Seasoned banking professional, Ahmed Khizer Khan joins the Islamic Corporation for the Development of the Private Sector (ICD) as Chief Operating Officer effective December 1st, 2010. Khan will be based in Jeddah, Kingdom of Saudi Arabia with direct responsibility for Corporate Services, Administration, Finance, Human Resources, Treasury, Marketing, Technology, Legal and Corporate Communications.
He will also be a member of the ICD Executive Management team responsible for executing the overall growth strategy for the institution.
The Islamic Corporation for the Development of the Private Sector (ICD) - is an affiliate of the Islamic Development Bank (lOB) and part of the lOB Group - it is a multilateral financial institution which was established by the IDB Board of Governors in November 1999 in Jeddah, Kingdom of Saudi Arabia.
The authorized capital of the Corporation is USD 2 billion while the subscribed is USD 750 million. Its shareholders are the lOB, 50 Islamic member countries, and 5 public financial institutions from member countries.
The mandate of ICD is to playa complimentary role to the lOB activities and national financing institutions in member countries by supporting and promoting private sector development through the provision of financing and financial services to private sector projects in accordance with principles of the Shari’a.
ICD also provides advice and consultancy services to governments and private organizations to encourage the establishment, expansion and modernization of private enterprises. To achieve these objectives, ICD creates and develops relations of cooperation and partnership to arrange co-financing and syndicated financing services. Additionally, it aims to develop capital markets, adopt best management practices and enhance the role of market economy. (Press Release)