Khaled Al-Aboodi will join the Saudi Agricultural and Livestock Investment Co as managing director
The chief executive of the Islamic Corporation for the Development of the Private Sector (ICD) has stepped down after a decade at the helm to take a role with the Saudi government, the Jeddah-based multilateral body said.
Khaled Al-Aboodi, who joined the Saudi-based ICD in 2001 and took over as chief executive officer in 2007, will join the Saudi Agricultural and Livestock Investment Co (SALIC) as managing director next month.
The ICD said it had appointed Mohammed Al Ammari to lead the multilateral body on an interim basis, until a new chief executive was selected.
The ICD, the private sector arm of the Islamic Development Bank Group of companies, is tasked with supporting economic development across its 53 member countries.
Established in 1999, the ICD has in recent years sought to widen the appeal of Islamic finance across Africa, home to a quarter of the world's Muslims.
It also expanded its activities into the capital markets, advising several governments on their plans to issue Islamic bonds, or sukuk, with Senegal, Jordan, Nigeria and Ivory Coast among those that have tapped the market.