ICD and Asakabank Forge $100 Million Partnership to Power Uzbekistan's Private Sector
Tashkent, Uzbekistan; 08 November 2025: The Islamic Corporation for the Development of the Private Sector (“ICD”) and Joint Stock Company “Asakabank” (“Asakabank”) are pleased to announce the signing of the Final Term Sheet for a proposed Shariah-compliant Syndicated/Club Financing Facility of up to USD 100 million, to be arranged by ICD on a strictly “best effort” basis.
The ceremonial signing took place in Tashkent on the sidelines of Asakabank’s 30th Anniversary celebrations on November 8, 2025 marking an important and significant milestone in the long-standing collaboration between ICD and Asakabank.
The proposed facility aims to provide Shariah-compliant financing to private companies in Uzbekistan. This initiative underscores both institutions’ commitment to promoting inclusive economic growth and strengthening Islamic finance in the region.
Through this partnership, ICD reaffirms its mission to expand access to Shariah-compliant financial solutions across its member countries, contributing to the sustainable development of private enterprises and reinforcing the global growth of Islamic finance.
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About the Islamic Corporation for the Development of the Private Sector (ICD)
The Islamic Corporation for the Development of the Private Sector (ICD) is a multilateral development financial institution that supports the economic development of its member countries. ICD is a member of the Islamic Development Bank (IsDB) Group with an authorized capital of $4 billion, ICD’s shareholders include the IsDB, 56 member countries, and five public financial institutions. ICD’s mandate is to promote the economic development of its member countries by financing and encouraging the establishment, expansion and modernization of private sector enterprises and projects in its member countries, promoting competition and entrepreneurship, and encouraging cross-border investments. The ICD is currently rated ‘A2’ by Moody’s, ‘A+’ by Fitch, and ‘A’ by S&P. For More information on ICD visit: https://icd-ps.org.
Joint Stock Company “Asakabank” (Asakabank)
Founded in 1995, Joint Stock Company “Asakabank” (Asakabank) is one of Uzbekistan’s leading commercial banks managing total assets of USD 5 billion and serving a wide range of corporate and individual clients. With an extensive branch network across the country, Asakabank provides comprehensive banking services focused on supporting industrial, infrastructure, and private sector development. The bank is recognized for its innovative approach to financial products and its commitment to facilitating economic growth and entrepreneurship in Uzbekistan. Asakabank actively invests in digital transformation and sustainable finance, striving to deliver high-quality, customer-oriented solutions that contribute to the nation’s overall economic progress.
Media Contact
Islamic Corporation for the Development of the Private Sector (ICD)
Nabil Al-Alami
Manager, Communication & Corporate Marketing, ICD
Email: nalami@isdb.org
Joint Stock Company “Asakabank” (Asakabank)
Mardonbek Mirsoatov
Financial Institutions Manager
Email: mardonbek_m@asakabank.uz