ASTANA, Kazakhstan, July 26. The Islamic Corporation for the Development of the Private Sector (ICD) provided a Shari’ah-compliant financing (Islamic finance) facility worth 2.4 billion tenge ($4.4 million) to Kazakhstan Ijara Company (KIC) in 2024 to support private businesses, with a strong focus on small and medium-sized enterprises (SMEs), Trend reports via the ICD.
To make the funds available in local currency, ICD used an Islamic cross-currency swap. This allowed KIC to receive financing in tenge at stable, fixed costs, while ICD continued to receive repayments in US. dollars. The structure supports financial inclusion and expands ICD’s portfolio of local currency solutions in emerging markets.
This was ICD’s second major local currency operation in Kazakhstan, following the successful issuance of a 2 billion tenge ($3.6 million) Sukuk in 2023. Both initiatives reflect ICD’s commitment to supporting sustainable development and promoting Islamic finance in its member countries.
The ICD, based in Jeddah, is part of the Islamic Development Bank (IsDB) Group. Established in 1999, the institution aims to support private sector growth in its 56 member countries. It focuses on projects that create jobs, boost exports, and expand Islamic finance, while encouraging cross-border investment and cooperation with both international and local financial institutions.
