Chad’s Islamic finance moves get ICD involvement
The Islamic Corporation for the Development of the Private Sector ( ICD ) and Chad’s Ministry of Finance and Budget have signed a partnership agreement aiming at the creation of a local leasing company (ijara) and a local Islamic bank compliant to the principles of Islamic finance. The two future entities — leasing company and Islamic bank — will provide Shariah-compliant financial services and products with a special focus on the SME sector. Through this agreement, ICD will contribute to promote the development of Islamic finance and support SMEs. Minister of Finance and Budget of Chad Atteib Doutoum thanked the ICD and reaffirmed his full support to make the private sector a key player in the economic development of the country. He then promised to provide the necessary support of his Ministry to implement the two financial institutions.