KUALA LUMPUR: The Islamic Development Bank Group’s private sector arm has signed a US$100mil (RM317mil) financing agreement with the Bank of Tokyo-Mitsubishi UFJ (M) Bhd (BTMU Malaysia) to finance projects in the former’s member countries.
The commodity murabahah agreement followed a previous memorandum of understanding agreed in Tokyo in April, when the Islamic Corporation for the Development of the Private Sector (ICD) and BTMU Malaysia agreed to form joint strategic collaboration to seek opportunities in the Islamic finance industry, particularly in ICD’s 56 member countries.