Published On: Tue, Dec 15th, 2015

Suriname bank signs agreement to assist move to Shari’ah compliant operations

aboodi-badjoeriPARAMARIBO, Suriname -- Trust Bank (TB) in Suriname has signed an advisory services agreement with the Islamic Corporation for the Development of the Private Sector (ICD), the private sector arm of the Islamic Development Bank Group (“IDB”), in order to process and support its conversion to full Shari’ah compliant operations.

The agreement is designed to develop an advisory process in order to efficiently and effectively deliver full conversion: including to identify challenges and address impediments to this mutual collaboration. The ICD will dedicate seven key teams across the full conversion process: including the areas of project management, Shari’ah compliance, treasury, accounting, human resources, information technology, marketing and legal framework.

Khaled Al Aboodi, the CEO of ICD commented: “ICD will scale up its continuous advisory support and technical assistance to Trust Bank to deliver the best value and achieve the ultimate goal of converting Trust Bank to become the first Shari’ah compliant bank not only in Suriname but the whole of Caribbean and South America.”

He added:” I am convinced that Islamic Finance can play a major role in catalyzing long-term sustainable economic development in our member countries, as it promotes risk-sharing, connects the financial sector with the real economy and emphasizes financial inclusiveness and social welfare.”

The chief executive officer of Trust Bank, Maureen Badjoeri, said in an interview: “Within our new strategy, one of our ambitions is to contribute to the socio economic development of SMEs. Once becoming an Islamic Bank, and with the collaboration with ICD, Trust Bank wants to facilitate SMEs in more ways than just financially. With this approach, SMEs will be able to start-up or expand production of goods and services with a spin-off in job creation, trade, export and adding to GDP growth and strengthening of the Surinamese currency and economy.”

She added: “We want to reach our goals in financial inclusion, foster sustainable growth and development by offering Shari'ah compliant products and services for the benefit of all.”

The management of Trust Bank decided to adopt the principles of Islamic banking on 28 June 2015. Trust Bank is hoping to become the leading platform in Suriname to provide customers with a range of new Islamic banking products, as they are not sufficiently represented in the banking system of Suriname.

Photo: CEO of the Islamic Development Corporation of the Private Sector (ICD), Khaled Al Aboodi (L), and the CEO of the Trust Bank, Maureen Badjoeri

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