IslamicFinance.de

Islamic Corporation for the Development of the Private Sector (ICD) has signed a new agreement with Azerbaijani microfinance institution VisionFund AzerCredit (VF AzerCredit). The objective is to provide advisory services with the aim of developing a comprehensive Shariah-compliant microfinance solution for the country. Vision Fund AzerCredit's work emphasizes the provision of loans to small and micro entrepreneurs in rural areas, especially those remote regions which remain largely unbanked, through 45 outlets in 38 districts. With more than 80,000 borrowers and a portfolio of over US$83 million, the group is a leader in the Azerbaijani microfinance field. The VF AzerCredit agreement represents the latest step in the ICD's program to support and develop the growth of the private sector in Azerbaijan.