ITFC Extends US$75 Million Facility to Ipak Yuli Bank

The International Islamic Trade Finance Corporation (ITFC), part of the Islamic Development Bank Group, has extended a syndicated credit line of US$75 million to Uzbekistan's Ipak Yuli Bank. The corporation confirmed that the agreement was finalized in May 2026.

This funding aims to address the increasing need for Sharia-compliant financial products within Uzbekistan's private sector. The capital is earmarked to bolster small and medium-sized enterprises (SMEs), with specific allocations for initiatives supporting women's entrepreneurship, green financing, and food security projects, including those within the SME category.

Adib Yusuf Al-Aama, CEO of ITFC, commented that businesses in Uzbekistan's private sector require financing to facilitate goods procurement, trade operations, and supply chain maintenance. He further explained that this credit line for Ipak Yuli Bank offers companies access to Sharia-compliant trade financing via a reputable local institution.

Farrukh Iskhakov, Deputy Chairman of the Management Board at Ipak Yuli Bank, characterized the agreement as a significant milestone in the bank's collaboration with ITFC and in advancing Islamic financial solutions in Uzbekistan. He highlighted that it grants the bank greater flexibility in financing businesses nationwide, with a particular focus on SMEs, women's entrepreneurship, green financing, and food security.

ITFC emphasized that its credit lines enable it to partner with local banks, ensuring companies involved in importing goods, sustaining supply chains, and engaging in trade have access to essential capital.

Since its inception in January 2008, ITFC has disbursed over US$96 billion in financing to member nations of the Organisation of Islamic Cooperation.