In line with its mandate to support private sector growth in its member countries, the ICD and the Azerbaijan Business Development Fund (ABDF) signed a framework agreement to launch a managed Shariah-compliant line of financing for SMEs during the opening ceremony of the IsDB Group 2026 Annual Meeting’s Private Sector Forum in Baku. Under this framework, the parties are to collaborate in deploying up to AZN 200 million within the next two years. The program introduces a local currency (AZN) financing channel by which ICD, acting as ABDF’s agent, will blend ABDF’s AZN funds with ICD’s USD, EUR, and AZN resources to support SMEs and private sector growth in Azerbaijan. Through this initiative, the ICD, acting on its own behalf and on behalf of ABDF, will provide either single or multi-currency line of financing facilities to selected partner financial institutions in Azerbaijan for on-ward financing of eligible companies in the country. This arrangement is expected to help mitigate foreign exchange risk that has long hindered the growth of  Azerbaijani SMEs, especially those operating outside major cities in the country.

In a further attempt to explore bankable financing opportunities in Azerbaijan and facilitate the realization of its mandate of supporting private sector development in its member countries, the ICD also signed a Memorandum of Understanding (MoU) with the State Oil Company of the Azerbaijan Republic (SOCAR), establishing strategic cooperation between the two institutions to collaborate in financing of infrastructure and energy projects in Azerbaijan and other member countries within existing public private partnership (PPP) frameworks. Under the Memorandum of Understanding, the parties will identify and evaluate financing opportunities for project companies established by SOCAR and its joint venture partners. Within this framework, ICD will provide financing solutions tailored to the specific requirements of the projects.

Further, the ICD signed a Mandate Letter with Azerconnect for a USD 20 million financing facility for capex financing and an Expression of Intent Letter for a USD 15 million Line of Financing Facility with Turan Bank for onward financing of SMEs and eligible companies in Azerbaijan.

In an effort to strengthen and deepen its operations in Nigeria, the ICD also signed a Mandate Letter with the Nigerian Export-Import Bank (NEXIM) for a USD 50 million syndicated line of financing facility to be arranged by ICD to be used by NEXIM for financing eligible private sector entities in Nigeria.

In line with its mandate of promoting economic development in its member countries, the ICD also signed an Expression of Intent  Letter for a proposed EUR 50 million Line of Financing Facility with  Afriland Bank (Cameroon),  and a Final Term Sheet for Euro 20 Million line of finance facility with AFG Bank (Cameroon), each for onward financing of SMEs and other eligible private sector companies in Cameroon. Under these facilities,  the ICD will be leading and supporting the arrangement and mobilization of resources and private capital to support the operations of these Cameroonian banks and thus contribute to fostering economic growth and prosperity in the country.

Consistent with its objective of having a diversified portfolio across its member countries, the ICD also signed a Murabaha Facility Agreement with Al Salam Bank of Bahrain (ASB) for a USD 50 million Line of Finance Facility for onward financing of eligible companies in Bahrain whose operations contribute or have the potential of contributing significantly to the growth and development of SMEs and the private sector in general in Bahrain.

ICD has also signed a strategic Memorandum of Understanding with DAMU Entrepreneurship Development Fund of Kazakhstan to establish a framework for cooperation aimed at identifying and developing financing and guarantee opportunities for Lines of financing in Kazakhstan, with a focus on supporting SMEs and private‑sector entities.

To further its support to the growth of the private sector in Kazakhstan, the ICD also signed a strategic Memorandum of Understanding with KAZAGROFINANCE JSC of Kazakhstan (KAF) to establish a common ground for partnership between the parties and the Ministry of Agriculture of Kazakhstan to extend thematic agri-sector-linked line of finance facilities to KAF under the Ministry’s subsidy program to farmers in Kazakhstan.

Additionally, Leveraging on ICD’s recent and first successful credit enhancement transaction with the African Solidarity Fund (FSA) in Mauritania in partnership with Banque Mauritanienne de l’Investissement (BMI),  the ICD signed a strategic Expression of Intent Letter with FSA as a demonstration of their intent to upscale their partnership in the use of FSA’s guarantees as credit enhancement for ICD’s line of financing operations in selected common member countries of the Parties.

Finally, the ICD also signed a Strategic MOU with the Texel Group of the UK to establish a platform of cooperation on credit portfolio enhancement through insurance. Through this MOU, the parties are aiming to combine ICD’s origination and development financing capabilities with Texel Group’s structuring and placement expertise in the use of Non-Payment Insurance to enhance risk management, optimize capital allocation, and mobilize additional financing into priority sectors, while enabling ICD to up-scale its financing activities and efficiently manage portfolio concentration and credit exposure in its member countries.

All these signed agreements represent a major step forward in ICD’s efforts to promote sustainable economic growth and financial inclusion across its member countries. By strengthening partnerships with key financial institutions and development partners, ICD continues to play a vital role in supporting private sector growth and development in its member countries.

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This landmark collaboration represents a significant milestone in strengthening strategic synergy within the IsDB Group by combining ICD’s syndication, structuring, and private sector financing capabilities with ICIEC’s credit risk mitigation solutions. Together, the two institutions are expanding the availability of Shariah-compliant financing, mobilizing private capital, expanding trade, and supporting sustainable private sector investment across member countries.

Under this pioneering syndication arrangement, ICD successfully led a USD 60 million Shariah-compliant Syndicated Financing Facility for Joint Stock Company “Asakabank” (“Asakabank”) in Uzbekistan, with an accordion feature to increase the facility size, while ICIEC provided USD 30 million in Credit Risk Insurance coverage in favour of a Kuwaiti bank against the risk of default by the obligor within the framework of the ICD’s Syndicated Financing Facility.

Boubyan Bank participated as the sole Kuwaiti financial institution in the syndication, demonstrating its continued commitment to innovative Shariah-compliant financing structures and regional private sector development. Its participation highlights the growing appetite among Islamic financial institutions for structured syndication opportunities supported by robust risk mitigation solutions.

By combining ICD’s expertise in structuring and mobilizing Shariah-compliant syndicated financing facilities with ICIEC’s credit risk mitigation expertise, the transaction demonstrates how integrated IsDB Group solutions can catalyze greater participation from regional and international financial institutions. The collaboration not only expands financing capacity but also strengthens confidence in Islamic syndicated financing as a scalable instrument for supporting private sector growth. It also supports the broader objective of enabling businesses to access the financing needed to grow, create jobs, strengthen value chains, and contribute to economic resilience.

Commenting on the milestone, Dr. Khalid Khalafalla, CEO of ICIEC and Acting CEO of ICD, said: “This first joint syndication transaction between ICIEC and ICD reflects the strength of collaboration within the IsDB Group and our shared commitment to delivering integrated, Shariah-compliant solutions that respond to the financing needs of member countries. By bringing together ICD’s mandate to support private sector development and ICIEC’s expertise in credit risk insurance, we are helping to unlock financing, strengthen confidence among financial institutions, and channel capital towards businesses and projects that contribute to job creation, economic diversification, and sustainable growth. This transaction sets an important precedent for future cooperation between our institutions and reinforces our collective role in delivering tangible development impact across our member countries.”

The transaction also reflects ICIEC’s and ICD’s shared commitment to expanding access to finance, strengthening Islamic finance solutions, and supporting transactions that contribute to economic growth, resilience, and development impact.

As part of the IsDB Group, ICIEC and ICD will continue to deepen collaboration in developing innovative Islamic financing structures, expanding syndication platforms, and mobilizing regional and international capital to support private sector development, trade, infrastructure, and sustainable economic growth across member countries.

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JEDDAH, SAUDI ARABIA: The Islamic Corporation for the Development of the Private Sector (ICD) and Ak Finansal Kiralama A.Ş. (AKLease) have entered a landmark agreement to bolster economic growth in Türkiye. This new EUR 13.65 million Commodity Murabaha Facility is designed to support private sector projects, focusing on small and medium-sized enterprises (SMEs).

This strategic partnership highlights ICD’s dedication to fostering private sector development within its member countries. The facility provided by ICD will enable AKLease to fund a range of private sector projects, empowering entrepreneurs to launch and scale ventures that will significantly impact Türkiye’s economy.

AKLease, a subsidiary of Akbank and a prominent player in Türkiye’s financial leasing market, will leverage this facility to extend financial support to eligible projects. The collaboration is a testament to AKLease’s commitment to driving national development through innovative and long-term leasing solutions.

Key Highlights of the Agreement:

• Funding Amount: EUR 13.65 Million
• Target Sector: Private sector projects, especially SMEs
• Objective: Enhance the SME landscape in Türkiye by providing essential resources for business growth and development
• Strategic Alignment: Supports ICD’s Private Sector Channel Development Strategy

The agreement underscores the critical role of private-sector financing in economic development. The initiative will help bridge funding gaps for SMEs by facilitating access to financial resources, driving innovation and fostering a more robust and diverse economy.

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TASHKENT, UZBEKISTAN: At the 3^rd Tashkent Investment Forum, the Islamic Corporation for the Development of the Private Sector (ICD) and JSC Ziraat Bank Uzbekistan, formalized an expression of intent to partner to collaborate in empowering small and medium-sized enterprises (SMEs) and fostering economic growth in Uzbekistan.

Through this partnership, ICD will provide JSC Ziraat Bank Uzbekistan with a Line of Financing (LoF) facility, to fund private sector projects as an agent of ICD. This initiative is poised to significantly boost the SME landscape in Uzbekistan by equipping entrepreneurs with the necessary resources to initiate and grow projects that meaningfully contribute to the national economy.

Ziraat Bank Uzbekistan, now a strategic partner for ICD, stands out as a prominent commercial bank with foreign capital. The new LoF facility not only marks the commencement of collaboration between the two entities but also underscores ICD’s dedication to advancing the private sector within its member countries, further solidifying its role in spurring economic development across the Islamic world.

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