The Islamic Corporation for the Development of the Private Sector (ICD) (www.ICD-ps.org) and the Turkic Investment Fund (TIF) signed a USD 50 million Managed Islamic Co-Financing Program (MICFP) on the margins of the IsDB Group Annual Meeting Private Sector Forum in Baku.
Under the Framework Agreement, ICD will act as managing agent to source, structure, and deploy Shariah-compliant financing across its LOF pipeline in Turkic and Central Asian member countries, with TIF committing USD 50 million over 2026–2028.
The MICFP advances ICD’s strategy to attract institutional investors, such as development funds, sovereign funds, commercial banks, pension funds, and takaful providers, to co-invest alongside ICD. The framework gives TIF access to a diversified portfolio of Shariah-compliant transactions in markets where ICD has deep operational expertise.
The program aims to expand long-term Islamic financing for SMEs and private sector businesses across Central Asia and Turkic regions, driving inclusive growth, employment, and financial access in underserved markets. TIF becomes an anchor institutional partner within ICD’s capital mobilization platform.
