- ICD and JSC Open Bank (Uzbekistan) have signed an Expression of Intent for a potential Shariah-compliant Line of Financing facility of up to USD 10 million
- The facility aims to channel funds to eligible private sector projects, including SMEs and corporates across Uzbekistan
- The potential Line of Financing facility intends to support job creation and SME growth, contributing to broader economic development in Uzbekistan
- Open Bank, a privately owned digital bank licensed by the Central Bank of Uzbekistan, will serve as the intermediary institution to channel the funds to private enterprises
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) Group, and Joint Stock Company “Open Bank” (Open Bank) from Uzbekistan have signed an Expression of Intent (EoI) in Jeddah, Saudi Arabia, on 26 October 2026, for a potential Shariah-compliant Line of Financing (LoF) facility of up to USD 10 million, aimed at supporting eligible private sector projects in the Republic of Uzbekistan.
The EoI sets out the intent to establish a Shariah-compliant LoF facility of up to USD 10 million from ICD to Open Bank to be deployed for the onward financing of eligible private sector projects, including small and medium-sized enterprises (SMEs) and corporates operating in the Republic of Uzbekistan. The facility is designed to ensure that financing reaches productive segments of the economy in a manner consistent with Shariah principles and in line with the development objectives of ICD and Uzbekistan.
The intended facility reflects ICD’s commitment to expanding access to Shariah-compliant financial services in Central Asia. By working through Open Bank, a digitally oriented institution with a focus on retail and SME customers, the proposed LoF aims to direct resources toward businesses that can generate meaningful employment opportunities and contribute to sustainable economic growth in Uzbekistan. SME support of this nature plays an important role in strengthening the private sector and broadening economic participation across the country.
ICD’s development mandate centers on advancing private sector growth and improving livelihoods in its member countries through Shariah-compliant financing solutions. The intended LoF with Open Bank aims to contribute to job creation and SME support in Uzbekistan, outcomes that align with ICD’s broader objective of fostering inclusive and sustainable economic development across the IsDB Group’s member countries.
Distributed by APO Group on behalf of Islamic Corporation for the Development of the Private Sector (ICD).
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icd.communication@isdb.org
About:
JSC Open Bank is a privately owned digital Islamic bank in Uzbekistan headquartered in Tashkent. Licensed by the Central Bank of Uzbekistan in 2022 (formerly operating as Smart Bank), the institution was rebranded as OpenBank in 2025. The bank focuses on digital banking and Shariah-compliant financial services for retail and SME customers and is wholly owned by Future Open Technology Group JSC. Open Bank has received Uzbekistan’s first license to conduct Islamic banking operations, following a decision by the Central Bank of Uzbekistan on 23 October 2026 and became the first Islamic bank in Uzbekistan.
About the Islamic Corporation for the Development of the Private Sector:
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 and investment assistance to private sector projects in accordance with Shariah principles. With an authorized capital of USD 4 billion and more than 26 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).
