The program aims to expand long-term Islamic financing for SMEs and private sector businesses across Central Asia and Turkic regions, driving inclusive growth, employment, and financial access in underserved markets
BAKU, Azerbaijan, June 17, 2026/APO Group/ —
- ICD and the Turkic Investment Fund (TIF) signed a USD 50 million Managed Islamic Co-Financing Program (MICFP) on 17 June 2026 in Baku during the Private Sector Forum.
- Under a Framework Agreement, ICD will act as agent to manage Shariah-compliant financing opportunities in Central Asian and Turkic member countries.
- TIF’s USD 50 million will support SMEs and private sector businesses in markets with limited access to long-term Islamic development finance.
- This first ICD–TIF partnership establishes TIF as an anchor institutional partner in ICD’s capital mobilization platform.
The Islamic Corporation for the Development of the Private Sector (ICD) (www.ICD-ps.org) and the Turkic Investment Fund (TIF) signed a USD 50 million Managed Islamic Co-Financing Program (MICFP) on the margins of the IsDB Group Annual Meeting Private Sector Forum in Baku.
Under the Framework Agreement, ICD will act as managing agent to source, structure, and deploy Shariah-compliant financing across its LOF pipeline in Turkic and Central Asian member countries, with TIF committing USD 50 million over 2026–2028.
The MICFP advances ICD’s strategy to attract institutional investors, such as development funds, sovereign funds, commercial banks, pension funds, and takaful providers, to co-invest alongside ICD. The framework gives TIF access to a diversified portfolio of Shariah-compliant transactions in markets where ICD has deep operational expertise.
The program aims to expand long-term Islamic financing for SMEs and private sector businesses across Central Asia and Turkic regions, driving inclusive growth, employment, and financial access in underserved markets. TIF becomes an anchor institutional partner within ICD’s capital mobilization platform.
Distributed by APO Group on behalf of Islamic Corporation for the Development of the Private Sector (ICD).
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About the Turkic Investment Fund:
The Turkic Investment Fund (TIF) is the first dedicated international financial institution jointly established by the Turkic states, focusing on fostering economic cooperation, increasing intra-regional trade, and sustainable development across the Turkic world. Established by an agreement signed at the Extraordinary Summit of the Organization of Turkic States (OTS) in Ankara on March 16, 2023, TIF operates with a total authorized capital of USD 600 million and currently comprises six member states — Azerbaijan, Hungary, Kazakhstan, the Kyrgyz Republic, Türkiye, and Uzbekistan. Headquartered in Istanbul, the Fund’s mission is to enhance economic cooperation, boost intra-regional trade, and support sustainable development across the Turkic world. Having transitioned from its establishment phase to full operationalization in early 2026, TIF has begun conducting initial discussions with regional and international financial institutions to lay the groundwork for co-financing partnerships, positioning it as a key multilateral platform for channeling capital into high-impact, cross-border projects across the Turkic region. For more information, visit https://TurkicFund.org/.
About ICD:
The Islamic Corporation for the Development of the Private Sector (ICD) is a multilateral development finance institution and member of the Islamic Development Bank (IsDB) Group. Established in November 1999 and headquartered in Jeddah, Saudi Arabia, ICD supports economic development in its 56 member countries by providing financial assistance to private sector projects in accordance with Shariah principles. With an authorized capital of USD 4.0 billion and more than 25 years of operational excellence, ICD complements IsDB’s activities by promoting capital market development, best management practices, and enhancing the role of market economies. ICD holds strong credit ratings of A2 by Moody’s, A+ by Fitch, and A by S&P. For more information, visit www.ICD-ps.org
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