A commitment to principles of good governance and the strategic role of our Board, senior leadership and talented workforce collectively contribute to shaping a forward-looking organization dedicated to empowering the private sector.
The structure and functions of governance at ICD.
The General Assembly is the highest decision-making authority. Each member is represented at the General Assembly by an appointed representative. The main function of the General Assembly is to lay down the policies governing the work and general supervision of ICD. It may delegate authority to the Board of Directors to exercise any of its powers, except those reserved to the General Assembly under the Articles of Agreement.
Board of Directors (BOD)
as of end of 2022
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 largest shareholder after IsDB).
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.
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, 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 holding 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 2022
- H.E. Dr. Muhammad Al Jasser (Chairman of ICD Board of Directors)
- Hon. Dr. Fahad M. Alturki
- Hon. Dr. Nada Massoud
- Hon. Abdulrahman Abdullah Alsakran
- Hon. Moufida Jaballah Srarfi
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 2022
- H.E. Ismail Ali Manik
- H.E. Dr. Hamad Suleiman Al Bazai
- Hon. Dr. Rami Ahmad
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. 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 2022
- Hon. Dr. Fahad M. Alturki (Chairman)
- Hon. Dr. Mahmoud Isa-Dutse
- Hon. Wesam Jasem Al Othman
- 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 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 Board consists of the following eminent scholars:
IsDB Group Shari’ah Board as of end 2022
- Shaikh Mohamad Taqi Alosmni
- Shaikh Abdulla Bin Manei’a
- Dr. Mohammed Alroki
- Dr. Mohammad Alshafe’e
- Dr. Bashir Aliyu Umar
- Dr. Osaid Kailani
- Dr. Koutoub Moustapha Sano
ICD Management as of end 2022
- Eng. Hani Sonbol, Acting Chief Executive Officer (CEO)
- Br. Aamir Husain Khan, Director of Equity
- Br. Mohammad Asheque Moyeed, Acting Director of Banking
- Br. Omar Hashem, Director of Corporate Services & Digitalization and Acting Director of Human Resources
- Br. Osman Buyukmutlu, Director of Strategy
- Dr. Mohammed Alyami, Director of Development Effectiveness Office
- Br. Tahir Naseem, Director of Legal & Compliance
- Br. Samer Babelli, Director of Finance
- Br. Nourredine Lafhel, Director of Risk Management
- Br. Hussam Abuaisheh, Director of Internal Audit
- Br. Abdullah Khatib, CEO Advisor
- Dr. Muhammad Al Bashir Muhammad Al Amine, CEO Advisor on Shari’ah Matters