In the name of Allah, the Beneficent, the Merciful

Dear valued stakeholders,

Celebrating 25 Years of Impact: A Milestone in Our Journey

It is with immense pride and gratitude that I present the 2024 Annual Report, a special edition marking the silver jubilee of the ICD. Over the past 25 years, ICD has been at the forefront of driving private sector development across our member countries, empowering communities, and creating lasting economic and social impact. This achievement reflects our resilience, innovation, and collective dedication that have shaped our journey.

Reflecting on 25 Years of Excellence

Since the establishment in 1999, ICD has been a catalyst for progress, enabling businesses to thrive, fostering entrepreneurship, and promoting sustainable economic growth. From funding transformative projects to fostering partnerships and enhancing capabilities, our work has impacted lives and inspired dreams in countless ways. This 25-year journey has had its share of challenges. Global economic shifts, environmental concerns, and technological disruption have continually tested our resolve. However, these challenges have only made us stronger, more focused, and more determined to fulfil our mandate.

Transitioning towards Transformation

2024 is a pivotal year, as it marks the successful conclusion of our transition period. This phase was critical in reshaping our strategies and operations to remain responsive and relevant in a rapidly evolving global context. Through careful planning and execution, we have strengthened our foundation, refined our focus, and enhanced our capacity to deliver. With the transition phase now behind us, we step into the transformation phase—an exciting period that lays the groundwork for the next chapter of growth and innovation. Our priorities in this phase include:

• Harnessing digital technologies to enhance service delivery and operational efficiency.
• Embedding sustainability deeper into our programs.
• Forging stronger partnerships to expand our reach and maximize impact.

This phase is not merely about change—it is about positioning ICD as a leader in providing innovative, agile, and sustainable solutions that meet the aspirations of our member countries.

A Tribute to Our Stakeholders

None of this would have been possible without the steadfast support of our stakeholders, partners, and the board of directors. Your unwavering commitment to ICD’s mission has been instrumental in navigating challenges and seizing opportunities. Your trust, guidance, and collaboration continue to inspire us to aim higher and achieve more.

I also extend my heartfelt thanks to the dedicated ICD team—a group of talented professionals whose passion and hard work have been the driving force behind our success. Over the past 25 years, this includes not only the current team but also the many exceptional individuals who have contributed to ICD’s journey. Their vision and dedication have laid the foundation for what we have achieved today.

We also pay tribute to all past and present board members, whose leadership and insights have been essential in shaping our direction, and to the member countries, including the most recent entrants, whose trust and partnership have broadened our reach and enhanced our impact. Together, this collective effort ensures that ICD remains a trusted partner for our member countries, striving to deliver meaningful change and sustainable growth.

Looking Ahead

As we mark this important milestone, we acknowledge that the journey of development is an ongoing journey. We remain focused on innovating, adapting, and pushing boundaries to create even greater impact. The next phase of our journey is an opportunity to build on our legacy while embracing the promise of the future.

Together, we will continue to transform challenges into opportunities, support businesses and communities in achieving their potential, and contribute meaningfully to sustainable development. With your continued support, ICD is ready to embark on this exciting chapter with renewed purpose and determination.

Thank you for being an integral part of our 25-year journey. We look forward to achieving even greater milestones together in the years to come.

Faithfully,

ICD’s authorized capital stands at USD 4 billion, of which USD 2 billion is open for subscription. Its shareholders consist of the IsDB, 56 member countries and five public financial institutions. Established during the 24th annual meeting of the IsDB Board of Governors in Jeddah in Rajab 1420H (November 1999), ICD is headquartered in Jeddah, Kingdom of Saudi Arabia.

Since its inception in November 1999, ICD has remained focused on promoting inclusive and dynamic growth by driving private sector development. ICD’s mission complements the Islamic Development Bank’s (IsDB) role by actively developing and promoting the private sector in compliance with Shariah principles as a catalyst for enhancing economic growth and prosperity. With a vision of being a leading Islamic multilateral financial institution dedicated to this purpose, ICD stands committed to driving sustainable and thriving economies in its member countries.

As the private sector arm of the Islamic Development Bank (IsDB) Group, ICD aligns its objectives with the principles of Shari’ah, aiming to: i) identify growth-oriented opportunities and initiatives within the private sector, ii) offer an extensive array of productive financial products and services for private sector development, iii) mobilize supplementary resources for the private sector in member countries, and iv) promote the advancement of Islamic financial and capital markets.