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The Islamic Corporation for the Development of the Private Sector (ICD) extends USD 20 million Islamic financing to expand Jordan’s non-woven fabrics industry
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- USD 20 million medium-term Islamic finance facility to expand non-woven fabrics production capacity through advanced Spunlace equipment.
- API is Jordan's leading non-woven fabrics manufacturer, producing essential materials for personal hygiene products, healthcare PPE including gowns and face masks, and agricultural applications.
- The expansion aims to create substantial employment opportunities, strengthening Jordan's industrial competitiveness and economic diversification.
- Supports UN SDGs including Decent Work and Economic Growth, Industry and Innovation, and Partnerships for the Goals.
The Islamic Corporation for the Development of the Private Sector (ICD) (www.ICD-ps.org), the private sector arm of the Islamic Development Bank (IsDB) Group, has recently extended USD 20 million medium-term Islamic finance facility to Applied Plastic Industries Company (API), the leading manufacturer of non-woven fabrics in Jordan. The facility will finance capital expenditure for advanced Spunlace equipment, enabling API to establish a new production line and expand its manufacturing capacity.
The financing will enable API to acquire cutting-edge Spunlace technology, enhancing production efficiency and product diversification. This investment supports Jordan's manufacturing sector modernization while contributing to the country's broader economic development objectives through sustainable industrial growth.
Commenting on the financing, Dr. Khalid Khalafalla, Acting Chief Executive Officer of ICD, stated: "This financing facility exemplifies ICD's strategic commitment to advancing industrial development across our member countries. By partnering with Applied Plastic Industries, we are making a targeted investment in Jordan's manufacturing value chain that aligns with the nation's economic diversification objectives. This transaction demonstrates the powerful role of Shariah-compliant finance as a catalyst for private sector expansion, job creation, and inclusive economic development. The expansion of API's production capacity will strengthen Jordan's competitive position in regional non-woven fabrics markets while creating meaningful employment opportunities that directly contribute to sustainable development."
Mr. Radwan Khattab, General Manager of Applied Plastic Industries Company, said: "We are honored to partner with ICD, a globally respected development finance institution that shares our vision for sustainable industrial growth. This financing facility represents a transformational milestone for API, enabling us to acquire state-of-the-art Spunlace technology that will enhance our production capabilities and product quality. The investment will not only expand our market reach regionally but will also create substantial employment opportunities for Jordanian professionals and skilled workers. We are committed to contributing to Jordan's economic development agenda and are confident that this partnership with ICD will strengthen our position as a leading manufacturer in the Middle East's non-woven sector."
This initiative advances ICD's mission to foster sustainable economic development in its member countries. By channeling capital into Jordan's manufacturing sector, the project aims to create substantial employment opportunities, enhance industrial competitiveness, and support the United Nations Sustainable Development Goals, particularly SDG 8 (Decent Work and Economic Growth), SDG 9 (Industry, Innovation and Infrastructure), and SDG 17 (Partnerships for the Goals).
The expansion project aligns strategically with Jordan's national objectives of fostering economic growth, creating quality employment opportunities, and advancing the nation's vision of becoming a sustainable and competitive regional economy.
Distributed by APO Group on behalf of Islamic Corporation for the Development of the Private Sector (ICD).For Media Inquiries:
Nabil El-Alami
Communications & Corporate Marketing Division Manager
Email: nalami@isdb.org
Follow ICD on:
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LinkedIn @ icdps
Facebook @ icdps
YouTube @ icdps
About Applied Plastic Industries Company (API):
Applied Plastic Industries Company (API), established in 2019, is a prominent manufacturing entity in Jordan and a significant player in the Middle East's non-woven sector. The company produces non-woven fabrics, calcium carbonate, masterbatch, disposable medical clothing, and non-woven reusable bags, leveraging its 540,000 tons annual capacity operated with state-of-the-art German machinery. Known for consistent growth and profitability, API employs 500 individuals and maintains a strong commitment to ongoing human resource development.
About the Islamic Corporation for the Development of the Private Sector (ICD):
The Islamic Corporation for the Development of the Private Sector (ICD) is a multilateral development finance institution and member of the Islamic Development Bank (IsDB) Group. Established in November 1999 and headquartered in Jeddah, Saudi Arabia, ICD supports economic development in its 56 member countries by providing financial assistance to private sector projects in accordance with Shariah principles.
With an authorized capital of USD 4.0 billion and more than 25 years of operational excellence, ICD complements IsDB's activities by promoting capital market development, best management practices, and enhancing the role of market economies. ICD holds strong credit ratings of A2 by Moody's, A+ by Fitch, and A by S&P, reflecting its solid financial standing and commitment to sustainable development.
For more information, visit www.ICD-ps.org
Empowering Uzbek Small and Medium Enterprises (SMEs): Islamic Corporation for the Development of the Private Sector (ICD) Provides $10 Million Line of Financing to...
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Anor Bank, a leading digital bank in Uzbekistan, has signed a Line of Financing agreement with ICD (https://ICD-PS.org/). Under the agreement, ICD will provide a USD 10 million Line of Finance facility to Anor Bank. The facility aims to support small and medium-sized enterprises (SMEs) in Uzbekistan and enhance access to Islamic financial solutions for the private sector, in line with Anor Bank's mission to promote sustainable economic growth across the country.
This financing facility represents a significant milestone in advancing Anor Bank's strategic objectives, particularly in strengthening SME development, expanding private sector financing, promoting Islamic finance, and contributing to the diversification of Uzbekistan's economy.
The initiative is fully aligned with ICD's strategic focus on fostering SME growth and supporting private sector development as a key driver of sustainable economic progress across its member countries.
The agreement was signed by Dr. Khalid Khalafallah, Acting Chief Executive Officer of ICD, and Mr. Sherzod Akramov, Chairman of the Management Board of Anor Bank.
This pioneering transaction establishes ICD as the first multilateral development bank to provide a Line of Finance to Anor Bank, creating a strategic cornerstone for accelerating private sector growth in Uzbekistan. It paves the way for a new era of collaboration and investment.
Distributed by APO Group on behalf of Islamic Corporation for the Development of the Private Sector (ICD).For further details, please contact:
Anor Bank
Mr. Mirsodiq Mirzahidov
Head of International Relations Division
Mirsodiq.Mirzahidov@anorbank.uz
Ms. Nozigul Ismatova
International Relations Division
Anor Bank
Nozigul.Ismatova@anorbank.uz
Islamic Corporation for the Development of the Private Sector (ICD)
Nabil El-Alami
Communications & Corporate Marketing Division Manager at ICD
Nalami@isdb.org
About Anor Bank:
JSC Anor Bank, founded in 2020, is one of Uzbekistan's fastest-growing digital banks, offering a full range of financial services to retail and corporate clients through digital channels and 17 sales offices nationwide. The Bank leverages technology-driven platforms to provide fast and convenient access to financial products for both small and medium-sized enterprises and individual clients. Anor Bank actively implements CSR initiatives in education, environmental sustainability, and social development, while promoting financial literacy, especially in remote regions of Uzbekistan, contributing to inclusive economic growth and the country's sustainable financial sector development.
About the Islamic Corporation for the Development of the Private Sector (ICD):
ICD is a multilateral organization and a member of the Islamic Development Bank (IsDB) Group. ICD's mandate is to support economic development and promote the growth of the private sector in its member countries through providing financing facilities and/or investments in accordance with Shariah principles. Additionally, ICD offers advisory services to governments and private organizations to encourage the establishment, expansion, and modernization of private enterprises. ICD is rated ‘A2' by Moody's, ‘A+' by Fitch, and ‘A' by S&P.
Website: https://ICD-PS.org/
Islamic Development Bank Institute (IsDBI) and Prince Mohammed Bin Salman College of Business and Entrepreneurship (MBSC) Celebrate Graduation of First Cohort of Entrepreneurial Mindset...
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The Islamic Development Bank Institute (IsDBI) (https://IsDBInstitute.org/) and Prince Mohammed Bin Salman College of Business and Entrepreneurship (MBSC) celebrated the graduation of the first cohort of the Entrepreneurial Mindset Development Program, a flagship joint initiative designed to nurture entrepreneurial leaders across IsDB Member Countries.
The ceremony took place on 11 December 2025 at the IsDB Headquarters in Jeddah, under the auspices of H.E. Dr. Muhammad Al Jasser, President of the IsDB. It brought together senior officials, faculty members, program sponsors, distinguished guests, and IsDB Group staff.
Twenty-nine entrepreneurs from 20 IsDB Member Countries successfully completed the program, which included online learning modules as well as rigorous in-person training delivered by MBSC faculty and IsDBI experts.
Eng. Adeeb Al-Aama, CEO of the International Islamic Trade Finance Corporation (ITFC), represented the IsDB President during the ceremony. In his speech, Eng. Al-Aama commended the participants for their dedication and highlighted the strategic importance of supporting young entrepreneurs in driving sustainable development, job creation, and innovation.
The Entrepreneurial Mindset Development Program was implemented with sponsorship from three IsDB Group entities, namely the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), Islamic Corporation for the Development of the Private Sector (ICD), and ITFC.
In a speech on behalf of the sponsors, Dr. Khalid Khalafalla, CEO of ICIEC and Acting CEO of ICD, noted that the sponsorship by the three entities reflects their shared commitment to supporting entrepreneurship as a driver of private-sector growth and social impact.
Earlier, in his welcome address, Dr. Sami Al-Suwailem, Acting Director General of the IsDB Institute, emphasized the Institute's long-term vision of nurturing entrepreneurial capabilities as a catalyst for development and economic resilience across Member Countries. He noted that the strong partnership between the IsDB Institute and MBSC stands as a model of effective collaboration, combining academic excellence with development impact to serve the needs of Member Countries.
Dr. Zeger Degraeve, Executive Dean of MBSC, commended the graduates for their high engagement, intellectual curiosity, and determination. He reaffirmed MBSC's commitment to equipping emerging leaders with world-class entrepreneurial capabilities rooted in rigorous academic standards and practical skills.
The ceremony also featured remarks from Graduate Representatives, Ms. Ahd Abu Alrob and Mr. Nurgozha Kaliaskarov, who shared their reflections on the program's potential transformative impact and highlighted the diversity and collective strength of the cohort.
The event concluded with a Faculty Perspective delivered by Dr. Muhammad Azam Roomi, Program Director and Professor at MBSC, who praised the participants' resilience and entrepreneurial mindset. He emphasized that the program's success reflects not only the curriculum but also the collaborative spirit between MBSC, IsDBI, and the IsDB Group entities.
Throughout the program, participants received advanced training in entrepreneurial strategy, innovation, leadership, negotiation, business modeling, and financial management. They also benefited from mentorship, team-based exercises, and practical assignments designed to strengthen real-world decision-making and problem-solving skills.
The graduation ceremony also highlighted the formation by the cohort of a joint entrepreneurial alliance, initiated by the participants, to foster long-term collaboration, knowledge sharing, and partnerships. Additionally, participants will apply their expertise in social impact measurement to evaluate the program's effect on entrepreneurial ventures across Member Countries.
The IsDB Institute and MBSC reaffirmed their commitment to strengthen their strategic partnership and expand future cohorts of the Entrepreneurial Mindset Development Program, thereby advancing their joint mission to empower entrepreneurs and foster innovation-led, sustainable development.
Distributed by APO Group on behalf of Islamic Development Bank Institute (IsDBI).Social media handles:
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About the IsDB Institute:
The Islamic Development Bank Institute (IsDBI) is the knowledge beacon of the Islamic Development Bank Group. Guided by the principles of Islamic economics and finance, the IsDB Institute leads the development of innovative knowledge-based solutions to support the sustainable economic advancement of IsDB Member Countries and various Muslim communities worldwide. The IsDB Institute enables economic development through pioneering research, human capital development, and knowledge creation, dissemination, and management. The Institute leads initiatives to enable Islamic finance ecosystems, ultimately helping Member Countries achieve their development objectives. More information about the IsDB Institute is available on https://IsDBInstitute.org/
The Islamic Development Bank Institute (IsDBI) and Arab Monetary Fund (AMF) Deliver Training on Using Artificial Intelligence to Foster the Islamic Financial Industry
The Islamic Development Bank Institute (IsDBI) (https://IsDBInstitute.org/) and the Arab Monetary Fund (AMF) jointly organized a specialized training program titled “The Role of Artificial Intelligence in Fostering the Islamic Financial Industry.” The program took place from 24–28 November 2025, at the AMF headquarters in Abu Dhabi, United Arab Emirates.
This initiative is part of a strategic collaboration between the two institutions, aimed at strengthening the stability and advancement of the Islamic finance industry across their 22 shared member countries.
The program was the first of its kind in the region to integrate artificial intelligence and Islamic finance in a comprehensive manner. The objective was to build the capacity of specialists by deepening their understanding of both the theoretical foundations and practical applications of AI. This is expected to enhance efficiency and innovation within the Islamic financial landscape, while upholding Shari'ah principles and governance requirements.
A total of 32 professionals from central banks and financial institutions across Arab countries participated in the program. The sessions were delivered by professional trainers from IsDBI, Dr. Hilal Houssain and Dr. Mohammed Ayyash.
The agenda covered a range of topics, including the concepts of artificial intelligence, machine learning, neural networks, and big data. Practical applications in Islamic banks were explored, such as risk analysis, financing application evaluation, and fraud detection, with a strong emphasis on aligning these technologies with Shari'ah rulings and governance mechanisms.
Participants also learned about the experience of the first AI Hackathon in Islamic Finance, organized by IsDBI. A key objective of the hackathon was to transform Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) accounting standards from specialized texts into smart digital solutions, thereby supporting Shari'ah compliance and accounting in Islamic financial institutions more efficiently and transparently.
The program further addressed challenges related to data quality, bias, transparency, and interpretability, linking AI ethics to the objectives of Shari'ah and promoting the development of responsible governance frameworks for these technologies. Interactive sessions enabled participants to work in groups to develop real-world cases and examples. They designed six virtual companies in the financial services sector, which were later integrated into two strategic ecosystems. These ecosystems served as practical testing grounds for the proposed ideas and models.
The program concluded by emphasizing the growing role of artificial intelligence in central banks, regulatory bodies, and the broader Islamic financial sector. Participants engaged in interactive activities to outline an initial roadmap for adopting AI in financial and regulatory institutions, promoting innovation and establishing a culture of responsible use in line with regulatory requirements and Shari'ah controls. Certificates of attendance were awarded to all participants at the end of the program.
Distributed by APO Group on behalf of Islamic Development Bank Institute (IsDBI).Social media:
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About the Islamic Development Bank Institute:
The Islamic Development Bank Institute (IsDBI) is the knowledge beacon of the Islamic Development Bank Group. Guided by the principles of Islamic economics and finance, the IsDB Institute leads the development of innovative knowledge-based solutions to support the sustainable economic advancement of IsDB Member Countries and Muslim communities worldwide. The IsDB Institute enables economic development through pioneering research, human capital development, and knowledge creation, dissemination, and management. The Institute leads initiatives to enable Islamic finance ecosystems, ultimately helping Member Countries achieve their development objectives. More information about the IsDB Institute is available on https://IsDBInstitute.org/
Islamic Development Bank Institute (IsDBI) Launches eBook Reader App Review Competition
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The Islamic Development Bank Institute (https://IsDBInstitute.org/) is pleased to announce the launch of a Competition of the IsDBI eBook Reader App Review. The Reader offers the access to the Institute's extensive collection of publications in Islamic economics and finance on its online bookstore (https://IsDBInstitute.org/publication).
We invite users to share their experiences and feedback as part of a major initiative to enhance the user experience and performance of the Reader.
Participants in the competition stand the opportunity to win generous cash awards:
- First Prize: US$1,500
- Second Prize: US$1,000
- Third Prize: US$700
The competition also offers an opportunity for participants to influence the future of digital access to knowledge in Islamic economics and finance, and gain recognition for their insights and contributions.
The IsDBI eBook Reader App was released in 2022, available for iOS and Android smart devices, and as a web-based cloud version for all supported browsers. This competition aims to promote user engagement and collect qualitative feedback for further enhancements of the Reader.
More information on the Reader and how to download/access it is available here: https://IsDBInstitute.org/ebook-reader-application/
Participants in this competition are expected to submit a written review essay (about 700-1,000 words) of their experience using the Reader, addressing the following aspects: ease of use; interface/navigation; speed; reading features (bookmarking, highlighting, etc.); and library.
We invite users to submit their reviews by email to isdbi-info@isdb.org (with copy to info@isdbinstitute.org) by 15 January 2026.
Full details on the competition are available on IsDBI website here: https://IsDBInstitute.org/ebook-reader-application/
Distributed by APO Group on behalf of Islamic Development Bank Institute (IsDBI).Social media handles:
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Facebook: https://apo-opa.co/4rvJOrp
LinkedIn: https://apo-opa.co/48CJ7oz
About the Islamic Development Bank Institute:
The Islamic Development Bank Institute (IsDBI) is the knowledge beacon of the Islamic Development Bank Group. Guided by the principles of Islamic economics and finance, the IsDB Institute leads the development of innovative knowledge-based solutions to support the sustainable economic advancement of IsDB Member Countries and various Muslim communities worldwide. The IsDB Institute enables economic development through pioneering research, human capital development, and knowledge creation, dissemination, and management. The Institute leads initiatives to enable Islamic finance ecosystems, ultimately helping Member Countries achieve their development objectives. More information about the IsDB Institute is available on https://IsDBInstitute.org/