ICD and Kapital Bank from Azerbaijan sign a Memorandum of Understanding

Baku, Feb 08, 2022 – The Islamic Corporation for the Development of the Private Sector (ICD), the private sector arm of the Islamic Development Bank Group (IsDB) and Kapital Bank from Republic of Azerbaijan, signed a Memorandum of Understanding (“MoU”).

The document was signed by Mr. Ayman Amin Sejiny, CEO of ICD and Mr. Rovshan Allahverdiyev CEO and Chairman of the Management Board at Kapital Bank, both keen to cooperate and implement this MoU to benefit the private sector in Azerbaijan.

The cooperation aims at exploring the possibility of providing diversified sources of funding in order to meet growing demand of private sector players for alternative financing in Azerbaijan. Additionally, both parties will explore collaboration activities related to issuance of Sukuk for large infrastructure projects in Azerbaijan.

This collaboration between both parties envisages to consult each other for the purpose of developing specific instruments and bringing to the operation the activities as contemplated in this signed MoU.

About Kapital Bank

Kapital Bank is the major provider of banking services and products to the State and state-owned companies and big corporations. The largest branch network in the country gives the Bank a special edge and a leading role in doing business with the State. Being in the banking sector of Azerbaijan since 1874, Kapital Bank has broadest customer network in Azerbaijan and offers all major banking services from big corporates to retail clients.

Kapital Bank is rated Ba2, with stable outlook by Moody’s and holds its leading position with strong financials and growing business potential. Bank’s main vision is to increase socio-economic welfare of country and to provide sustainable future for businesses through improving its operations.

For more information, visit: www.kapitalbank.az   

About ICD

The Islamic Corporation for the Development of the Private Sector (ICD) is a multilateral development financial institution and is member of the Islamic Development Bank (IsDB) Group. ICD was established in November 1999 to support the economic development of its member countries through the provision of finance for private sector projects, promoting competition and entrepreneurship, providing advisory services to the governments and private companies, and encouraging cross border investments.

ICD is Rated A2’ by Moody’s, ‘A-’ by S&P and, A+ by Fitch. ICD establishes and strengthens cooperation and partnership relationships with an aim to establish joint or collective financing. ICD also applies financial technology (Fintech) to make financing more efficient and comprehensive.

For more information, visit: www.icd-ps.org - Twitter: @ICD_PS