ICD-PS
ICD-PS is a multilateral Shariah-compliant development finance institution within the IsDB Group that provides project financing, equity investments, lines of finance, and trade finance to SMEs, large corporates, and financial institutions across 56 member countries.
- Company typePrivate
- Founded1999
- HeadquartersJeddah, Saudi Arabia
- Headcount251–500
- GTM typeB2B
- OfferingServices
What ICD-PS does
The Islamic Corporation for the Development of the Private Sector (ICD-PS) is a multilateral development financial institution established in 1999 and headquartered in Jeddah, Saudi Arabia, operating as a member of the Islamic Development Bank (IsDB) Group. ICD's mandate is to finance private sector development across its 56 member countries spanning Africa, the Middle East, Asia, CIS, and Europe using Shariah-compliant instruments. The institution is backed by $4 billion in authorized capital and has cumulatively approved approximately $7.58 billion across 575+ projects, reaching 42,365 MSMEs and over 1,042,311 clients since inception.
ICD's core product suite comprises four pillars: (1) Lines of Finance extended to financial institutions via Wakala, Murabaha, and Commodity Murabaha structures; (2) Equity Investments in banking and non-banking financial institutions; (3) Infrastructure & Corporate Finance covering infrastructure, energy, transportation, manufacturing, agribusiness, health, and education sectors with typical tickets of USD 20-40 million; and (4) a Sukuk Programme through which ICD issued a $500 million trust certificate in 2025. Adjacent services include Sukuk Advisory, the Managed Islamic Co-Financing Program (MICFP), a free e-learning center, and the ICD Global Hub digital platform. Distribution is hybrid: direct enterprise engagement for large projects plus a two-tier channel model that on-lends through partner banks (e.g., TuranBank, NEXIM, Al Salam Bank, KAZAGROFINANCE) and regional development funds (e.g., ABDF, DAMU, FSA).
Revenue is generated through profit rates on financing facilities, dividends and capital gains on equity investments, and arrangement or co-financing fees, with terms negotiated project-by-project at concessional, market-based rates. Customer segments span SMEs, large private sector enterprises, and financial institutions across the 56 member countries. ICD does not publish revenue figures; ownership rests with the IsDB, 56 member countries, and five public financial institutions, and the institution is not listed on any exchange. The organization is led by Acting CEO Dr. Khalid Khalafalla and governed by a Board of Directors chaired by H.E. Dr. Muhammad Sulaiman Al Jasser.
ICD-PS firmographics
Firmographics- Name
- ICD-PS
- Legal name
- Islamic Corporation for the Development of the Private Sector
- Website
- https://icd-ps.org
- Company type
- Private
- Founded year
- 1999
- Operating status
- Operating
- Headcount range
- 251–500 employees
- Short description
- ICD-PS is a multilateral Shariah-compliant development finance institution within the IsDB Group that provides project financing, equity investments, lines of finance, and trade finance to SMEs, large corporates, and financial institutions across 56 member countries.
- Ownership category
- akta.pro rank
ICD-PS industry classification
Industry- Product category
- Multilateral Development Finance
- NAICS
- Investment Banking and Securities Intermediation (523150)
- SIC
- Finance Services (6199)
- akta.pro primary industry
- Shariah-compliant Financing Products (Murabaha, Ijara, Tawarruq, Istisna, Salam) (FSABAGAH)
- akta.pro secondary industries
- Sukuk Origination & Structuring (Bank-led) (FSABAGAL), Islamic Investment Banking & Capital Markets Services (FSABAGAG)
Keywords
Where ICD-PS is headquartered
LocationHeadquarters
- HQ city
- Jeddah
- HQ country
- Saudi Arabia
- HQ region
- Middle East
Offices1 record
Markets served
ICD-PS business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Technology or R&D, Marketing or Sales, Others
Revenue model
- Project Financing: ICD provides medium to long-term financing for private sector projects including term financing, bridging financing, and working capital facilities. Revenue is generated through interest/profit rates on loans extended to qualifying projects.
- Equity Investments: ICD makes equity investments in private sector companies through direct shareholding and investment funds. Returns are generated through dividends, capital gains on exits, and portfolio appreciation.
- Lines of Finance: ICD extends credit lines to partner financial institutions (banks, microfinance institutions, SME funds) who on-lend to end borrowers. Revenue is generated through interest margins and arrangement fees.
- Trade Finance: Islamic trade finance solutions including letters of credit, supplier financing, and buyer financing to support cross-border trade among member countries.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Transaction based/ take rate | Multi-year contract | Project-specific financing rates |
Go-to-market motion3 records
Distribution channels3 records
Marketing channels8 records
ICD-PS product offering
Product offeringCore offering
ICD is a multilateral development financial institution that provides Shariah-compliant Lines of Finance, equity investments, and infrastructure & corporate finance to private sector enterprises across its 56 member countries. Revenue is generated through profit/interest margins on financing facilities (Murabaha, Wakala, Commodity Murabaha, Istisnaa, leasing) and through returns on direct equity investments. Capital is raised through a Trust Certificate (Sukuk) Programme and co-financing arrangements under the Managed Islamic Co-Financing Program.
Product overview
ICD-PS offers a comprehensive suite of Shariah-compliant financial products and services as a multilateral development finance institution. The core offerings include: Line of Finance (medium to long-term financing via Wakala, Murabaha, and Commodity Murabaha instruments), Equity Investments (equity participation in banking and non-banking institutions), Infrastructure & Corporate Finance (project financing from USD 20-40 million), and the Sukuk Programme (trust certificate issuances). Additional services include sukuk advisory, the Managed Islamic Co-Financing Program, and a Learning Center with entrepreneurship courses. The ICD Global Hub serves as the digital platform for stakeholder engagement and resource access. All offerings are aligned with Islamic finance principles and target private sector development across 56 member countries.
Differentiator
Problem solved
Functional benefit
Products and services
- Line of Finance Shariah-compliant medium to long-term financing facilities extended to financial institutions for on-lending to private sector enterprises in member countries. Offered through Wakala, Murabaha, and Commodity Murabaha instruments. For financial institutions, banks, microfinance institutions, and SME funds operating across ICD's 56 member countries.
- Equity Investments Equity participation in banking and non-banking financial institutions to strengthen the Islamic banking industry and support private sector development across ICD's member countries. Returns are generated through dividends, capital gains on exits, and portfolio appreciation.
- Infrastructure & Corporate Finance Financing for bankable corporate and infrastructure projects supporting private sector participation in economic growth. Covers infrastructure, power & renewable energy, transportation, water, manufacturing, agribusiness, health and education sectors. Typical ticket size ranges from USD 20 to 40 million per transaction.
- Sukuk (Trust Certificate) Programme Trust Certificate (Sukuk) Programme enabling ICD to raise capital through Shariah-compliant sukuk issuances. ICD completed a USD 500 million sukuk issuance under this programme to fund private sector development across member countries.
- Managed Islamic Co-Financing Program (MICFP) Framework under which ICD acts as managing agent to source, structure, and deploy Shariah-compliant financing across member countries, attracting institutional investors to co-invest alongside ICD in private sector development transactions.
- Learning Center Free online entrepreneurship courses provided in collaboration with Bpifrance-university, covering digital transformation, strategic development, finance, international business, HR management, marketing, supply chain, and CSR. Targeted at entrepreneurs and SMEs in ICD's member countries.
- Sukuk Advisory Services Advisory services on sukuk structures and capital raising support for member countries, helping upgrade credit ratings and expand sukuk issuance opportunities. For sovereign and quasi-sovereign issuers in member countries.
Quantifiable outcome
- $7.58 billion in cumulative approvals across 575+ interventions
Companies that use ICD-PS
Customer profileNamed customers3 records
Segments3 records
Ideal customer profiles3 records
ICD-PS technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
ICD-PS partnerships and signals
Strategic signalPartnerships
Eleven partnerships are on record, tiered core and minor.
- SOCAR (State Oil Company of Azerbaijan Republic)coreStrategic partnership with Azerbaijan's state oil company for financing energy sector projects and infrastructure development in Azerbaijan.
- ICIEC (Islamic Corporation for the Insurance of Investment and Export Credit)corePartnership within the IsDB Group for co-financing transactions and providing comprehensive risk management solutions including export credit and investment insurance.
- Azerbaijan Business Development Fund (ABDF)coreLines of finance extended to ABDF for on-lending to SMEs in Azerbaijan. ABDF serves as the channel partner for reaching small and medium enterprises.
- Turkic Investment Fund (TIF)coreCo-investment partnership for Turkic region projects, combining ICD financing with TIF investment capabilities for regional development initiatives.
- TuranBankminorBanking partner for trade finance and commercial lending operations in Azerbaijan.
- The Currency Exchange Fund (TCX)minorCurrency risk management partnership providing hedging solutions for cross-border Islamic finance transactions.
- Nigerian Export-Import Bank (NEXIM)corePartnership for providing trade finance and export credit facilities to support private sector development in Nigeria.
- Al Salam Bank of BahraincoreIslamic banking partnership for financing operations and investment opportunities in the Gulf region.
- DAMU Entrepreneurship Development Fund (Kazakhstan)coreLines of finance extended to DAMU for SME lending in Kazakhstan, focusing on entrepreneurial development and small business financing.
- KAZAGROFINANCE JSCcoreAgricultural finance partnership for financing agricultural equipment and agribusiness development in Kazakhstan.
- African Solidarity Fund (FSA)coreCo-financing partnership for African private sector development, combining resources for impactful investment across the continent.
Scale indicators4 records
Recent moves6 records
Expansion highlights6 records
ICD-PS competitors and assessment
Company assessmentDirect peers
- International Finance Corporation (IFC): The private-sector arm of the World Bank Group, IFC provides equity, loans, and advisory services to private enterprises in emerging markets. It is the most direct comparable to ICD given its similar mandate of mobilizing private capital for development, though IFC operates globally with a much larger capital base and conventional (non-Shariah) instruments.
- FMO (Dutch Entrepreneurial Development Bank): The Netherlands' development finance institution investing in private sector projects across developing and emerging markets. Comparable to ICD in mandate, deal sizes, and sector mix (financial institutions, infrastructure, agribusiness), though FMO focuses on conventional financing and a different geography (Africa, Asia, Latin America).
- British International Investment (BII, formerly CDC Group): UK's development finance institution investing in businesses across Africa and South Asia with a similar mandate to ICD of supporting private sector development. Both institutions use lines of finance through partner banks, equity investments, and direct project financing across comparable sectors.
- DEG (Deutsche Investitions- und Entwicklungsgesellschaft): German development finance institution providing long-term financing to private enterprises in developing countries. Directly comparable to ICD's infrastructure and corporate finance products, with similar ticket sizes and partner-bank distribution model across emerging markets.
- Proparco: French development finance institution focused on private sector development in Africa, Asia, Latin America, and the Middle East. Comparable to ICD in product mix (lines of finance, equity, project finance) and geographic focus on emerging markets, though operating under a non-Islamic finance framework.
Broad incumbents
- Islamic Development Bank (IsDB): Parent entity of ICD within the IsDB Group. IsDB provides broader sovereign lending and project financing across 57 member countries, while ICD focuses specifically on private-sector development. They are sister institutions in the same group with overlapping but differentiated mandates.
- International Islamic Trade Finance Corporation (ITFC): Sister entity within the IsDB Group focused specifically on Shariah-compliant trade finance. ITFC overlaps with ICD's trade finance product line but operates as a separate entity with its own mandate, capital base, and member-country focus.
- Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC): Sister entity within the IsDB Group providing export credit and investment insurance. ICIEC's current Acting CEO (Dr. Khalafalla) also leads ICD, making them closely coordinated. They complement ICD's financing with risk-mitigation services across the same member-country footprint.
- OPEC Fund for International Development: Multilateral development finance institution providing concessional loans, grants, and private sector financing to non-OPEC developing countries. Comparable development mandate but broader geographic scope and non-Islamic financing instruments.
Regional players
- African Development Bank (AfDB): Continental development bank financing private and public sector projects across 54 African countries. Overlaps with ICD's African portfolio (Senegal, Mali, Nigeria, Côte d'Ivoire, Egypt, Morocco) but focuses on broader development goals including public infrastructure, while ICD specifically targets Islamic-compliant private sector investments.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks5 records
Key highlights7 records
Customer concentration
ICD-PS social profiles
Digital presenceICD-PS financial estimates
Financial estimateRevenue estimate
Valuation estimate
ICD-PS leadership team
Management profileNumber of profiles
Profiles25 records
ICD-PS funding detail
Funding detailFunding overview
Funding rounds1 record
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
ICD-PS M&A and investment
M&A and investmentM&A
Investments13 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about ICD-PS
What does ICD-PS do?
ICD is a multilateral development financial institution that provides Shariah-compliant Lines of Finance, equity investments, and infrastructure & corporate finance to private sector enterprises across its 56 member countries. Revenue is generated through profit/interest margins on financing facilities (Murabaha, Wakala, Commodity Murabaha, Istisnaa, leasing) and through returns on direct equity investments. Capital is raised through a Trust Certificate (Sukuk) Programme and co-financing arrangements under the Managed Islamic Co-Financing Program.
Is ICD-PS a public or private company?
ICD-PS is a private company. It is classified as state government owned and is currently operating.
When was ICD-PS founded?
ICD-PS was founded in 1999. It employs 251 to 500 people.
Where is ICD-PS based?
ICD-PS is headquartered in Jeddah, Saudi Arabia, in the Middle East region.
How does ICD-PS make money?
Four revenue lines are on record. Project Financing is the primary driver. The others are equity Investments, lines of Finance and trade Finance.
Who are ICD-PS's main competitors?
Direct peers on record are International Finance Corporation (IFC), FMO (Dutch Entrepreneurial Development Bank), British International Investment (BII, formerly CDC Group), DEG (Deutsche Investitions- und Entwicklungsgesellschaft) and Proparco. Broad incumbents are Islamic Development Bank (IsDB), International Islamic Trade Finance Corporation (ITFC), Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) and OPEC Fund for International Development. African Development Bank (AfDB) is listed as a regional player.
Does ICD-PS have an API?
No public API is recorded for ICD-PS.
What industry is ICD-PS in?
ICD-PS's product category is Multilateral Development Finance. Its primary akta.pro industry code is FSABAGAH, Shariah-compliant Financing Products (Murabaha, Ijara, Tawarruq, Istisna, Salam), with a secondary code of FSABAGAL, Sukuk Origination & Structuring (Bank-led). Its NAICS code is 523150 and its SIC code is 6199.