In 2024, ICD’s work strengthened access to Islamic finance for private sector enterprises across member countries. Through targeted interventions and strategic partnerships, we’ve created lasting impact in key markets, as illustrated by the following cases.

ICD’s Inaugural Line of Finance Intervention in the Republic of Benin

In 2024, ICD achieved a significant milestone by providing its inaugural LOF facility to Banque Internationale pour l’Industrie et le Commerce (BIIC) in Benin. This ground-breaking partnership marked ICD’s first intervention in the country, creating a strong demonstration effect in mobilizing Sharia-compliant financing solutions within member countries. It also sets the stage for expanding ICD’s LOF operations in Benin. The LOF facility aims to support private sector development in Benin through a strategic partnership with BIIC, a systemic bank re-established in its current form in 2020 and known for its deep local expertise.

This landmark transaction highlights ICD’s commitment to fostering impactful initiatives and empowering private sector enterprises in Benin, reinforcing its role as a catalyst for economic growth and sustainable development.

Advancing Islamic Finance and Financial Inclusion in Kazakhstan

In 2024, ICD extended a Shari’ah compliant financing facility worth KZT 2.4 billion to Kazakhstan Ijara Company JSC (KIC) to support private sector businesses, particularly SMEs, in Kazakhstan.

To enable disbursement in local currency, ICD secured the KZT through an Islamic cross-currency swap. This arrangement allows ICD to maintain USD repayments from its swap counterparty while providing KIC with the stability of fixed debt service costs in KZT. This innovative transaction expands ICD’s suite of local currency solutions for emerging markets across its member countries.

This is ICD’s second significant local currency transaction, following its issuance of the first KZT-denominated Sukuk in 2023, which successfully raised KZT 2 billion through an auction of a five-year amortized Sukuk facility. The successful execution of this latest swap transaction paves the way for ICD to deepen its presence and impact in Kazakhstan.

The funds provided to KIC will be used to offer Shari’ah-compliant financing to eligible private sector enterprises across various economic sectors. This initiative emphasizes ICD’s commitment to fostering private sector development and promoting Islamic finance globally, while also highlighting KIC’s role in advancing economic growth and enhancing financial inclusion in Kazakhstan.

Supporting Transformative Infrastructure Projects in Türkiye

ICD has successfully financed the construction of a major motorway in Türkiye, a key project aimed at enhancing connectivity, facilitating trade, and driving economic growth. Robust transportation infrastructure is essential for fostering economic integration, and this milestone reflects ICD’s commitment to advancing such transformative initiatives through strategic financing.

Additionally, ICD supported an innovative hospital project under a Public-Private Partnership (PPP) structure, reaffirming its dedication to sustainable and forward-looking healthcare solutions. This initiative not only enhances healthcare access and quality for local communities but also establishes a model for future PPP projects in the healthcare sector.

These achievements underscore the vital role of infrastructure financing in promoting sustainable development and economic progress across ICD’s member countries. By championing these impactful projects, ICD continues to contribute to improving quality of life and fostering economic prosperity in the region.

Enhancing Shari’ah Compliant Funding for Private Sector Enterprises in Egypt

In 2024, ICD disbursed a USD 30 million LOF facility to Banque Misr S.A.E., reinforcing its commitment to fostering the growth of private sector enterprises in Egypt, including small and medium-sized corporations. This facility enabled ICD to strengthen its presence in Egypt while supporting the expansion of the Islamic finance sector within the country.

Through this partnership, Banque Misr is set to enhance its Shari’ah-compliant financing portfolio, providing vital funding to private sector enterprises, including SMEs, across various economic sectors in Egypt.

Banque Misr, established in 1920 and headquartered in Cairo, is one of Egypt’s leading financial institutions. With a nationwide footprint, a workforce of over 20,000 employees, and a client base exceeding 17 million, the bank plays a pivotal role in Egypt’s economy. Additionally, Banque Misr has a notable regional and international presence, further amplifying its impact. ICD financing will be channeled through the bank Islamic window.

ICD Pioneers Financing for Port Operations in Bangladesh

In 2024, ICD achieved several notable milestones in infrastructure and energy sector financing, reaffirming its commitment to driving economic growth and development across its member countries.

One key achievement was facilitating the first-ever financing of port operations in Bangladesh. This ground-breaking initiative improved the efficiency and capacity of the country’s port facilities while paving the way for increased cross-border investment by the private sector within ICD’s member countries. By fostering collaboration and investment in infrastructure projects, this effort strengthens regional economic ties and underscores the potential for shared development.

Additionally, ICD financed the construction of large LNG vessels, a landmark development in the energy sector. This project enhances the region’s energy capabilities and reflects ICD’s dedication to sustainable energy solutions and meeting the growing demand for energy resources.

Supporting the Manufacturing Sector in Jordan

In 2024, ICD approved and disbursed a USD 25 million facility to support Babylife for Manufacturing of Hygiene Products (BBL), a leading Jordanian manufacturer of diapers and hygienic paper products.

This strategic investment will enable BBL to establish Jordan’s first carton recycling facility, aligning with its backward integration strategy.

By funding this pioneering project, ICD is contributing to several SDGs. The project will directly support SDG 8 by creating over 400 new jobs, boosting economic growth, and providing employment opportunities. Additionally, it will drive industrial innovation and infrastructure development, aligning with SDG 9. By creating jobs and stimulating economic activity, it will also positively impact SDG 1 (reducing poverty). Lastly, by reducing water consumption and minimizing wood usage, the project will have a positive environmental impact.

Advancing Financial Sustainability and Social Progress Through Bidaya Finance

ICD’s strategic equity investment in Bidaya Finance has played a pivotal role in transforming Saudi Arabia’s housing finance sector, fostering financial sustainability while driving inclusive economic progress. As an ICD-backed venture, Bidaya has expanded access to Shari’ah-compliant home financing, empowering thousands of Saudi families to achieve homeownership and supporting the broader objectives of Saudi Vision 2030.

Since its establishment in 2014, Bidaya has grown into a leading Islamic mortgage provider, demonstrating the power of equity investments in strengthening financial institutions, deepening capital markets, and enhancing economic resilience. ICD’s strategic oversight has ensured that Bidaya maintains a robust financial foundation, balancing profitability with developmental impact and setting new standards for sustainable growth.

In 2024, Bidaya further reinforced its position through a landmark SAR 1 billion (USD 267 million) funding arrangement with the Saudi Real Estate Refinance Company (SRC). This initiative—backed by ICD’s governance and strategic direction—provided much-needed liquidity to the housing market, expanding homeownership opportunities while fortifying Saudi Arabia’s Islamic finance ecosystem.

Beyond financial performance, Bidaya’s impact extends to economic inclusion and social mobility. By integrating digitized lending platforms, advanced analytics, and AI-driven financial solutions, Bidaya has enhanced financial accessibility and operational efficiency, making homeownership more attainable for first-time buyers. This aligns with ICD’s broader mandate of fostering resilient financial institutions that support economic empowerment, reduce inequalities, and drive long-term sustainable development.

Bidaya Finance exemplifies how ICD’s equity investments serve as a catalyst for both financial sustainability and social progress, reinforcing the role of Shari’ah-compliant financial solutions in shaping more inclusive and resilient economies across its Member Countries.