MFB, ICD in services deal

MFB Holdings Limited (MFB) has signed an advisory services agreement with the Islamic Corporation for the Development of the Private Sector (ICD), the private sector arm of the Islamic Development Bank Group (IDB), in order to support MFB’s project to establish a new Islamic Bank in Nigeria. This will be the First Islamic Bank in Nigeria to be licensed by the Central bank of Nigeria to operate throughout the whole country from inception. The agreement is designed to provide technical advisory and funds raising services to MFB. The ICD will dedicate eight key teams across the full establishment process: including the areas of project management, Shariah-governance & product development, treasury, accounting, risk management, human resources, information technology, marketing and legal support. MFB Holdings Limited (MFB) is a limited liability company incorporated under the laws of the Federal Republic of Nigeria whose address is 7-9 Doka Cresent, Abakpa, Kaduna State, Nigeria, representing a consortium of Nigerian investors to establish a new Islamic Bank in Nigeria. The Islamic Corporation for the Development of the Private Sector (ICD) is a multilateral organization, part of the Islamic Development Bank (IDB) Group. ICD was established in November 1999 to promote economic development of its member countries in accordance with the principles of the Shariah through private sector development. ICD encourages the establishment, expansion and modernization of private enterprises through financing private sector enterprises or projects. Projects are selected on the basis of their contribution to economic development considering mfactors such as creation of employment opportunities and contribution to exports. ICD also provides advice to governments and private sector groups on policies to encourage the establishment, expansion and modernization of private enterprises, development of capital markets, best management practices and enhance the role of market economy. ICD operations complement the activities of the IDB.