In Jeddah, on 5 November 2026, representatives of the Islamic Corporation for Private Sector Development (ICD), a branch of the Islamic Development Bank Group, and Uzbekistan’s digital banking arm Open Bank (Anorbank) met to sign a Shariah‑compliant financing agreement worth US$10 million. The contract is aimed at supporting private‑sector projects within Uzbekistan, especially small and medium‑sized enterprises, but also large firms seeking to expand their operations.
Background and Scope of the Financing
The agreement, witnessed by officials from the Islamic Development Bank Group’s headquarters in Jeddah, stipulates that the pledged funds will be channeled through Open Bank to eligible projects that conform to Islamic finance principles. It is designed to inject liquidity into the Uzbek economic fabric, with a particular focus on sectors capable of generating employment and driving sustainable growth.
ICD’s stance, as cited by the Saudi Press Agency, is that the deal furthers its commitment to extend Islamic financial services into Central Asia. By partnering with a digital bank that caters to both retail customers and small‑medium enterprises, the ICD hopes to make Islamic finance more accessible to businesses that traditionally face funding gaps.
Open Bank, described by the agency as a digital-focused institution, will serve as the distribution channel for the $10 million. Its client base includes retail consumers and SMEs, positioning it as a strategic partner for the ICD to reach diverse economic agents within Uzbekistan.
The finance structure, aligned with Shariah law, ensures that funds are allocated to projects that embody ethical and socially responsible principles. This approach reinforces the ICD’s broader developmental objectives and underscores a preference for projects that not only generate profit but also contribute to societal welfare.
The impact of such financing goes beyond mere capital injection. By prioritizing SMEs, the plan taps into the backbone of Uzbekistan’s private sector, where many businesses struggle to secure conventional loans from state banks. The ICD’s involvement paves the way for more inclusive growth and encourages investment in innovation and entrepreneurship.
According to the agency’s report, the agreement is a part of ICD’s broader strategy to broaden its Islamic finance footprint in the region. It also serves to strengthen bilateral economic ties between Saudi Arabia, through the Islamic Development Bank Group, and Uzbekistan, providing a financial bridge that could spur cross‑border trade and collaboration.
The $10 million fund is earmarked for projects that meet “eligible private‑sector” criteria, with ICD’s documentation outlining the specific eligibility parameters. These include ventures that can demonstrate a clear business model, comply with Islamic banking norms, and will potentially create stable, long‑term employment opportunities for local communities.
In the words of the reporting agency, the “funding mechanism seeks to direct resources toward productive sectors of the economy while adhering to Shariah principles.” Such alignment is meant to encourage responsible investment and reinforce sustainable development goals in the Uzbek economy.
As of the signing date, the arrangement signals ICD’s dedication to broadening access to Shariah-compliant finance in Central Asia. While the agreement is a contractual commitment between ICD and Open Bank, the project’s reach extends to private-sector stakeholders across Uzbekistan who stand to gain from enhanced capital availability and support for growth. The ICD’s partnership with a technology-driven bank reflects a modern approach to fostering financial inclusion in a rapidly changing economic landscape. The full implications of the deal will unfold as the funds are deployed and projects commence, potentially reshaping the funding ecosystem for Uzbek businesses in the years to come.
