The Islamic Corporation for Private Sector Development is a private sector-owned organization by the Islamic Development Bank and supports small and medium-sized businesses.
The Director-General of the IPC Khalid Al-Abu Abdi said: “The ICD has always been interested in the issues of financial coverage and visual impact on development. The program will provide essential services to vulnerable groups and target vulnerable clients representing the business class. With the help of our partner, the CD will be an inspiration for Islamic microfinance. ”
FINOKO Director General Turan Ismaylov said: “We are very pleased that we are the first microfinance institution to receive consultations on the creation of the Islamic Microfinance Window. We look forward to more collaborative projects with IPD in the future to help FINOCO reach its customers and strengthen its capacity and resources. ”
It should be noted that Azerbaijan was the first country to develop Islamic microfinance in the IPD. As part of this collaboration, ICD plans to develop various financial products for small and medium-sized businesses for FINOKO.
Khalid Al-Abadi, Director-General of the IPC, said: “The ICD has always been interested in financial issues and the visual impact on development. The program will provide essential services to vulnerable groups and target vulnerable clients representing the business class. With the help of our partner, the CD will be an inspiration for Islamic microfinance. ”
Delivery of Islamic financial products on the agenda to the Azerbaijani market will support hundreds of individual entrepreneurs and small businesses as part of the state strategy for the development of the non-oil sector.