Azerbaijan Business Development Fund (ABDF) and the Islamic Corporation for the Development of the Private Sector (ICD) have signed a Framework Agency (Wakala) Agreement.

Signed during the Private Sector Forum held as part of the Islamic Development Bank (IsDB) Group Annual Meetings in Baku, the agreement is expected to accelerate the development of Islamic finance in Azerbaijan while expanding access to funding for entrepreneurs seeking alternative financial resources.

Under the new cooperation model, a joint mechanism involving ICD, ABDF, and local banks will be established. Acting as the principal Wakeel, ICD will assess local banks and establish financing lines with selected institutions in accordance with Islamic finance principles.

ICD, a member of the Islamic Development Bank Group, is an international financial institution that supports private sector development across its member countries. It specialises in financing high-potential projects, developing Islamic finance and capital markets, and providing advisory services to both public and private sector entities.