The FCIC was established in 1986 under the patronage of the Islamic Development Bank (IDB). On November 26th, 1997, a Memorandum of Understanding (MOU) had been signed between the IDB, represented by H. E. Dr. Ahmed Mohamed Ali the President of IDB and the Federation of Consultants from Islamic Countries (FCIC), represented by Dipl.-Ing. Hassan El-Shafie the President of FCIC. The FCIC considers this MOU as a basic milestone towards achieving its objectives and it serves the common interest of both parties (IDB and FCIC). Since then there was a legal frame for the support of the IDB to the FCIC. The main themes of this MOU are summarized below;

Considering the common interest of the Bank and FCIC in contributing to the effective economic and social development of the Members of FCIC which are from Member Countries of the Bank.

Recognizing that cooperation between the Bank and FCIC would bring about better coordination and efficient implementation of respective objective activities in the Bank Member Countries.

Therefore, the Bank and FCIC agreed to sign the MOU. The main objectives and areas of cooperation are briefed as follows:-

The objectives of the MOU is to provide a general framework for facilitating cooperation between FCIC and the Bank in promoting cooperation among consultants from the Bank Member Countries to help in development and enriching the local expertise, promote managerial and technical know-how and to create employment opportunities in the private sector of the Bank Member Countries in trade, industry and investment.

The areas of cooperation include, but not limited to the following activities:-

• In the area of enhancing the capabilities of the FCIC Secretariat, establishment of a data base covering the FCIC Membership and related institutions and strengthening relationship between FCIC and others.
• Organizing seminars/ workshops/ training dealing with subjects closely related to enhancing standards of consultancy services and/or related to central problems facing development in the OIC Member Countries.
• Publication of a quarterly bulletin providing information, studies, research and/or projects related to development in the OIC Member Countries, and aiming at strengthening the bond between FCIC Members and between FCIC and related Governments/ Authorities/ Institutions in the OIC Member Countries in particular and the outside world in general.
• Encouragement of joint ventures between local consultants and other FCIC Members and encouragement of interaction between FCIC and non-Member Countries of the Bank if considered necessary.
• Development of a mechanism by FCIC for encouragement of development of collaboration between French speaking and non-French speaking consultants with the aim of acquiring a broader scope of activities for consultants from the OIC Member Countries.
• Finding a method of insurance against professional liability for FCIC Members especially for their activities outside their Countries in order to cover them with suitable insurance at a reasonable premium.