ANNUAL
REPORT
2023

In the name of Allah, the Beneficent, the Merciful

Dear valued stakeholders,

It brings me great pleasure to present the Annual Report for the transformative year of 2023, themed “Empowering Prosperity: Bridging Finance for Inclusive Growth and a Sustainable Future.” This theme encapsulates our unwavering commitment to leveraging the role of the private sector as a catalyst for positive change.

In the pursuit of our core mandate of private sector development, 2023 witnessed a comprehensive strategic realignment. This endeavor was a crucial step in addressing our existing shortcomings and focusing on further improvement, ensuring that we are not just financial facilitators but true enablers of inclusive growth. Our commitment to private sector development goes beyond conventional boundaries, embracing the responsibility to empower prosperity at every level of society.

As we worked toward financial sustainability, updated our governance framework, and attained organizational excellence in 2023, the resultant significant turnaround was more than a corporate revamp – it was a reaffirmation of the private sector’s pivotal role in driving progress. Approvals and disbursements for the year soared, with the disbursement-to-approval ratio standing at 82.53%, showcasing the efficiency born out of our dedication to excellence in every aspect of our operations. As a result, ICD has delivered USD 6.92 billion in cumulative approvals and more than USD 4.51 billion in disbursements since inception, all of which is serving our mission to support private sector development. Concurrently, we took pride in being leaders in Islamic finance, actively contributing to its flourishing in our member countries. And it goes without saying that empowering SMEs and nurturing entrepreneurship while fostering innovation and facilitating their growth were integral components of our commitment to ethical and inclusive economic development.

Furthermore, our commitment to forging strategic partnerships, particularly with other multilateral development banks (MDBs) and stakeholders, emphasizes our understanding of the collaborative power of the private sector. By pooling resources and expertise, we amplify the impact of our endeavors. These partnerships are also integral to our dedication in advancing the Sustainable Development Goals (SDGs). Indeed, the private sector, with its innovative capacities and agility, is well-positioned to address global challenges such as food security and climate change. Our ongoing collaborative efforts and global partnerships underscore the importance of collective action in achieving these ambitious goals.

I would like to take this opportunity to extend my heartfelt gratitude to our esteemed board members for their invaluable guidance. Their strategic insights have been instrumental in steering us toward a future where the private sector is not just a participant but a leader in inclusive growth. To our dedicated employees, you are the backbone of our success. Your commitment to excellence empowers us to fulfill our mandate. As we look to the future, let the achievements of 2023 inspire us to continue being pioneers in leveraging the power of the private sector for positive, sustainable change.

Faithfully,

Eng. Hani Salem Sonbol
Acting Chief Executive Officer
Islamic Corporation for the Development of the Private Sector