Page 60 - ICD AR21 EN

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.
5.3 EXECUTIVE COMMITTEE
5.4 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.
5.5 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.
5.6 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
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
58 ICD ANNUAL REPORT 2021