The Chief Executive Officer of the Islamic Corporation for the Development of the Private sector (ICD) (www.ICD-ps.org), the private sector arm of IsDB Group (www.IsDB.org), Mr. Khaled Al-Aboodi, and the Chief Executive Officer of the Micro-Credit Company Mol Bulak Finance (Mol Bulak), Mr. Babyrzhan Tolbaev, signed a Line of financing agreement for a USD 10 million facility in Istanbul.

The USD 10 million Shari’ah compliant Line of Financing facility will be utilised by Mol Bulak to provide financial support to micro-entrepreneurs in Kyrgyz Republic through Islamic modes of financing.

In this occasion, Mr. Khaled Al Aboodi commented: “The financial support to micro-entrepreneurs in Kyrgyzstan will contribute to poverty reduction, increase level of employment, and assist in the development of entrepreneurship and social mobilization in the country. Also, the Line facility will support the growth of Mol Bulak’s Islamic Window operations and portfolio”.

Mr. Babyrzhan Tolbaev added: “Today, we are making a history in developing Islamic microfinance not only in Kyrgyzstan, but in the whole region of the CIS countries. Mol Bulak is prepared to take on a new level of leadership and responsibility to promote Islamic principles in this region. We believe Islamic microfinance will create multiple opportunities to the population of these countries towards the growth, sustainable development and prosperity. We express our gratitude to professional teams of Mol Bulak and ICD in reaching an important agreement to fulfill common goals.”

This USD 10 million financing is ICD’s first Line facility extended to microfinance institution in its member countries.