According to bank provided information, the proposed Project (“the Project”) is an investment of up to US$2 million in Alkuraimi Islamic Bank (“KIB” or “the Bank”) in the form of a trade finance guarantee facility. This project was approved as part of IFC's Global Trade Finance Program or GTFP - Project 23898.
The Project consists of an investment of up to US$2 million under the Global Trade Finance Program (GTFP). GTFP offers confirming banks partial or full guarantees covering payment risk on banks in emerging markets for trade related transactions.
KIB is a privately-owned Islamic bank in Republic of Yemen. It has evolved from a family owned foreign exchange business, the Al-Kuraimi Exchange Company, to become a bank specializing in microfinance in 2009 and a fully-fledged Islamic bank in 2018.
KIB is 100% owned by Al Kuraimi family.
ACCOUNTABILITY MECHANISM OF IFC
The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org/