Islamic Corporation for the Development of the Private Sector

CEO Ayman Amin Sejiny leads the institution's overall strategy and investment decisions, supported by a senior management team that reports to a Board of Governors representing IsDB member countries. Investment committees review individual transactions for Shariah compliance and developmental impact before board approval.

ICD sources opportunities through in-country offices, relationships with local Islamic banks, and co-financing partnerships with other multilateral development finance institutions. Its mandate to serve underserved SMEs in frontier markets means origination often occurs through direct outreach rather than competitive auctions.

ICD primarily executes direct transactions: lines of financing to financial intermediaries, direct equity stakes in companies, and advisory mandates. It does not operate a fund-of-funds program in the traditional sense, though its financing to Islamic banks indirectly supports those banks' own SME lending portfolios.

ICD operates across IsDB's 55 member countries, with significant activity in Sub-Saharan Africa, the Middle East and North Africa, and Central Asia. Key markets include Senegal, Uzbekistan, Bangladesh, Egypt, and Nigeria — regions where Shariah-compliant private-sector financing remains structurally undersupplied.

ICD is one of five entities within the Islamic Development Bank Group, created in 1999 specifically to focus on private-sector development. While IsDB itself lends primarily to sovereign governments, ICD targets private enterprises directly — a division of labor that mirrors the World Bank / IFC relationship.