ICD and ABDF launch Shariah-compliant SME financing program in Azerbaijan

The Islamic Corporation for the Development of the Private Sector (ICD) and Azerbaijan Business Development Fund (ABDF) signed an agreement to launch a Shariah-compliant SME financing program with up to AZN 200 million available from 2026 to 2028.
The program introduces local currency (AZN) financing for the first time, blending ABDF’s manat funds with ICD’s multi-currency resources to protect SMEs from foreign exchange risk.
Financing will be provided via Murabaha and will prioritise rural and liberated areas, women-led, youth-led, and green economy businesses.
The initiative aims to boost employment and foster a more inclusive economy by expanding access to sustainable financing for Azerbaijani SMEs.
This marks ICD’s first AZN-currency financing in Azerbaijan and its first formal partnership with ABDF, establishing a foundation for long-term collaboration.
The program supports ICD’s mandate to mobilise Islamic finance for private sector growth and inclusive prosperity across its member countries.