On 5 November 2026, the Islamic Corporation for Private Sector Development (ICD) announced that it had signed a Shariah‑compliant $10 million financing agreement with Open Bank—also called Anorbank—of Uzbekistan in Jeddah, Saudi Arabia. The deal was formalized at ICD’s headquarters on the premises of the Islamic Development Bank Group.
Agreement Details
According to the Saudi Press Agency, the financing arrangement is structured to support eligible private‑sector projects in Uzbekistan, with a particular focus on small and medium‑sized enterprises (SMEs) as well as larger firms operating in the country. ICD’s spokesperson emphasized that the agreement aligns with the bank group’s mission to expand its Islamic finance footprint across Central Asia. The partnership is intended to provide a pool of Shariah‑compliant capital that can be mobilized for projects that meet the criteria outlined in the financing documentation.
Both parties indicated that the agreement will provide funding that is compatible with Islamic banking principles, ensuring that the financing structure avoids interest (riba) and instead relies on profit‑sharing or other permissible mechanisms. The scholarship in the announcement highlights how the IPO will create a channel for private‑sector capital to reach a broader spectrum of enterprises in Uzbekistan, a strategy that targets economic diversification beyond traditional exports.
Strategic Context
ICD, the private sector arm of the Islamic Development Bank Group, has long pursued a strategy of increasing its presence in emerging markets by offering structured Islamic finance solutions. The Saudi Press Agency noted that the $10 million tripartite agreement represents a tangible step toward deepening financial inclusion, especially for smaller businesses that historically face obstacles accessing conventional financing.
Open Bank, described in the agency’s coverage as a digital bank focused on retail and SME customers, is positioned to use ICD’s capital to scale its digital platform offerings and broaden its customer base. The agreement reflects the bank’s ambitions to support entrepreneurship and job creation in Uzbekistan’s growing economy, delivering financial products that meet the country’s regulatory framework and consumer preferences.
From a macroeconomic perspective, the deal is part of a broader trend of increased Islamic finance activities in the region. The initiative is expected to encourage private‑sector investment and potentially stimulate further foreign capital inflows. It also demonstrates the inter‑regional cooperation between financial institutions that prioritize compliance with Shariah principles.
In summary, the Saudi Press Agency reported that the $10 million agreement between ICD and Open Bank marks a focused effort to channel Shariah‑compliant resources into the Uzbek private sector, aiming to enhance economic growth, enterprise development, and employment opportunities in the country.
