The Texel Group, an independent specialist credit and political risk broker, has signed a memorandum of understanding (MoU) with the Islamic Corporation for the Development of the Private Sector (ICD), the private sector arm of IsDB Group, to establish a framework to use non-payment insurance as a strategic tool to support ICD’s mandate of fostering private sector development across its member countries.
The IsDB Group is a multilateral development financial institution that supports the economic development of its member countries. This MoU was signed on June 19th, 2026, in Baku during the IsDB Group annual meeting.
The agreement was among 13 landmark partnerships signed by ICD with its partners, collectively valued at $300 million.
Through these partnerships, ICD continues to promote Islamic finance as a catalyst for sustainable economic growth, job creation, investment mobilisation, and long-term resilience, while supporting the development priorities of its member countries.
Khalid Khalafalla, Acting Chief Executive Officer (CEO), ICD, commented, “This MoU with Texel reflects ICD’s commitment to deploying innovative risk mitigation solutions that enable us to scale our support for private sector development across our member countries.
“By leveraging non-payment insurance, ICD can strengthen portfolio resilience, optimise capital allocation, and mobilise additional financing into priority sectors and markets. We look forward to working closely with Texel to translate this partnership into practical solutions that help unlock greater investment where it is needed most.”
William Shaw, Deputy CEO, Texel, said, “It was an enormous privilege to be invited to join the IsDG Group’s AGM in Baku and to sign the MOU in recognition of the enormous work, creative thinking and positive intent that has developed between the ICD and the Texel team. There is great opportunity ahead, and we look forward to progressing that aim with the insurance market on behalf of the ICD.
“By combining ICD’s ambitions to scale its lending activities and mobilise private sector investment, with Texel’s specialist expertise in non-payment insurance, we believe this partnership can help unlock additional capacity, strengthen risk management and support capital deployment where it is needed most. We are excited to continue building the relationship and supporting ICD’s development objectives across its member countries.”
Simon Bessant, Global Head, Insurance and Business Development, Texel added, “Expanding balance sheet solutions for MDBs and DFIs to help to scale their capacity to extend financing into the Emerging Market and Developing Economies (EMDEs) is a key focus for Texel.
“We have executed over $10.3 billion of unfunded credit protection for such structures over the past four years, and we continue to find ways to grow private market mobilisation solutions for our clients.”
