanent member from Saudi Arabia (representing the largest shareholder after IsDB).

In accordance with the Articles of Agreement, the BOD shall meet when the business of the corporation requires, and a majority of the members of the Board shall constitute a quorum for any meeting, provided that such majority represents at least two-thirds of the total voting powers of the members. A special meeting may also be called at any time by the Chairman or at the request of three members of the Board.

Members of the BOD appointed by IsDB shall have the votes of the IsDB divided equally among them, and each member of the BOD is entitled to cast a number of votes equivalent to the number of votes which were counted towards his or her election, and which the electing members of ICD were entitled to.

The BOD is authorized as per the corporation’s by-laws to exercise all the powers of the corporation, with the exception of the powers reserved to the General Assembly, as well as establishing conditions and procedures pursuant to which the Chairman of the Board may submit various types of matters under an expedited procedure.

Executive Committee

The BOD appoints an Executive Committee (EC) from its members that serves as a fast-track decision-making body. It has the power to approve all financing and investment operations, review the performance of existing investments and financing operations and ensuring their alignment with ICD’s developmental mandate, review ICD’s progress in achieving its development effectiveness mandate, review and recommend ICD’s Business Plans, review and recommend the annual budget of ICD in addition to other powers delegated to EC by the Board.

The EC is composed of up to six members, of which two seats are allocated permanently to the Chairman of the Board and the representative from the member country holding the largest number of shares in ICD (Saudi Arabia), respectively. The EC members are rotated on a yearly basis, enabling all Board members the opportunity to serve on the committee.

Executive Committee Members of the Board as of end 2021
  1. Dr. Bandar M. H. Hajjar (Chairman of ICD Board of Directors)
  2. Dr. Fahad M. Al-Turki
  3. Dr. Rami M.S. Ahmad
  4. Mr. Khalifa Sarr
  5. Mr. Ismail Ali Manik

Audit Committee

The BOD appoints an Audit Committee from among its members for a three-year term. The Committee is responsible for overseeing the financial and internal control aspects of ICD, as well as its compliance with its mandate, and reporting its findings to the BOD.

Board Audit Committee as of end 2021
  1. Dr. Fahad M. Al-Turki (Chairman)
  2. Mr. Khalifa Sarr
  3. Mr. Wisam Jasem Al-Othman
  4. Mr. Saleh Mugbel Al Khalaf (Independent Expert Member)

Note: The Audit Committee was renamed as the Audit, Risk and Compliance Committee in December 2021.

The Chief Executive Officer

The CEO, under the general supervision of the Chairman of the Board of Directors, conducts the day-to-day business of ICD. The CEO is also responsible for the appointment of officers and staff of the Corporation. To the extent that he is authorized by the BOD, the CEO approves ICD’s financing and investment. The BOD appointed Mr. Ayman Amin M. Sejiny as the Chief Executive Officer of ICD in 23/12/1439H (September 2018) for a three-year term, which has subsequently been renewed for one year.

IsDB Shari’ah Board

In 2012, the ICD Shari’ah Board was subsumed within that of IsDB, forming the IsDB Group Shari’ah Board.

The Board is responsible for advising the IsDB Group on the Shari’ah compliance of its products and transactions. The Board consists of the following eminent scholars:

IsDB Group Shari’ah Board as of end 2021
  1. Shaikh Mohamad Taqi Alosmni
  2. Shaikh Abdulla Bin Manei’a
  3. Dr. Mohammed Alroki
  4. Dr. Mohammad Alshafe’e
  5. Dr. Bashir Aliyu Umar
  6. Dr. Osaid Kailani
  7. Dr. Koutoub Moustapha Sano

ICD Management as of end 2021

  1. Br. Ayman Sejiny, Chief Executive Officer (CEO)
  2. Br. Aamir Husain Khan, Director of Global Markets Equity
  3. Br. Ikbal Daredia, Acting Director of Global Markets Fixed Income and Acting Director Treasury
  4. Br. Abdullah Khatib, Director of Asset Management
  5. Br. Omar Hashem, Director of Corporate Support
  6. Br. Osman Buyukmutlu, Director of Strategy, Policy and Research
  7. Dr. Mohammed Alyami, Director of Development Effectiveness
  8. Br. Tahir Naseem, Director of Legal
  9. Br. Buba Barrow, Acting Director of Finance and Accounting
  10. Br. Taufique Hasan, Acting Director of Risk Management
  11. Br. Karim Jan, Acting Director of Internal Audit