Advancing Financial Inclusion and Islamic Finance

ICD’s equity investments prioritize financial inclusion, empowering millions to access essential financial services and participate in the economy. By investing in financial and non-banking financial institutions, ICD has unlocked capital and fostered entrepreneurship, particularly in underbanked regions.

Notable initiatives include ICD’s collaboration with central banks to develop Shari’ah-compliant short-term liquidity instruments, addressing critical gaps in Islamic financial markets. In Tunisia, ICD transformed Wifak International Bank from a leasing company into a full-fledged Islamic bank, exemplifying its commitment to advancing Islamic finance in challenging environments. ICD’s support for Maldives Islamic Bank (MIB) highlights its pivotal role in financial inclusion. From stepping in during liquidity shortages to infusing capital during a 2015 shortfall, ICD provided leadership, technical expertise, and governance enhancements. ICD also facilitated MIB’s successful IPO in 2019, adding 10,000 new investors across Maldives’ 20 atolls.

The ripple effects of these efforts are profound. ICD’s equity injections of USD 246.5 million across 28 financial institutions mobilized USD 5,865 million in deposits and enabled USD 3,984 million in financing. This multiplier effect strengthens financial inclusion, deepens capital market access, and supports SDGs such as Decent Work and Economic Growth (SDG 8) and Industry, Innovation, and Infrastructure (SDG 9).

This multiplier effect strengthens financial inclusion, deepens capital market access, and supports SDGs such as Decent Work and Economic Growth (SDG 8) and Industry, Innovation, and Infrastructure (SDG 9).