Bosna Bank International (BBI) in cooperation with the Islamic Corporation for the Development of the Private Sector (ICD) that works as part of the Islamic Development Bank Group (IsDB), first time in Sarajevo organized a large meeting of directors of Islamic banks from all over the world on the margins of the second Sarajevo Halal Fair (SHF) 2019.

During the meeting, a Memorandum of Understanding was signed between Bosna Bank International, the Islamic Corporation for the Development of the Private Sector (ICD), Islamic Bank “Zaman-Bank” Jsc from Kazakhstan, Islamic Bank of Guinea, Islamic Bank of Niger, United Bank of Albania and Alakhdar Bank Morocco. This Memorandum is a platform for future cooperation between the Parties, and welcomes other banks with the same goals. The aim of the Memorandum is to cooperate jointly in promoting Islamic banking, promoting business events in order to connect new markets, sharing experiences and good practices, also in promoting the halal industry.

“ICD has access to 54 Member States in witch there is definitely an interest in halal products and business development in this field. The halal market’s estimated worth is $ 2.3 trillion. We believe that our financial institutions we have access to, as well as the network of financial institutions where ICD is one of the owners can become a great added value in securing financing and credit lines. We believe that our financial institutions where we have access, and a network of financial institutions where ICD is one of the owners, can become an excellent added value in securing financing and credit lines, and on the other side have the infrastructure to develop and open factories. We want Bosnia and Herzegovina to become the halal industry hub in Europe. Also, through our members, we can ensure access to these products worldwide,” said Ayman Sejiny, director of the Islamic Corporation for the Development of the Private Sector (ICD).

BBI Bank has previously signed a Memorandum of Understanding with ICD.

“This cooperation with BBI Bank is an excellent opportunity for B&H, because we give Bosnia and Herzegovina access to our network through this MoU, from Indonesia to Morocco, from West to Sub-Saharan Africa. ICD has 102 financial institutions in the world, 42 are in Africa, and for any product coming from BiH through our network, we can provide security,” Sejiny said. He added that the methodology used by BBI Bank has proved very successful and that BBI business model in accordance with Islamic principles will be implemented in other financial institutions owned by ICD.

Amer Bukvić, CEO of BBI Bank presented the business results of BBI Bank as a successful example of the work and operations of the Bank, which operate on the principles of Islamic banking.

“BBI Bank has faced many challenges and difficulties since its founding, but has overcome them all successfully. When BBI Bank started operating, clients and the market in B&H did not know the concept of Islamic finance. During this period clients had to become familiar with the principles of Islamic banking and at the same time compete with the fierce competition of the banks that had branches here. We have developed new products based on Islamic principles. We have done a lot of work to connect businessmen with each other and with investors. We started connecting, organizing SBF and SHF as investment-business conferences and with a lot of work and effort, we have made BBI Bank the fastest growing bank in BiH today,” said Bukvić.

He added that BBI Bank is a partner to B&H economy, and invited the meeting participants to bring their clients to the next SBF and SHF, whereby BBI Bank will mediate their connection with B&H businessmen.

During the meeting the attendants discussed activities towards the cooperation between the economies of guest countries and Bosnia and Herzegovina, alongside the promotion of the Sarajevo Halal Fair and the Sarajevo Business Forum in the countries where IsDB and ICD are present. It was concluded that this meeting is the beginning of future successful cooperation, and that they jointly have the capacity to contribute to the development of the countries in which they operate.