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Home/DFI Index/DFI Transparency Index 2023/ICD – 2023
DFI

DFI Transparency Index 2025

ICD – 2023

Score:
2.8
Position:
21 / 21 (Non-sovereign)

Overview

The Islamic Corporation for the Development of the Private Sector (ICD), is the private sector arm of the Islamic Development Bank (IsDB). It was established in 1999 to support the economic development of ICD member countries through the provision of finance for private sector projects. ICD has 54 member countries.  

Total asset size: $3.3bn
Key links
  • ICD website
  • ICD project database

Analysis

ICD performed very poorly in our non-sovereign assessment, coming last with a score of 2.8. At the point of assessment there had been no new projects disclosed since 2018. As such, ICD failed every project-level indicator in the index assessment. There was also a lack of organisational policies and documents providing guidance on either global or community disclosure. As such, ICD came last in all five components. 

ICD came last in the Core Information component with a score of 0.75 out of 30. It only scored points for its annual report. 

ICD came last in the Impact Management component with a score of 1.25 out of 25. It only scored for indicating which impact standards/initiatives it is aligned to. 

ICD did not pick up any points in the ESG and Accountability to Communities component. 

ICD came joint last in the Financial Information component, scoring 0.75 out of 10. It only scored for the financial reports/statements indicator. 

ICD did not score any points in the Financial Intermediary Sub-investments component, coming joint last with four other non-sovereign DFIs. 

Core Information 0.75 / 20
Impact Management 1.25 / 25
ESG & Accountability to Communities 0 / 30
Financial Information 0.75 / 15
Financial Intermediary Sub-investments 0 / 10

Recommendations

  • ICD should update its data portal with all recent investments and publish new investments in a timely manner. 
  • It should disclose more information about its investments, using Publish What You Fund’s DFI Transparency Tool as a framework to guide enhanced transparency.  
  • ICD should become an IATI publisher and disclose all investments to the IATI Standard. 
  • It should create an access to information policy in line with industry best practices, including elements assessed within Publish What You Fund’s DFI Transparency Index. 
  • It should develop organisation-level policies and documents for Impact Management, including an impact management approach, sector/country strategies, and evaluations. 
  • It should develop an early disclosure policy covering, at a minimum, high risk projects and disclose investments in line with the policy. It should do this both for global and community disclosure. 
  • It should create an independent accountability mechanism (IAM) and a policy guiding the disclosure of its presence to project-affected communities. 
  • ICD should create a policy for the disclosure of FI sub-investments in line with Publish What You Fund’s DFI Transparency Tool. 
Core Information 0.75 / 20
Impact Management 1.25 / 25
ESG & Accountability to Communities 0 / 30
Financial Information 0.75 / 15
Financial Intermediary Sub-investments 0 / 10

Deep Dive

Core InformationImpact ManagementESG & Accountability to CommunitiesFinancial InformationFinancial Intermediary Sub-investments

Core Information

0.75 / 20
About component

The basic information that describes a DFI’s organisational policies and investments. This type of information is typically found in key organisation documents and represents the first tier of project information, typically disclosed on project web pages or in files available for bulk download. At the organisation level this includes access to information policies and annual reports. At the project level, this includes project titles, locations, and key dates.

Disclosure / access to information policy

Score: 0 out of 3

Accessibility

Score: 0 out of 2

Annual reports

Score: 0.75 out of 1

Project identification

Score: 0 out of 1

Status

Score: 0 out of 1

Project description

Score: 0 out of 1

Location

Score: 0 out of 1

Domicile (non-sovereign only)

Score: 0 out of 1

Sovereign / non-sovereign

Score: 0 out of 1

Sector

Score: 0 out of 1

Investment instrument

Score: 0 out of 1

Project costs

Score: 0 out of 1

Funding source

Score: 0 out of 1

Client

Score: 0 out of 1

Contacts

Score: 0 out of 1

E&S risk category

Score: 0 out of 1

Progress dates

Score: 0 out of 1

Impact Management

1.25 / 25
About component

The ways in which a DFI predicts, measures, and evaluates the impacts of their investments. At the organisation level, this includes an impact measurement approach. At the project level, this includes activity indicators/metrics and results.

Impact measurement approach

Score: 1.25 out of 5

Sector / country strategy

Score: 0 out of 3

Evaluations

Score: 0 out of 3

Additionality statement (non-sovereign only)

Score: 0 out of 2

Activity indicators / metrics

Score: 0 out of 6

Results

Score: 0 out of 6

ESG & Accountability to Communities

0 / 30
About component

The ways in which a DFI predicts, mitigates, and communicates the ESG aspects of their activities. At the organisation level this includes E&S global disclosure policy and E&S community disclosure policy. At the project level this includes E&S plans and assessments, and assurance of community disclosure.

E&S global disclosure policy

Score: 0 out of 5

E&S community disclosure policy

Score: 0 out of 4

IAM global disclosure documentation

Score: 0 out of 2

IAM community disclosure policy

Score: 0 out of 2

PGM community disclosure policy

Score: 0 out of 2

Summary of E&S risks

Score: 0 out of 2

E&S project plans / assessments

Score: 0 out of 4

Assurance of E&S community disclosure

Score: 0 out of 2

Beneficial ownership (non-sovereign only)

Score: 0 out of 2

IAM global disclosure

Score: 0 out of 1

Assurance of IAM community disclosure

Score: 0 out of 2

Assurance of PGM community disclosure

Score: 0 out of 2

Financial Information

0.75 / 15
About component

This information provides details on the financial performance of DFIs and the structuring of investments. At the organisation level, this includes audited financial reports. At the project level, this includes currency of investment, mobilisation, and concessionality

Financial reports / statements

Score: 0.75 out of 1

Repeat investment

Score: 0 out of 1

Currency of investment

Score: 0 out of 1

Co-financing

Score: 0 out of 3

Concessionality (non-sovereign only)

Score: 0 out of 3

Mobilisation (non-sovereign only)

Score: 0 out of 3

Instrument-specific disclosure

Score: 0 out of 3

Financial Intermediary Sub-investments

0 / 10
About component

This information relates to the ways in which investments in FIs are used. At the organisation level, this includes FI sub-investment policy. At the project level, this includes private equity fund sub-investments and FI (bank) sub-investments.

FI sub-investment policy

Score: 0 out of 3.75

Private equity fund sub-investments

Score: 0 out of 2.5

FI (bank) use of funds

Score: 0 out of 1.25

FI (bank) sub-investments

Score: 0 out of 2.5
DFI

DFI Transparency Index 2025

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