Texel Group, an independent specialist credit and political risk broker, has signed a memorandum of understanding (MoU) with the Islamic Corporation for Private Sector Development (ICD), the private sector arm of the Islamic Development Bank Group, to establish a framework to leverage non-payment insurance as a strategic tool to support the ICD’s mission of promoting private sector development in member countries.
The Islamic Development Bank Group is a multilateral development finance institution that supports the economic development of its member countries. The MoU was signed on June 19, 2026 at the annual meeting of the IsDB Group in Baku.
The agreement is one of 13 landmark partnerships signed by ICD and its partners, with a total value of US$300 million.
Through these partnerships, the ICD continues to promote Islamic finance as a catalyst for sustainable economic growth, job creation, investment mobilization and long-term resilience, while supporting the development priorities of its member countries.
Khalid Khalafalla, Acting Chief Executive Officer (CEO) of ICD, commented: “This Memorandum of Understanding with Texel reflects ICD’s commitment to deploying innovative risk mitigation solutions and allows us to expand our support to private sector development in our member countries.
“By leveraging non-payment insurance, ICD can enhance portfolio resilience, optimize capital allocation, and mobilize additional financing for priority industries and markets. We look forward to working closely with Texel to translate this partnership into practical solutions that help unlock more investment where it is needed most.”
William Shaw, Deputy CEO of Texel, said: “It was a great honor to be invited to attend the IsDG Group’s AGM in Baku and to sign the Memorandum of Understanding in recognition of the tremendous amount of work, creative thinking and positive intentions between the ICD and Texel teams. There are huge opportunities ahead and we look forward to delivering on this on behalf of ICD in the insurance market.”
“By combining ICD’s ambition to expand lending activities and mobilize private sector investment with Texel’s expertise in non-payment insurance, we believe this partnership can help unlock additional capacity, enhance risk management and support the deployment of capital where it is most needed. We are pleased to continue to build this relationship and support ICD’s development goals in its member countries.”
Simon Bessant, global head of insurance and business development at Texel, added: “Expanding the balance sheet solutions for MDBs and DFIs to help expand their ability to provide financing to emerging markets and developing economies (EMDEs) is a key focus for Texel.
“Over the past four years, we have executed more than $10.3 billion in unfunded credit protection for such structures, and we continue to look for ways to develop private market mobilization solutions for our clients.”
