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A service for banking industry professionals · Thursday, October 18, 2018 · 465,525,204 Articles · 3+ Million Readers

Signing of the USD 10 Million Line of Financing agreement between the Islamic Corporation for the Development of the Private Sector (ICD) and Micro-Credit Company Mol Bulak Finance from Kyrgyz Republic

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.

Distributed by APO Group on behalf of Islamic Corporation for the Development of the Private Sector (ICD).

Media Inquiries (ICD): Mr. Nabil El Alami Email: Nalami@IsDB.org Fax: +966 12 644 4427 Tel: +966 12 646 8192

About the Islamic Corporation for the Development of the Private Sector ICD (www.ICD-ps.org) is a multilateral organization and a member of the Islamic Development Bank (IDB) Group (www.IsDB.org). The mandate of ICD is to support economic development and promote the development of the private sector in its member countries through providing financing facilities and/or investments which are in accordance with the principles of Shari’ah. ICD also provides advice to governments and private organizations to encourage the establishment, expansion and modernization of private enterprises. ICD is rated AA/F1+ by Fitch and Aa3/P1 by Moody’s. For more information visit www.ICD-ps.org

About Mol Bulak MCC Mol Bulak Finance (www.MBF.kg) was established in the Kyrgyz Republic in 2005 as a Limited Liability Company for micro-lending purposes and is regulated under the National Bank of Kyrgyz Republic. The mission of the company is to contribute to poverty reduction, increase level on employment, and assist in the development of entrepreneurship and social mobilization of the population, as well as generate income from the Company’s activities for the benefit of its Members. Today the company operates through 112 offices in Kyrgyzstan and serves more than 130,000 clients all over the country. For more information visit MBF’s website at: www.MBF.kg

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