ICD approves over $555 million in financing, expands finance access in 2025

The Islamic Corporation for the Development of the Private Sector (ICD) approved more than $555 million in financing in 2025 and expanded access to Islamic finance for over 10,600 new clients, according to senior officials speaking at the 51st Annual Meetings of the Islamic Development Bank Group in Baku.

Speaking at a press conference, ICD acting chief executive officer Khalid Khalafalla said actual financing disbursements reached approximately $584 million during the year. A significant share of the funding was provided through credit-line programmes aimed at expanding access to Islamic finance across member countries, Caliber.Az reports per local media. 

According to Khalafalla, more than 10,600 new clients benefited from the programmes, including around 3,400 women. He added that approximately $660 million was directed toward financing small and medium-sized enterprises (SMEs), supporting 2,381 businesses.

During the Private Sector Forum held alongside the annual meetings, 32 agreements and memoranda of understanding were signed. The forum attracted more than 1,400 participants from 60 countries and featured 17 parallel events and over 250 business-to-business and business-to-government meetings.

Khalafalla also said the Islamic Corporation for the Insurance of Investment and Export Credit provided $17.7 billion in insurance coverage for trade and investment transactions across IsDB member states in 2025. The corporation's activities supported more than 6,000 SMEs and contributed to the creation of over 290,000 jobs.

Since Azerbaijan joined ICIEC in 2023, the corporation has provided more than $165 million in insurance coverage for operations in the country, primarily in trade, while also supporting efforts to attract foreign investment into Azerbaijan’s telecommunications sector.

Khalafalla said ICIEC plans to expand its activities in Azerbaijan and Central Asia in cooperation with other IsDB Group entities and international financial institutions.

By Sabina Mammadli