ICD to launch Islamic finance academy in West Africa

Jan 28, 2016

It will develop research activities and provide degree courses.

The Islamic Corporation for Private Sector Development (ICD) has signed an agreement with the African Centre for Advanced Management Studies (CESAG) and the Paris-Dauphine University for the implementation of an academic programme of Islamic Finance in West Africa.

The aim is to establish an academy of excellence in Islamic finance in West and Central Africa, according to the press release.

It will issue diplomas, certifying and qualifying training and develop research and consultancy activities in the field of Islamic finance.

ICD, a subsidiary of the Islamic Development Bank (IDB), is committed to contribute and mobilise resources to implement the programme.

The Paris-Dauphine University and CESAG will provide their expertise for the design and implementation of academic and research programs as well as training activities.

The ICD's chief executive officer Khaled Al-Alboodi explained that the institution will make every effort to strengthen and promote Islamic finance while developing the private sector in the region.

The announcement comes after the ICD revealed it will allocate $30 million (€27.6 billion) to support a programme aimed at improving SMEs' access to finance within the WAEMU region (Dispositif de soutien au financement des PME/PMI).

It signed on January 18th a Memorandum of Understanding with the Central Bank of West African States (BCEAO).

The ICD said it could increase its support to $100 million, depending on investors' interest in the project.ADNFCR-2976-ID-801811193-ADNFCR