JEDDAH, Saudi Arabia, July 2, 2026/APO Group/ —
- ICD, acting as Mandated Lead Arranger and Bookrunner, has structured and closed a USD 60 million Shariah-compliant Syndicated Financing Facility for Joint Stock Company “Asakabank” (“Asakabank”) of Uzbekistan, with an accordion feature to increase the facility size.
- The facility is structured in multiple tranches with different tenors, providing Asakabank with flexible, long-term access to Islamic financing.
- Boubyan Bank K.S.C.P. the Kuwaiti financial institution, participated as Joint-Lead Arranger. The transaction was further supported by the Islamic Corporation for the Insurance of Investment and Export Credit (“ICIEC”) through the provision of credit enhancement for participant (s).
The Islamic Corporation for the Development of the Private Sector (“ICD”) (www.ICD-PS.org), a multilateral development financial institution and the private sector arm of the Islamic Development Bank (IsDB) Group, is pleased to announce the successful closure of USD 60 million Shariah-compliant Syndicated Financing Facility for Joint Stock Company “Asakabank” (“Asakabank”), with an accordion feature to increase the facility size. This strategic collaboration is intended partnership between the two institutions aims to support the growth of private sector businesses in Uzbekistan by offering Shariah compliant financing, in addition to the general corporate requirements of Asakabank.
The syndicated financing facility was structured and led by ICD, acting as Mandated Lead Arranger, Bookrunner and Investment Agent. Boubyan Bank K.S.C.P. participated as Joint-Lead Arranger. The transaction was further supported by the Islamic Corporation for the Insurance of Investment and Export Credit (“ICIEC”) through the provision of credit enhancement for the participant (s). The participation of Boubyan Bank K.S.C.P, as the sole Kuwaiti financial institution in the syndication, demonstrates its continued commitment to innovative Shariah-compliant financing structures and regional private sector development. Its participation highlights the growing appetite among Islamic financial institutions for structured syndication opportunities supported by robust risk mitigation solutions.
The ICD remains committed to developing Shariah compliant financial channels in member countries to promote Islamic finance. This facility demonstrates the strong relationship of ICD, with other leading Islamic Financial Institutions in its ongoing efforts to mobilize resources in support of sustainable development of the private sector across its member countries.
Dr. Khalid Khalafalla, Acting CEO of ICD, stated “I am glad to announce this landmark financing facility, which is designed to promote the private sector projects in the Republic of Uzbekistan and to advance financing in full compliance with Shariah principles. This transaction also reflects ICD’s strong focus on mobilizing private sector resources, where for every dollar deployed by ICD, we have successfully mobilized an equivalent dollar from partner institution. Through this initiative, we aim to empower private sector projects, particularly corporates and SMEs, those having meaningful developmental impact on the economy of Uzbekistan.”
Mr. Surat Utkurovich Zakirov, Acting Chairman of the Board of Asakabank also stated “Asakabank is a rapidly growing full-service bank offering a wide range of products and solutions for both retail and corporate customers. With the recent introduction of Islamic banking legislation in Uzbekistan, we consider ICD as a strategic partner in Sharia-compliant financing for private sector and look forward to continuing our cooperation in the future”.
