ICD chief executive officer Khaled Al Aboodi said at the signing that the agreement will strengthen and deepen ICD's relationship with non-traditional partners from the Asia Pacific region such as Japan.
"Japan has shown growing interest to further develop its Islamic finance industry with the signing of today's Murabahah agreement. This has also cemented our view of Malaysia as the Islamic finance hub from where we can engage in new relationships with non-traditional partners in the region," Khaled said.
He noted that agreement will promote cross-border investment in ICD member countries, share Islamic finance knowledge and expertise as well as open up opportunities for scaling up ICD financing in its members states.
BTMU Malaysia CEO Naoki Nishida said the bank was committed to work closely with ICD especially in the areas of technical assistance and opportunities to support private initiated economic development projects.
IDB's 56 member countries include Saudi Arabia, United Arab Emirates, Turkey, Egypt, Pakistan, Bangladesh, Indonesia, Malaysia and Brunei.
The signing was held at the Global Economic Symposium 2014.
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