Innovative Financing Solutions Unveiled at the ICD's Local Currency Solutions for the Private Sector Development Event

Riyadh, Saudi Arabia – April 28th, 2024 – The Islamic Corporation for the Development of the Private Sector (ICD) is excited to announce the conclusion of its enlightening Annual Meeting Side Event, focusing on "Local Currency Solutions for Developmental Impact." This pioneering forum underscored the critical role of innovative financing in bolstering economic resilience, showcasing the ICD’s leadership in introducing local currency sukuk, such as the landmark Kazakh Tenge issuance.

The gathering illuminated the importance of sukuk in local currencies, drawing on insights from financial experts, legal consultants, and Multilateral Development Banks (MDBs) participants. It highlighted the nuanced challenges and burgeoning opportunities within local currency financing, fostering a dialogue on overcoming regulatory and market barriers.

Acknowledging the participants' commitment, the ICD is optimistic about the potential of local currency financing to empower economies while mitigating foreign exchange risks. This event sets a new benchmark in financial innovation, paving the way for more localized and sustainable economic solutions.

For more insights into the event and information on future initiatives, please visit the ICD's official website at and follow us on our social media channels: X (formerly Twitter) @icd_ps, LinkedIn @icdps, Facebook @icdps, and YouTube @icdps.


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. The mandate of ICD is to support economic development and promote the development of the private sector in its member countries through providing financing facilities and/or investments which are in accordance with the principles of Shariah. ICD also provides advice to governments and private organizations to encourage the establishment, expansion, and modernization of private enterprises. ICD is rated ‘A2’ by Moody’s, ‘A+’ by Fitch, and ‘A-’ by S&P. For more information, visit