The General Assembly is the highest decision-making authority of ICD. Each member is represented at the General Assembly by an appointed representative. All the powers of the Corporation are vested by the General Assembly. It may delegate any of its powers to the Board of Directors to exercise, except those reserved to the General Assembly under the Articles of Agreement.

The BOD is mainly responsible for the adoption of policies, the operations strategy, budget, and general conduct of ICD operations within the powers assigned to it under the Articles of Agreement and delegated to it by the General Assembly. The Board consists of 10 members (including the Chairman) and it is chaired by the President of the IsDB. 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 member country having the largest number of shares of the Corporation).

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.

Executive Committee

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, and 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 having 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 year-end 2024

1. H.E. Dr. Muhammad Al Jasser
   (Chairman of ICD Board of Directors)
2. Hon. Dr. Ayman Faisal Alfi
3. H.E. Dr. Hamad Sulaiman Al Bazai
4. H.E. Hussain Sham Adam
5. Hon. Wesam Jasem Al Othman

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 year-end 2024

1. Hon. Abdulrahman Abdullah Alsakran
2. Hon. Hamad Madi Al-Hajri
3. Hon. Moufida Ben Jaballah EP Srarfi

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. The 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 year-end 2024

1. Hon. Dr. Ayman Faisal Alfi (Chairman)
2. Hon. Dr. Ghadeer Nagi Hamed Hegazi
3. Hon. Wesam Jasem Al Othman
4. 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 the 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 Committee was subsumed within that of IsDB, forming the IsDB Group Shari’ah Board. The Board is responsible for advising the IsDB Group entities on the Shari’ah compliance of their products and transactions. The IsDB Group Shari’ah Board consists of the following eminent scholars:

IsDB Group Shari’ah Board as of year-end 2024

1. Dr. Mohammad Ali Ibrahim Al-Qari
2. Dr. Nizam Muhammad Saleh Yaqoubi
3. Dr. Aznan Hasan
4. Dr. Sa’id Adekunle Mikail
5. Mufti Muhammad Hassan Kalem

Human Capital and Culture: Building a Thriving Workforce

Empowering Growth through Learning & Development

In 2024, ICD introduced a comprehensive Learning & Development Plan to enhance technical and behavioral competencies across the organization. With 85% of employees participating in global training programs on topics such as financial modeling, risk management, and leadership, this initiative set a new benchmark for professional growth and career progression.

Transforming Performance Management

The introduction of Lattice, ICD’s innovative performance development system, represents a transformative step toward fostering continuous feedback, aligning goals, and enhancing structured check-ins. This initiative has already begun to reshape the organizational culture, encouraging proactive communication and stronger collaboration across teams. Within six months, 75% of supervisors reporting improved clarity and alignment in performance discussions.

Listening to Our People: Engagement Survey

To foster a cohesive work culture, ICD conducted an Engagement Survey in 2024, achieving a 90% participation rate and an Employee Net Promoter Score (eNPS) of 42%, a substantial improvement from previous years. Insights from the survey are driving actionable improvements in learning and development, succession planning, and organizational cohesion.