Page 29 - ICD AR21 EN

ICD offers tailored
solutions to financial institutions to facilitate their integration process into Islamic finance.
which involves either a full-fledged conversion of a conventional bank into an Islamic bank, introducing Islamic windows, establishing Islamic leasing companies, or providing high-level management training and capacity development on Islamic banking.
ICD signed two mandates to provide technical assistance to the Banque Sahélo-Saharienne Pour L’Investissement et Le Commerce (BSIC) for the establishment of two Islamic windows for their subsidiaries in Senegal and Mali. ICD assisted the banks through their Islamic window establishment process by providing a turnkey solution that include eight pillars:
Product development: Developed Shari’ah compliant banking products to collect deposit and provide financing and prepared comprehensive documentation for the recommended products (examples include contracts, forms, and Islamic finance guidelines).
Shari’ah Governance: Development
of a Shari’ah governance framework
for the Islamic window and aided in the implementation of the Shari’ah committee.
Treasury: PreparedTreasury policies pertaining to liquidity, asset/liability management and risk management for the Islamic windows.
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IT: Assisted the bank in the assessment and implementation of the Islamic finance Modules.
Capacity Building in Islamic Finance:
Conducted a training workshop in Islamic finance and organized a reverse linkage training program with Wifack Bank, a partner Islamic bank in Tunisia.
Risk Management: Prepared a bespoke risk management framework based on international best practice (IFSB), central bank guidelines and the specific risks inherent to the business of Islamic banking.
Accounting: Guided BSIC teams on the treatment of Islamic banking products’ accounting records for the Islamic windows.
Marketing: Developed an integrated marketing and communication strategy for the new Islamic windows.
OUR OPERATIONS, ACTIVITIES AND PERFORMANCE: 2021 HIGHLIGHTS
Throughout the project management process, ICD conducted many on-site missions to ensure the quality of the technical services provided to BSIC.
The Islamic windows will allow the banks to cater to the growing demand for Shari’ah compliant banking services in the region. They will participate in enhancing the banking penetration rate in Senegal and Mali, create direct and indirect employment and provide
a new source of deposits. It is expected that ICD’s intervention and involvement will have an impact on at least four SDGs, including SDG #2 – Zero Hunger, SDG #8 – Decent Work and Economic Growth, SDG #9 – Industry Innovation and Infrastructure, and SDG #17 – Partnership for the Goals.
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