The Islamic Corporation for the Development of the Private Sector (ICD) (www.ICD-ps.org) and TuranBank OJSC signed an Expression of Intent for a proposed USD 15 million Shariah-compliant Line of Finance to support private sector projects in Azerbaijan. The signing took place on the opening of the Private Sector Forum alongside with IsDB Group Annual Meetings.
The proposed facility, subject to due diligence and internal approvals, will be extended to TuranBank for onward financing to eligible SMEs. As a mid-tier commercial bank with strong expertise in MSME and SME financing, TuranBank is well-positioned to deploy the funds effectively through its existing infrastructure.
The facility supports Azerbaijan’s SME sector by bridging financing gaps for smaller enterprises. ICD aims to reach a significant number of SMEs across the country through TuranBank
ICD’s engagement with TuranBank dates back to 2006, with cumulative commitments exceeding USD 33 million, including a USD 15 million Line of Finance concluded in September 2025. This Expression of Intent signals a deepening of that long-standing partnership.
The transaction advances ICD’s mandate to mobilize Shariah-compliant financing for private sector growth, employment, and economic resilience across its 56 member countries.
