On the sidelines of the 2024 IsDB Group Annual Meetings in Riyadh, Saudi Arabia, two Memorandum of Understandings (MoUs) were signed between the Government of the Republic of Maldives and the Islamic Corporation for the Development of the Private Sector (ICD), assigning the Ministry of Finance as a Collaborative Partner.

The purpose of the first MoU is to establish a framework of cooperation to cooperate and work closely in exploring and identifying investment, financing, advisory services, or technical assistance opportunities in the ICD member countries that are of mutual benefit to both parties that will promote sustainable socio-economic development.

The purpose of the second MoU is to establish a framework of cooperation to explore potential co-investment with ICD and the Maldives to establish an Islamic Bank in the Republic of Uzbekistan.

Minister of Finance Dr. Mohamed Shafeeq signed on behalf of the Government of Maldives and Acting Chief Investment Officer (CIO) of ICD, Mr. Bahaa Aldin Kirimly signed on behalf of the Acting CEO of Islamic Corporation for the Development of the Private Sector (ICD) H.E. Eng. Hani Salem Sonbol.