Annual Report

2019 was a meaningful year. It cemented a significant milestone: two decades since we made our inaugural commitment to developing and transforming the private sector of our member countries. Since being founded in 1999, ICD, as a private sector development financial institution, has pledged to support inclusive growth, to reduce poverty, and improve people’s lives by offering Shari'ah-compliant funding and advisory solutions. 
ICD AR 2019

Building on our illustrious legacy, we believe ICD has the opportunity to reach more people and organizations across the globe in the coming years and will continue to deliver real change. We have made significant strides in our member countries during our 20 years of operation, and we foresee this as only the beginning. As the private sector shapes the global development agenda across a wide range of sectors, this trend is set to gain traction. ICD will be there to lend support in the best way it can.

2019 also marked a transitional phase for ICD, where we continued to focus on stabilization and financial restructuring. We positioned 2019 as a year to mitigate identified challenges that have constrained our performance in recent times. As a result of this demanding backdrop, ICD approved USD 147.5 million in investments and disbursed USD 220.0 million to achieve a disbursement-approval ratio of 149% in 2019. While this amount may be significantly lower than in previous years, I believe our corporate climate will be changing for the better. 2019 saw us focus on our organizational change efforts, as we lay the foundation that will transform ICD and the way we do business.

Main Report Section


2019 was a transitionary period for ICD, and the progress of implementing our new and development-oriented business plan slowed, with total approved operations worth USD 147.5 million.



In commemoration of this 20th-anniversary milestone, we look back through our journey to explore how we helped to secure our member countries’ development agenda over the years.



By continuing to develop our FI network, creating a stronger financial ecosystem in our member countries bolstered by tailored product offerings, we can multiply our development impact.

2019 Highlights

Success Stories

Powering a future with accessible energy

Master Green Energy Limited (MGEL) is a special purpose company based in Pakistan with the sole objective of developing, financing, building, and operating a 50-megawatt wind power project near the district of Jamshoro.


Financing power development for a better future

Feni Lanka Power Limited, SPV of Lakdhanavi Limited, entered into a PPA on 19 March 2018 with Bangladesh Power Development Board, along with an IA with the Government of Bangladesh and Power Grid Company of Bangladesh.


Long-term partnership to support SMEs

ICD signed a USD 10.0 million LOF agreement with the State Bank for Foreign Economic Affairs of Turkmenistan. SBFEAT acts as an official agent of the Government of Turkmenistan in international capital markets.

Landmark financing for SMEs and private sector projects

ICD extended a USD 20.0 million Murabaha facility to Lanka Bangla Finance Limited, a prominent Non-Bank Financial Institution located in Bangladesh. This transaction was intended for the benefit of SMEs operating within the country.


Reinforcing Turkey’s first Islamic bank

ICD contributed EUR 11.0 million as the Co-Arranger in a EUR 121.0 million and USD 118.0 million Dual Currency Syndicated Murabaha Financing Facility for one year. The arrangement was led by Bank ABC, Dubai Islamic Bank PJSC...


Transforming the first Islamic bank in Tajikistan

Together with ICD’s advisory assistance, Tawhidbank (formerly known as Sohibkorbank) successfully obtained its Islamic Banking license from the National Bank of Tajikistan on 15 September 2019, becoming the first Islamic bank in the country.

Previous reports

2014  |  2015  |  2016  |  2017  |  2018