ANNUAL
REPORT
2023

The BOD is mainly responsible for the adoption of policies, the operations strategy, budget, and general conduct of ICD operations within the powers delegated to it by the General Assembly. The Board consists of ten members (including the Chairman) and is chaired by the President of the IsDB Group. Other members include: the representatives of IsDB, member country groups from Africa, Asia, and Arab Asia, public financial institutions, and a permanent member from Saudi Arabia (representing the member country having the largest number of shares of the Corporation).

In accordance with the Articles of Agreement, the BOD shall meet when the business of the corporation requires, and a majority of the members of the Board shall constitute a quorum for any meeting, provided that such majority represents at least two-thirds of the total voting powers of the members. A special meeting may also be called at any time by the Chairman or at the request of three members of the Board.

Members of the BOD appointed by IsDB shall have the votes of the IsDB divided equally among them, and each member of the BOD is entitled to cast a number of votes equivalent to the number of votes which were counted towards his or her election, and which the electing members of ICD were entitled to.

The BOD is authorized as per the corporation’s by-laws to exercise all the powers of the corporation, with the exception of the powers reserved to the General Assembly, as well as establishing conditions and procedures pursuant to which the Chairman of the Board may submit various types of matters under an expedited procedure.

Executive Committee

The BOD appoints an Executive Committee (EC) from its members that serves as a fast-track decision-making body. The EC has the power to approve all financing and investment operations, review the performance of existing investments and financing operations and ensuring their alignment with ICD’s developmental mandate, review ICD’s progress in achieving its development effectiveness mandate, review and recommend ICD’s Business Plans, and review and recommend the annual budget of ICD in addition to other powers delegated to the EC by the Board.

The EC is composed of up to six members, of which two seats are allocated permanently to the Chairman of the Board and the representative from the member country having the largest number of shares in ICD (Saudi Arabia), respectively. The EC members are rotated on a yearly basis, enabling all Board members the opportunity to serve on the committee.

Executive Committee Members of the Board as of end 2023

1. H.E. Dr. Muhammad Al Jasser (Chairman of ICD Board of Directors)
2. Hon. Dr. Fahad M. Alturki
3. H.E. Dr. Hamad Sulaiman Al Bazai
4. H.E. Ismail Ali Manik
5. Hon. Wesam Jasem Al Othman

Nomination & Remuneration Committee

The purpose of the Nomination & Remuneration Committee (NRC) is to assist the BOD in fulfilling its oversight responsibilities regarding remuneration and human resources matters. The NRC is composed of four members including one independent member with relevant expertise and education in Human Resources Management. The membership of the NRC is based on annual rotation of the members of the BOD.

Nomination & Remuneration Committee of the Board as of end 2023

1. Hon. Abdulrahman A. Al Sakran
2. Hon. Hamad Madi Al-Hajri
3. Hon. Mrs. Moufida J. SRARFI

Audit, Risk & Compliance Committee

The BOD appoints an Audit, Risk & Compliance Committee (ARCC) from among its members for a three-year term. The Committee has oversight responsibilities over the ICD Audit, Risk and Compliance functions, and it reports its findings to the BOD. The ARCC is composed of four members: three members from the appointed members of the Board, and one independent expert member appointed by the BOD. The members of the committee serve for the full three years commensurate with their term on the BOD.

Board Audit, Risk & Compliance Committee as of end 2023

1. Hon. Dr. Fahad M. Alturki (Chairman)
2. Hon. Tamerlan Taghıyev
3. Hon. Wesam Jasem Al Othman
4. Hon. Saleh Mugbel Al Khalaf (Independent Expert Member)

The Chief Executive Officer

The CEO, under the general supervision of the Chairman of the Board of Directors, conducts the day-to-day business of ICD. The CEO is also responsible for the appointment of the officers and staff of the Corporation. To the extent that he is authorized by the BOD, the CEO approves ICD’s financing and investment. The BOD appointed Eng. Hani Sonbol as the Acting Chief Executive Officer of ICD on 16/02/1444H (12/09/2022).

IsDB Group Shari’ah Board

In 2012, the ICD Shari’ah Board was subsumed within that of IsDB, forming the IsDB Group Shari’ah Board. The Board is responsible for advising the IsDB Group on the Shari’ah compliance of its products and transactions.

The IsDB Group Shari’ah Board consists of the following eminent scholars:

IsDB Group Shari’ah Board as of end 2023

1. Dr. Mohammad Ali Ibrahim Al-Qari
2. Dr. Nizam Muhammad Saleh Yaqoubi
3. Dr. Aznan Hasan
4. Dr. Sa’id Adekunle Mikail
5. Mufti Muhammad Hassan Kalem

1. Eng. Hani Sonbol, Acting Chief Executive Officer (CEO)
2. Mr. Mohammed Ataur Chowdhury, Officer in Charge, Equity Department
3. Mr. Mohammad Asheque Moyeed, Acting Director of Banking
4. Mr. Omar Hashem, Director of Corporate Services & Digitalization and Acting Director of Human Resources
5. Mr. Osman Buyukmutlu, Director of Strategy
6. Dr. Mohammed Alyami, Director of Development Effectiveness Office
7. Dr. Mansur Noibi, Director of Legal & Compliance
8. Mr. Samer Babelli, Director of Finance
9. Mr. Nourredine Lafhel, Director of Risk Management
10. Mr. Hussam Abuaisheh, Director of Internal Audit
11. Mr. Abdullah Khatib, Advisor to the CEO
12. Dr. Muhammad Al Bashir Muhammad Al Amine, CEO Advisor on Shari’ah Matters
13. Mr. Nazih Al-Naser, Senior Advisor to the CEO