• ICD, has entered into a Line of Financing Agreement with Al Baraka Bank Egypt, an Islamic bank owned by Al Baraka Banking Group, to provide USD 30 million (with the option to expand by an additional USD 20 million) in syndicated commodity Murabaha financing facility.
  • The facility will enable Al Baraka Bank Egypt to extend financing to green environment projects and support their growth and development in Egypt, a key market for ICD.
  • The facility marks the first partnership between ICD and Al Baraka Bank Egypt, demonstrating the close cooperation among the member countries and the potential of Islamic finance as an engine of growth.


Jeddah, KSA – September 6, 2023


The Islamic Corporation for the Development of the Private Sector ("ICD"), the dynamic private sector subsidiary of the Islamic Development Bank ("IsDB") Group headquartered in Jeddah, Saudi Arabia, has solidified its commitment to Islamic finance by entering into a groundbreaking Line of Financing Agreement with Al Baraka Bank Egypt. This strategic syndicated financing facility, with an initial allocation of USD 30 million (with the option to expand by an additional USD 20 million), demonstrates ICD's resolute dedication to fostering economic development and financial inclusion through Shariah-compliant means.


In a significant milestone, ICD assumes the pivotal roles of Lead Arranger and Investment Agent in this 3innovative syndicated facility. The esteemed leaders of both organizations, Eng. Hani Salem Sonbol, Acting Chief Executive Officer of ICD, and Mr. Hazem Hegazy, CEO and Vice Chairman of Al Baraka Bank, joined forces to formalize this historic financing agreement on August 16, 2023. For Al Baraka Bank Egypt, this engagement marks its inaugural experience as a Line of Financing client with ICD, showcasing its status as one of the banking subsidiaries of Al Baraka Banking Group (ABG), an acclaimed Islamic banking institution headquartered in Bahrain.


The financing provided through this facility is poised to empower Al Baraka Bank Egypt to further extend financing to green environment projects & Small and Medium-sized Enterprises (SMEs) Eng. Hani Salem Sonbol emphasized ICD's commitment to amplifying its contributions to Egypt's private sector and financial institutions in the forthcoming year, reinforcing ICD's enduring partnership with the nation.


Mr. Hazem Hegazy said: “I am pleased with the cooperation with ICD and confident that the newly provided facility will continue to enhance the Islamic finance industry in Egypt. Over time, Islamic finance has proven to be a robust Finacning mechanism for diverse economic sectors, underscoring its potential as a growth catalyst. The fresh funds from ICD and its syndicated partners will strengthen Al Baraka Bank Egypt operations. This aligns with Al Baraka's vision to solidify its presence and flexibility within the small and medium enterprises sector through a robust growth strategy for the upcoming years. We eagerly anticipate a mutually productive and fruitful partnership."



Eng. Hani Salem Sonbol commented, "The finance raised through this facility will enable Al Baraka Bank Egypt to further provide to the SMEs and assist them in expanding their businesses. He further added that ICD will further increase its activities and financing to Egypt’s private sector and financial institutions in the coming year and pledging to further strengthen ICD’s partnership with the country."




About the Islamic Corporation for the Development of the Private Sector (ICD)

ICD is a multilateral organization and a member of the Islamic Development Bank (IsDB) Group. ICD's mandate is to support economic development and promote the growth of the private sector in its member countries through providing financing facilities and/or investments in accordance with Shariah principles. Additionally, ICD offers advisory services to governments and private organizations to encourage the establishment, expansion, and modernization of private enterprises. ICD has received an AA/F1+ rating from Fitch and Aa3/P1 from Moody's.

Social media:

X (Previously Twitter): icd_ps      |    LinkedIn: icdps        |      Facebook: icdps


About Al Baraka Bank (Egypt)

Al Baraka Bank has been operating in Egypt for almost 40 years; and it currently has a network of 35 branches covering Cairo, Alexandria, canal and Delta, the Bank aims to have a geographical expansion by increasing the number of branches in most governorates of Egypt by the end of 2025.

The bank offers retail, corporate, treasury, and investment banking services that are applied in accordance with the principles of the Islamic “Sharia”, as well as all the bank’s operations and its transactions are audited by an independent “Sharia” supervisory Board. The Bank provides direct financing to companies and institutions that enjoy high creditworthiness and participates in the syndicated loans of economically feasible large projects that provide large employment opportunities

Al Baraka Bank Egypt is one of the banking subsidiaries of Al Baraka Group that takes Bahrain as its headquarters. The Group has a wide geographical presence in the form of subsidiary banking units and representative offices in 3 continents (14 countries), which in turn provide their services in more than over 600 branches. The headquarters of the group is located in Bahrain. Al Baraka Group has operations in Jordan, Egypt, Tunisia, Bahrain, Sudan, Turkey, South Africa, Algeria, Pakistan, Lebanon, Syria, and Germany, in addition to two branches in Iraq and a representative office in Libya

For further information please contact:

Mr. Nabil Al-Alami

E-mail: nalami@isdb.org