- ICD and TuranBank signed an Expression of Intent for a proposed USD 15 million Shariah-compliant Line of Finance in Azerbaijan.
- The financing will support onward lending to private sector projects, focusing on SME development.
- The signing took place on 17 June 2026 in Baku, on the sidelines of the IsDB Annual Meeting Private Sector Forum.
- This engagement deepens a decade-long relationship, with total ICD commitments to TuranBank exceeding USD 33 million across four deals.
The Islamic Corporation for the Development of the Private Sector (ICD) (www.ICD-ps.org) and TuranBank OJSC signed an Expression of Intent for a proposed USD 15 million Shariah-compliant Line of Finance to support private sector projects in Azerbaijan. The signing took place on the opening of the Private Sector Forum alongside with IsDB Group Annual Meetings.
The proposed facility, subject to due diligence and internal approvals, will be extended to TuranBank for onward financing to eligible SMEs. As a mid-tier commercial bank with strong expertise in MSME and SME financing, TuranBank is well-positioned to deploy the funds effectively through its existing infrastructure.
The facility supports Azerbaijan’s SME sector by bridging financing gaps for smaller enterprises. ICD aims to reach a significant number of SMEs across the country through TuranBank,
ICD’s engagement with TuranBank dates back to 2006, with cumulative commitments exceeding USD 33 million, including a USD 15 million Line of Finance concluded in September 2025. This Expression of Intent signals a deepening of that long-standing partnership.
The transaction advances ICD’s mandate to mobilize Shariah-compliant financing for private sector growth, employment, and economic resilience across its 56 member countries.
Distributed by APO Group on behalf of Islamic Corporation for the Development of the Private Sector (ICD).
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About TuranBank OJSC:
TuranBank OJSC is a mid-tier commercial bank in Azerbaijan with a pronounced focus on MSME and SME financing. As of Q3 2025, the Bank reported total assets of AZN 893 million and a loan portfolio of AZN 696 million, with operating profit growing 57% year-on-year in H1 2025. TuranBank maintains an active international partnership profile, having secured financing from ADB, BlueOrchard, and ICD, the latter extending a USD 15 million Line of Finance in September 2025 for a five-year term to support SME lending in Azerbaijan. The Bank has also demonstrated a commitment to digital transformation through the launch of Open Banking functionality and was recognised as the winner of the “Best SME Deal of the Year” at the ADB’s Trade and Supply Chain Finance Program Awards in Singapore. TuranBank represents a credible, growth-oriented second-tier institution with a clear strategic niche and strengthening DFI relationships. For more information, visit www.Turanbank.az.
About ICD:
The Islamic Corporation for the Development of the Private Sector (ICD) is a multilateral development finance institution and member of the Islamic Development Bank (IsDB) Group. Established in November 1999 and headquartered in Jeddah, Saudi Arabia, ICD supports economic development in its 56 member countries by providing financial assistance to private sector projects in accordance with Shariah principles. With an authorized capital of USD 4.0 billion and more than 25 years of operational excellence, ICD complements IsDB’s activities by promoting capital market development, best management practices, and enhancing the role of market economies. ICD holds strong credit ratings of A2 by Moody’s, A+ by Fitch, and A by S&P. For more information, visit www.ICD-ps.org and follow ICD on X (@icd_ps), LinkedIn (@icdps), Facebook (@icdps), and YouTube (@icdps).