ICIEC and ICD Complete First Joint Syndicated Islamic Financing Transaction
The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) and the Islamic Corporation for the Development of the Private Sector (ICD), both members of the Islamic Development Bank (IsDB) Group, have successfully completed their first joint syndicated financing transaction in Uzbekistan, marking a significant milestone in expanding Shariah-compliant financing and private sector investment across member countries.
The collaboration combines ICD’s expertise in syndicated financing, structuring and private sector development with ICIEC’s credit risk insurance capabilities to mobilise private capital, strengthen trade and support sustainable economic growth.
Under the transaction, ICD led a USD 60 million Shariah-compliant syndicated financing facility for Joint Stock Company Asakabank in Uzbekistan, with an accordion feature that allows the facility to be expanded. ICIEC complemented the financing by providing USD 30 million in Credit Risk Insurance to a Kuwaiti bank against the risk of default under the syndicated financing arrangement.
Boubyan Bank participated as the sole Kuwaiti financial institution in the syndication, highlighting growing regional interest in structured Islamic financing supported by robust risk mitigation solutions.
The transaction demonstrates how integrated IsDB Group solutions can increase participation from regional and international financial institutions while expanding financing capacity for businesses. The initiative aims to improve access to capital, create employment opportunities, strengthen value chains and enhance economic resilience across member countries.
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.”
ICIEC and ICD said they will continue expanding collaboration on innovative Islamic financing structures, syndicated financing platforms and capital mobilisation initiatives to support private sector development, infrastructure, trade and sustainable economic growth across member countries.
