JEDDAH — The Islamic Corporation for the Development of the Private Sector (ICD) and Bosna Bank International (BBI) signed a Memorandum of Understanding in Jeddah related to a new initiative, a Global Platform for Private Sector where the two institutions and community of like-minded financial entities can collaborate on business opportunities, exchanging market intelligence and laying a foundation for actual financial transactions within the member countries and across borders.

The ceremony took place in ICD’s headquarters in Jeddah and the document was signed by Ayman Sejiny, CEO of ICD, and Amer Bukvic, CEO of BBI.

Ayman, commented: “ICD takes the lead in launching such platform network to demonstrate productive applications of FinTech in modern global business affairs, to help reduce financial transaction costs for its member banks, leasing companies and micro-finance institutions and to upgrade the advisory services that ICD offers to its partners across the Islamic developmental network.”

Bukvic added: “We welcome the initiative and we’re happy to be amongst the first entities to sign the MoU with ICD. Such platform would open opportunities for Bosnia and Herzegovina, BBI bank and other partners once implemented, and will most certainly facilitate investment across borders. This will extend our efforts already expressed by organizing international events in the capital of Bosnia and Herzegovina, such as the Sarajevo Business Forum and the Sarajevo Halal Fair.”

Bosna Bank International (BBI) d.d. Sarajevo is the first bank, both in Bosnia and Herzegovina and Southeast Europe, to operate in accordance with Islamic finance principles.

BBI offers several types of financial services to retail and corporate clients with its business based on ethical principles and partnership. Shariah Compliance is ensured by the BBI Shariah Board with members of this board being prestigious local and international experts.

BBI bank prides itself on reliability and top-quality service for clients, helping domestic and foreign entities to explore business and investment opportunities by organizing the Sarajevo Business Forum (SBF) and the Sarajevo Halal Fair (SHF). — SG