The International Islamic Food Processing Association (“IFPA”) signed three bilateral agreements with the Islamic Development Bank Group (“IsDB Group”) entitled: ICIEC, ICD and ITFC respectively during the Private Sector Forum which was organized in conjunction of 46th IsDB Group Annual Meetings in Tashkent, Uzbekistan and in collaboration with IsDB Group Business Forum “THIQAH”.
The major thrust of the agreements is to promote mutually beneficial cooperation to establish frameworks of partnership and understanding between IFPA and all the three IsDB Group bodies in furtherance of their respective mandates in several areas of Islamic financing and investments in the agri-food sectors across the OIC Member States.
Firstly, a Strategic Partnership Agreement (“SPA”) was signed by H.E. Mr. Yerlan Baidaulet, Director General of Islamic Organization for Food Security (“IOFS”) and Chair of the IFPA Board and H.E. Mr. Oussama Kaissi, the CEO of the Islamic Cooperation for the Insurance of Investment and Export Credit (“ICIEC”). The SPA aim to enhance cooperation and coordination in providing investment and export credit insurance solutions for intra-OIC agri-food trade compliant with Shariah principles through IFPA’s multilateral private sector platform.
Mr. Oussama Kaissi the CEO, ICIEC, commented: “Through IOFS, we are keen to establish a framework for cooperation for promoting best practices among our Member States relating to exchange of knowledge in food and agriculture security and promote “South-South/Triangular Cooperation”. On the other hand, IFPA will help in to enabling the penetration of ICIEC trade and investment insurance solutions in the agri-food sector within the OIC Member States.
Secondly, a Memorandum of Understanding (“MoU”) was signed by H.E. Mr. Yerlan Baidaulet, and H.E. Mr. Ayman Amin Sejiny, the CEO of the Islamic Corporation for the Development of the Private Sector (“ICD”) – the private sector arm of the IsDB Group. The major objective of the MoU is to explore beneficial cooperation between IFPA and ICD in the areas of provision of Islamic finance and investment for agri-food projects, advisory services and technical assistance following the principles of Shariah to encourage the establishment, expansion and modernization of agri-food private enterprises under the IFPA portfolio. In addition, ICD and IFPA intend to promote agri-food projects that relate to the use of Islamic finance including Sukuk and other investment opportunities and potential transactions of mutual interest.
Mr. Ayman Sejiny the CEO, ICD said “ICD and IFPA are keen to explore the possibility of identifying and promoting agri-food projects that relate to the use of Islamic Finance in our member states. This includes co-marketing activities, finding sources of financing such as Sukuk and other Islamic Finance instruments”.
Finally, another Partnership Agreement (“PA”) was signed by H.E. Mr. Yerlan A. Baidaulet and H.E. Eng. Hani Salem Sonbol, CEO of the International Islamic Trade Finance Corporation (“ITFC”). This PA reaffirms the trust the parties have in their partnership and defines the framework for future cooperation between the entities.
Eng. Hani Salem Sonbol the CEO, ITFC said: “ITFC and IFPA will partner to provide access to financing for SMEs. The financing which will be extended through local banks is designed for private sector companies in the Agri-food chain in selected OIC Member Countries.”
H.E. Sheikh Bilal Khan, the Director-General and CEO of IFPA appreciated these great partnerships with all IsDB Group private sector entities. IFPA will work closely with IsDB Group bodies to attract Islamic finance, investment funds, Takaful insurance, and other Islamic instruments to develop inward investments and outward export potential of small and medium businesses as well as the mega projects of the OIC agri-food industry.
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