Signing of the USD 10 Million Line of Financing Agreement between The Islamic Corporation for The Development of The Private Sector (ICD) and the State Bank for Foreign Economic Affairs of Turkmenistan

The Islamic Corporation for the Development of the Private Sector (ICD) (www.ICD-ps.org), the private sector arm of the Islamic Development Bank (IsDB), signed a USD 10 Million Line of Financing Agreement with the State Bank for Foreign Economic Affairs of Turkmenistan (SBFEAT).

H.E. Mr. Rahimberdi J. Jepbarov, Chairman of SBFEAT) and Mr. Samir Taghiyev, Senior Relationship Manager for CIS Region at ICD, on behalf of the CEO, Mr. Ayman Sejiny, signed the Line of Financing Agreement for a USD 10 million facility during the First Caspian Economic Forum held in Avaza, Turkmenistan on August 12, 2019.

The USD 10 million Shari’ah – compliant Line of Financing facility based on Wakala structure will be utilized by SBFEAT to provide financial support to the private sector in Turkmenistan, including Small and Medium Enterprises (SMEs) through Islamic modes of financing.

This financing is the first Shari’ah – compliant facility for SBFEAT, which will enable the SBFEAT to offer Shari’ah-compliant products along with other banking services.

Source: Islamic Corporation for the Development of the Private Sector (ICD)