The Islamic Corporation for the Development of the Private Sector (ICD), the private sector arm of the Islamic Development Bank Group (IDB), and PT. Intan Baruprana Finance Tbk (IBF), a capital goods financing firm based in Indonesia, today signed Murabahah financing agreements to the value of $10 million in a landmark partnership marking the first offshore financing arrangement for IBF.
H.E. Khaled Al Aboodi, CEO of ICD, commented that: “ICD is delighted to be the facilitator for this landmark financing agreement, and the channel through which IBF is able to access the required funds to enable the competitive development of its international growth prospects. The financing agreement represents the increasing impact of Indonesian Shari’ah compliant financing on the global industry landscape and we hope to continue to build this relationship and develop further partnerships and programs to support this growth.”
Jap Hartono, the president director of IBF, agreed that: “This facility will create more diversified sources of funds for IBF. It is a very competitive facility, which will help us to continue our strategy to create tailor made solutions to client’s investment and working capital financing requirement. This facility will greatly enhance our competitiveness among finance companies to finance our clients in USD currency.”
Originally published on www.cpifinancial.net