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A service for banking industry professionals · Tuesday, October 16, 2018 · 465,202,723 Articles · 3+ Million Readers

ICD and FINOKO signed a MoU to cooperate in the establishment of the Islamic Microfinance Window

The Islamic Corporation for the Development of the Private Sector (“ICD”) (, the private sector arm of IDB Group, and FINOKO have entered into a Joint Strategic Collaboration to establish an Islamic Microfinance Window.

The CEO of ICD, Mr. Khaled Al Aboodi and Mr. Turan Ismayilov the Chief Executive Officer of FINOKO sign the Agreement during IDB 42nd annual meeting at hotel Hilton in Jeddah.

Mr. Khalid Al Aboodi, CEO of ICD stated, “ICD has always been interested about financial inclusion and measurable development impacts. This program will help cater the most vulnerable and target the most vulnerable and entrepreneurial class of clients. With the help of our partner ICD can become a pioneer promoter of Islamic Microfinance”.

Mr. Turan Ismayilov said, “We are happy to be the first MFI to receive advisory services from ICD on establishing an Islamic microfinance window and we are looking forward to more co-projects with ICD to assist FINOKO reach its target clients and strengthen our capabilities and resources”.

Distributed by APO on behalf of Islamic Corporation for the Development of the Private Sector (ICD).

Media Inquiries: Mr. Nabil El Alami Email: Fax: +966 12 6444427 Tel: +966 12 6468192

About Finoko: Non-Banking credit organization (NBCO) is a financial services company in Azerbijan that focuses on lending to households to meet their business and consumer needs. Licensed by the Central Bank on Sept. 2014 and operate through 3 branches. Finoko ( has created a criteria-based marker system which is easy and effective in evaluating a wide range of different businesses and consumers in their financial needs.  Only financially prudent/performing businesses and households are evaluated, ensuring that its recommendations make financial sense. 

About the Islamic Corporation for the Development of the Private Sector: ICD is a multilateral organization and a member of the Islamic Development Bank (IDB) Group. The mandate of ICD is to support economic development and promote the development of the private sector in its member countries through providing financing facilities and/or investments which are in accordance with the principles of Shari’ah. ICD also provides advice to governments and private organizations to encourage the establishment, expansion and modernization of private enterprises. ICD is rated AA/F1+ by Fitch and Aa3/P1 by Moody’s. For more information visit

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