Islamic Corporation for the Development of the Private Sector

Overview

The Islamic Corporation for the Development of the Private Sector (ICD) is a multilateral development financial institution established in November 1999 as part of the Islamic Development Bank (IsDB) Group. Based in Jeddah, Saudi Arabia, ICD's mission is to promote economic development in its member countries by providing financing for private sector projects, fostering competition and entrepreneurship, and encouraging cross-border investments. With an authorized capital of $4 billion, ICD's shareholders include the IsDB, 56 Islamic countries, and five public financial institutions. ICD offers a range of financial products, including equity investments, term financing, and quasi-equity instruments, all in compliance with Shari'ah principles. The institution focuses on sectors such as infrastructure, real estate, healthcare, education, agriculture, energy, telecommunications, transportation, manufacturing, tourism, media, technology, retail, construction, and more. ICD's investment strategy encompasses various stages, from early-stage ventures to buyouts and distressed assets, aiming to support projects that contribute to sustainable economic growth and job creation. Over the years, ICD has played a significant role in mobilizing capital for private sector development, complementing the activities of the IsDB and national financial institutions. By providing financing and advisory services, ICD has contributed to the establishment, expansion, and modernization of private sector enterprises across its member countries, thereby enhancing the role of the market economy and promoting the development of Islamic finance.