by Nathan Kiplagat -

MICROCAPITAL BRIEF: Islamic Development Bank (IsDB), SCIEF Launch $30k Changemakers Competition for Shariah-compliant Fintech, Microfinance, “Creative Economy”

The Islamic Development Bank (IsDB), a multilateral development finance institution based in Saudi Arabia, recently partnered with the Saudi-Spanish Center for Islamic Economics and Finance (SCIEF), which is based in Spain, to launch the Islamic Finance Changemakers Competition. Applications are open to participants in

by Nicholas Galimberti -

MICROCAPITAL BRIEF: Islamic Corporation for the Development of the Private Sector (ICD) Loans $7m to Trustbank of Uzbekistan to Launch Shariah-compliant Services for Small, Medium-sized Enterprises (SMEs)

The Islamic Corporation for the Development of the Private Sector (ICD), a unit of the Islamic Development Bank (IsDB) Group, recently loaned USD 7 million to Private Joint Stock Trustbank, a commercial bank in Uzbekistan, for it to roll out Shariah-compliant financial products

by Kevin van den Brink -

MICROCAPITAL BRIEF: Central Bank of West African States, Islamic Corporation for the Development of the Private Sector to invest $30m in Small, Medium-sized Enterprises (SMEs)

Banque Centrale des Etats de L’Afrique (BCEAO), the central bank for eight West African countries, and the Islamic Corporation for the Development of the Private Sector (ICD), a development finance institution affiliated with the Saudi Arabia-based Islamic Development Bank, recently agreed to provide USD 30 million to small and medium-sized enterprises (SMEs) in the West African Economic and Monetary Union (WAEMU).

by Jessica Woodlock -

MICROCAPITAL STORY: $10b Islamic Solidarity Fund for Development Programs Approved with Goals to Reduce Illiteracy and Poverty throughout the Muslim World Focused on Microfinance

The Islamic Development Bank (ISD), a multilateral development financing institution founded in 1975 out of Jeddah, Saudi Arabia announced the implementation of a five year plan to eliminate poverty, reduce illiteracy and fight contagious diseases throughout the Muslim world. The Islamic Solidarity Fund for Development, a USD 10 billion fund will fuel the development of two programs; the Vocational Literacy Program for Poverty Alleviation (VOLIP) and the Microfinance Support Program (MFSP). Both programs will target pockets of poverty throughout the 56 member nations of the ISD which include developing nations in Africa, the Middle East, Asia and the Commonwealth of Independent States. The primary use of funds, however, will target the poorest ISD states, 80 percent of which are located in Sub-Sahara Africa.