ICD is a multilateral organization, affiliated with the Islamic Development Bank Group (IDB Group). Its shareholders comprise IDB, 49 Islamic member countries which includes Maldives, and five public financial institutions from member countries. ICD was established in 1999 to support the economic development of its member countries through provision of finance to private sector projects in accordance with the principles of Sharia through promoting private sector development. ICD also provides advice to governments and private organizations to encourage the establishment, expansion and modernization of private enterprises.
Projects financed by ICD are selected on the basis of their contribution to the economic development considering factors such as creation of employment opportunities and contribution to exports. ICD also attracts co-financiers for its projects and provides advice to governments and private sector groups on policies to encourage development of capital markets, best management practices and enhance the role of market economy. ICD operates to compliment the activities of IDB in member countries and also that of national financial institutions.
The Government of the Republic of Maldives was instrumental in initiating the establishment of Maldives Islamic Bank in partnership with and support of ICD. The shareholder's agreement to kickstart the project for the establishment of the first fully-Shariah compliant bank in the Maldives bank was signed between the government and ICD in October 2009 in Istanbul. The government's interest in the bank is represented by the Ministry of Finance and Treasury.
Amana Takaful Maldives PLC has been in operation in the Maldives since 2003. It is currently the only full-fledged Shariah-compliant licensed General Insurance company in the Maldives. The company's shares are listed on the Maldives Stock Exchange (MSE).