Signed on the sidelines of the IsDB Group 2026 Annual Meetings in Baku, the Bank Master Policy establishes a Shariah-compliant risk-sharing framework to support financing operations arranged by ATFP in the United Arab Emirates. Under the arrangement, ICIEC will provide insurance coverage for eligible transactions, protecting the policyholder against specified commercial risks, including non-payment, while enhancing transaction security and confidence among participating financial institutions.

The signing marks an important step in advancing Islamic trade finance solutions and reflects both institutions’ shared commitment to strengthening economic connectivity, facilitating cross-border commerce, and supporting private sector development.

Dr. Khalid Khalafalla, Chief Executive Officer of ICIEC, said: “This Bank Master Policy marks an important step in expanding Shariah-compliant trade finance solutions across our Member States. Through this partnership with ATFP, ICIEC is helping strengthen confidence in trade transactions, mitigate non-payment risks, and enable financial institutions to extend financing with greater certainty. This reflects our continued commitment to supporting sustainable economic growth through practical and impactful risk mitigation solutions.”

As a leading provider of Shariah-compliant credit and political risk insurance, ICIEC continues to facilitate cross-border trade and investment by mitigating risks and mobilising private capital. Through this partnership, ICIEC and ATFP are contributing to a more integrated, resilient, and sustainable trade ecosystem across their member countries.

The Islamic Development Bank Group’s Private Sector Forum witnessed a wide turnout, with more than 1400 participants from 60 countries. It featured active participation from the local, regional, and international private sectors. The program included 17 events and panel discussions, with the involvement of more than 70 speakers and 40 exhibitors.

For the fourth consecutive year, the forum presented the “Private Sector Award” to outstanding companies and financial institutions in recognition of their contributions to economic development, trade facilitation, investment, and risk management.

Additionally, the forum saw the signing of 32 agreements and memoranda of understanding, amounting to over $.4.7 billion. A startup competition was also held, with participation from more than 220 startups and business incubators. More than 250 bilateral meetings (B2B and B2G) were conducted to enhance trade, investment, and partnership relations among member countries.

The forum showcased the IsDB Group’s activities and initiatives aimed at empowering both public and private sectors in member countries, particularly in the Republic of Azerbaijan. The discussions focused on prevailing opportunities and challenges facing the business sector and highlighted the Group’s suite of financing instruments, including lines of financing, private sector financing, trade development support, investment insurance, and export credit facilities, among others.

The forum agenda featured a series of dialogue sessions and workshops addressing key economic themes and development projects. Participants also attended presentations on trade and investment opportunities.

The forum attracted high-level participation from Azerbaijan government officials, presidents and CEOs of local, regional, and international private sector companies, investors, businessmen, chambers of commerce and industry, trade and investment promotion bodies, and regional and international financial and development institutions.

In his opening remarks, His Excellency Dr. Mohammed Al Jasser, Chairman of the Islamic Development Bank Group, welcomed all participants to the forum. He stated: “At the Islamic Development Bank Group, we firmly believe that the private sector is not a supporting actor in development, it is the lead actor. Our role is clear: to remove obstacles, reduce risks, and open doors. We will continue to stand as a committed partner, mobilizing finance, mitigating risk, and enabling trade and investment that drive inclusive, resilient, and sustainable growth”

Dr. Khaled Yousef Khalafallah, CEO of the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) and Acting CEO of the Islamic Corporation for the Development of the Private Sector (ICD), stated that “the Private Sector Forum witnessed a distinguished cohort of partners from both public and private sectors. Sustainability and development constitute the core focus of our mission, as we strive to unify the efforts of our private sector partners and other financing agencies to bridge the sustainable financing gap, provide co-financing opportunities, and develop innovative solutions to address the challenges of sustainable development.

He added, “Since its inception, ICIEC has provided cumulative insurance coverage exceeding USD 139 billion, including USD 108 billion to support trade flows and USD 31 billion to facilitate investment. Leveraging a robust global reinsurance network, the Corporation has mobilized significant cumulative reinsurance capacity from the private reinsurance market. Through transactions across vital sectors including agriculture, renewable energy, infrastructure, manufacturing, and healthcare, ICIEC continues to drive meaningful development impact across its Member States. Regarding the ICD, Dr. Khalid stated “Since its inception in 1999, the Islamic Corporation for the Development of the Private Sector (ICD) has played a pivotal role in fostering development, empowering businesses, promoting entrepreneurship, and supporting sustainable economic growth. Its diversified investments have had a tangible impact on communities by enabling transformative projects, facilitating partnerships, and building capacity. Since inception, the corporation has achieved USD7.1 billion in approvals and over USD 5.6 billion in disbursements. ICD interventions cover various sectors, including finance, infrastructure, agriculture, manufacturing, and energy, and it has investment operations in its member countries, underscoring the broad geographic and sectoral reach of ICD operations.”

On his part, Eng. Adeeb Al-Aama, CEO of the International Islamic Trade Finance Corporation (ITFC), stated, “The 14^th edition of the Private Sector Forum reaffirmed the vital role of the private sector in fostering economic growth, generating employment, and reducing poverty in member countries. The active participation of the business investors greatly enriched discussions and strengthened collaborative efforts to promote economic resilience and business dynamism.

He added, “Since its launch in 2008, ITFC has extended over $96 billion USD in financing to OIC member countries, becoming the leading provider of trade solutions in the region. Of this, $20 billion USD was allocated to enhance SMEs competitiveness – combining financial support, technical assistance, and capacity building efforts to help these enterprises access regional and international markets.”

For more information, please visit the event website (www.IsDBG-PSF.org).

Organized under the theme “Empowering Innovation, AI, Finance, Trade, and Entrepreneurship Across OIC Markets”, the competition brought together entrepreneurs, innovators, investors, policymakers, and development partners from across IsDB Member Countries to showcase innovative solutions addressing key development challenges.

The 2026 edition attracted more than 220 startup applications across six strategic innovation tracks: Artificial Intelligence & Deep Tech, AgriTech & Food Security, FinTech & Cybersecurity, Sustainability & Climate, Supply Chain & Smart Cities, and Human Development & Health. Following a rigorous evaluation process, selected startups participated in a three-day Bootcamp in Baku, receiving mentorship, investment-readiness training, and pitch coaching from leading local and international experts.

The competition culminated in the Global Demo Day, where twelve finalist startups presented their innovations before an international jury comprising representatives from government institutions, development organizations, venture capital firms, and entrepreneurship networks.

Following the jury’s deliberations, the competition concluded with the recognition of three outstanding startups, each demonstrating exceptional innovation and impact across key strategic sectors.

The First Place Champion award was granted to BIOSHELL, represented by Mr. Gurban Davudov, in the Sustainability, Climate & Infrastructure track. BIOSHELL was recognized for its innovative approach and strong potential to contribute to sustainable development and environmental resilience.

The Second Place Champion distinction was awarded to Bayuti, represented by Mr. Anouar Adham, under the FinTech, Digital Payments & Cybersecurity track. Bayuti impressed the jury with its forward-thinking financial solutions and commitment to advancing secure digital ecosystems.

The Third Place Champion honoured went to Park Hub Baku, represented by Mr. Orman Sultany, competing in the Supply Chain & Smart Cities track. The startup was acknowledged for its cutting-edge solutions addressing urban mobility and smart infrastructure challenges.

These winning startups exemplify innovation, entrepreneurial excellence, and the transformative potential of technology-driven solutions across diverse industries.

In addition, The six startups were recognized as Track Laureates:

• AIRT – Artificial Intelligence & Deep Tech
• Smart Sagro – AgriTech & Food Security
• Derad Network – Supply Chain & Smart Cities
• Climasel – Sustainability, Climate & Infrastructure
• Proedia – Human Development, Health & Social Services
• Mink Platform – FinTech, Digital Payments & Cybersecurity

The winners were honored during an official Awards Ceremony attended by senior IsDB Group leadership, representatives of the Government of Azerbaijan, development partners, investors, and key stakeholders from the innovation ecosystem.

The competition forms part of the IsDB Group’s broader commitment to promoting innovation-driven growth, strengthening entrepreneurial ecosystems, supporting youth-led enterprises, and fostering regional collaboration across Member Countries.

Through the IsDB Group Startups & Innovation Platform, entrepreneurs gain access to mentorship, strategic partnerships, investment opportunities, and international market exposure. As innovation continues to play an increasingly important role in economic transformation, the IsDB Group remains committed to empowering the next generation of innovators and supporting sustainable and inclusive development across the OIC region.

About the IsDB Group Startups & Innovation Pitch Competition

The IsDB Group Startups & Innovation Pitch Competition is a flagship initiative designed to identify, support, and accelerate high-potential startups across IsDB Member Countries. Competition provides entrepreneurs with opportunities to access technical support, capacity-building, investment networks, and global visibility while promoting innovation as a driver of sustainable development and economic growth.