ICD and Asia Alliance Bank Win Emerging Islamic Markets Deal of the Year Award

The Islamic Corporation for the Development of the Private Sector (ICD) is proud to announce that it has won the Emerging Islamic Markets Deal of the Year award in collaboration with Asia Alliance Bank for their exceptional work on River Med Pharm's US$4 million financing. The award was presented at the Islamic Finance News (IFN) Awards ceremony held on March 17, 2023.

ICD played a significant role in bringing more deals from Uzbekistan as the country embraces Islamic finance more fully. Asia Alliance Bank applied its line of financing with ICD to support River Med Pharm in its importation of manufacturing equipment. This deal is critical for Uzbekistan to increase its domestic capacity in the pharmaceutical industry and reduce dependence on foreign manufacturers.

Askar Baimuldin from ICD received the trophy during the IFN Award ceremony. "We are proud to have played a role in this landmark transaction, which has demonstrated the growing importance of Islamic finance in emerging markets," said Askar Baimuldin.

At ICD, we remain committed to supporting Islamic finance and fostering economic development in our partner countries. We are proud to be part of the IsDB Group, working alongside key market players like Asia Alliance Bank to achieve our common goals.