Ishaq Dar meets Chief Executive Officer Islamic Corporation for development of private sector

Jeddah, June 26, 2014 (PPI-OT): The Finance Minister Senator Ishaq Dar met with Chief Executive Officer Islamic Corporation for the development of the private sector (ICD), Khaled Mohammed Al-Abondi on the sidelines of the Annual Meeting of Islamic Development Bank Group, here today.

The Finance Minister appreciated ICD’s support to Pakistan’s private sector as well as its financial services for the privatization process. He said that Pakistan wishes to strengthen its relationship with ICD and will support its operations in Pakistan.

The Finance Minister further appreciated ICD’s submission, along with Burj Bank, of bid for appointment as Financial Adviser for launch of planned US$ 1 billion Sukuk. He informed that the bids received will be evaluated after presentations which are being arranged within a week. He assured that ICD’s bid will be evaluated on merit in accordance with Pakistan’s rules / procedures and statutory requirements and that due consideration will be given to ICD’s Articles of Agreement.

CEO ICD Khaled Mohammed Al-Abondi thanked the Minister for meeting and congratulated on visible improvement in micro-economic indicators as a result of transparent and credible economic policies of government of Prime Minister Nawaz Sharif. He assured ICD’s enhanced role in Pakistan to support the economic development through provision of finance to private sector projects in accordance with the principles of the Shari’a law.

Both the dignitaries also discussed various areas of cooperation and agreed to move forward with some practical measures in near future. The meeting was also attended by Saleem Sethi Secretary Economic Affairs Division and Consul General Aftab A Khokher.

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