BAKU, Azerbaijan, November 2. The Islamic
Corporation for the Development of the Private Sector (ICD), the
private sector arm of the Islamic Development Bank (IsDB) Group,
and Joint Stock Company "Open Bank" (Open Bank) from Uzbekistan
have signed an Expression of Intent (EoI) in Jeddah, Saudi Arabia,
on October 26, 2026, for a potential Shariah-compliant Line of
Financing (LoF) facility of up to $10 million, aimed at supporting
eligible private sector projects in the Republic of Uzbekistan.
The EoI sets out the intent to establish a Shariah-compliant LoF
facility of up to $10 million from ICD to Open Bank to be deployed
for the onward financing of eligible private sector projects,
including small and medium-sized enterprises (SMEs) and corporates
operating in the Republic of Uzbekistan. The facility is designed
to ensure that financing reaches productive segments of the economy
in a manner consistent with Shariah principles and in line with the
development objectives of ICD and Uzbekistan.
The intended facility reflects ICD's commitment to expanding
access to Shariah-compliant financial services in Central Asia. By
working through Open Bank, a digitally oriented institution with a
focus on retail and SME customers, the proposed LoF aims to direct
resources toward businesses that can generate meaningful employment
opportunities and contribute to sustainable economic growth in
Uzbekistan. SME support of this nature plays an important role in
strengthening the private sector and broadening economic
participation across the country.
ICD's development mandate centers on advancing private sector
growth and improving livelihoods in its member countries through
Shariah-compliant financing solutions. The intended LoF with Open
Bank aims to contribute to job creation and SME support in
Uzbekistan, outcomes that align with ICD's broader objective of
fostering inclusive and sustainable economic development across the
IsDB Group's member countries.
