The Islamic Development Bank (IsDB) Group reported on November 2 that its net approvals reached nearly $18 billion during the first nine months of 2026. Speaking at a high-level ministerial session in Istanbul, IsDB Group Chairman Muhammad Al Jasser emphasized that the true measure of institutional success lies in empowered enterprises, newly unlocked markets, and sustained job creation, rather than the mere volume of announcements made by development organizations.
Al Jasser’s remarks anchored a broader call for coordinated multilateral action aimed at expanding access to trade finance. He delivered his address at the 42nd ministerial session of the Standing Committee for Economic and Commercial Cooperation of the Organization of Islamic Cooperation (COMCEC), an annual gathering focusing this year on trade financing tools designed to bolster exports across member states. While the bank’s official release did not provide a specific cumulative count of the enterprises and jobs generated by the 2026 figures, reports published by the group’s various institutional arms offer detailed insights into prior performance metrics, highlighting ongoing efforts across the wider Islamic trade finance ecosystem.
According to the IsDB release, the International Islamic Trade Finance Corporation (ITFC), which serves as the group’s primary trade arm, approved approximately $11 billion in the first nine months of 2026. Of that total, nearly $9 billion was specifically allocated to intra-OIC trade, denoting commercial exchanges between member countries. Although the IsDB announcement did not explicitly define net approvals—nor do approvals equate to actual funds disbursed—historical reporting underscores the scale of these operations. For instance, ITFC’s May report detailed $9.35 billion in approvals and $7.53 billion in full-year disbursements for 2025.
"The true measure of our success should not be gauged by the number of initiatives we announce, but rather by the enterprises we empower, the new markets we unlock, and the jobs we help create," Al Jasser stated during the session. The group’s release did not immediately disclose whether or when an updated enterprise and job count associated with the 2026 figures will be published.
The Group’s Arms Report SME and Job Counts Differently
Because the IsDB Group operates through specialized entities, its subsidiaries—such as the Islamic Corporation for the Development of the Private Sector (ICD) and the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC)—track and report metrics concerning small and medium-sized enterprises (SMEs) and employment through distinct institutional frameworks. While ITFC’s operational reports focus heavily on trade flows and macroeconomic interventions, sister agencies provide granular data on direct enterprise support.
The ICD reported approving $175 million in new operations during the first nine months of 2026. Its earlier May report to COMCEC noted that in 2025, the corporation extended $661.9 million to over 2,381 SMEs, supporting the creation and sustainability of approximately 347,216 jobs, alongside a separate count of 23,531 newly generated positions.
Meanwhile, the ICIEC highlighted strong developmental effectiveness in its reporting, noting that it supported 5,998 SMEs and 294,106 jobs in 2025, an increase from 3,259 SMEs and 120,664 jobs in 2024. During the first nine months of 2026, ICIEC provided insurance coverage for nearly $16 billion in business operations, which included over $6 billion dedicated to supporting intra-OIC trade and investment. Institutional representatives noted that this figure represents risk mitigation and insurance coverage rather than direct lending.
ITFC itself accounts for 44.7% of cumulative group net approvals through September, according to the IsDB Group in Brief report for the third quarter of 2026. Its May operational report recorded 144 separate operations across 25 countries in 2025, alongside 63 trade development interventions spanning 37 member countries and reaching 2,257 beneficiaries. These distinct programs operate independently of standard financing approvals.
ITFC’s May Report Put About 69% of 2025 Approvals in Energy
Sectoral breakdowns from ITFC’s report to the May COMCEC Follow-up Committee meeting indicate that energy-related projects commanded roughly 69% of the corporation’s approvals in 2025. Out of a total $9.35 billion for the full year, energy investments accounted for nearly $6.5 billion, compared to $4.30 billion out of $7.31 billion in 2024, representing an approximate 59% share year-over-year by simple division.
ITFC management has maintained that these energy operations are essential for strengthening productive capacities, stabilizing trade-enabling infrastructure, and fostering stable economic growth across member nations. Furthermore, the corporation’s targeted trade solutions have historically sustained vital imports and kept domestic industries operational. ITFC routinely extends financing to sovereign clients, financial institutions, and public and private sector companies, including SMEs. However, institutional reports frequently highlight persistent liquidity constraints and widening trade finance gaps in developing economies, with least developed member countries absorbing 32% of 2025 approvals.
While the November announcement did not provide a specific sector split for the nearly $18 billion in 2026 approvals, Al Jasser reiterated the strategic importance of tying trade finance and guarantees directly to broader investments in transport, energy, digital infrastructure, and cross-border value chains.
Operations outside the energy sector reached approximately $3.0 billion in 2025, accounting for roughly 30% of total approvals. Private sector approvals during the same year stood at approximately $1.35 billion—roughly 14% of the annual total—representing a steady increase from the $1.10 billion recorded in 2024 and reflecting sustained annual growth in enterprise financing.
ITFC Directs Most of Its Approvals to Intra-OIC Trade
A core objective of the IsDB Group remains the enhancement of economic integration among member states through dedicated trade financing mechanisms. ITFC continues to direct the vast majority of its financial allocations toward intra-OIC trade. Of the approximately $11 billion approved in the first nine months of 2026, nearly $9 billion was earmarked for trade between member countries, representing roughly four-fifths of the total volume.
This pattern aligns with historical data; ITFC’s full-year 2025 report showed that $7.8 billion out of $9.35 billion—about 83%—was directed toward intra-OIC commerce. Analysts noted that the nearly $11 billion recorded in the first three quarters of 2026 already surpasses the full-year figures reported for all of 2025, though institutional reporting metrics continue to evolve across reporting cycles.
Vice President Yilmaz Names the SME Trade Finance Barriers
Addressing the inaugural session of the COMCEC meetings on November 2, Türkiye’s Vice President Cevdet Yilmaz drew attention to systemic obstacles hindering the growth of small and medium-sized enterprises. According to reports from TRT World, Yilmaz identified insufficient collateral, high financing costs, and a pervasive lack of market information as the three primary barriers constraining SME participation in international trade. He called for enhanced cooperation among commercial banks, export credit agencies, development finance institutions, and broader OIC bodies, while encouraging non-member states to engage with the COMCEC SME Program.
Echoing these sentiments, Al Jasser underscored the critical necessity of accessible trade finance for smaller enterprises and advocated for robust risk-sharing frameworks to mitigate lender apprehension.
Yilmaz also advocated for structural reforms to streamline customs procedures and accelerate digital trade adoption across OIC economies. Highlighting broader economic disparities during a press address in June, Yilmaz pointed out that Islamic nations had yet to achieve their collective target of raising intra-OIC trade to 25%. He noted that while the 57-member OIC represents nearly one-fifth of the global population, its constituent countries account for only 10% to 11% of total worldwide goods trade, describing the current 25% target as a baseline that must eventually be surpassed.
Türkiye’s Trade Targets With the UAE and Egypt Sit Far Above Last Year
Bilateral economic ambitions featured prominently on the sidelines of the Istanbul ministerial meetings, with Turkish officials outlining trade targets that significantly exceed prior performance levels. Minister of Commerce Omer Bolat discussed an ambitious bilateral trade target of $40 billion with the United Arab Emirates, an increase compared to the roughly $19 billion recorded last year according to domestic financial reporting. Similarly, Türkiye and Egypt have established a bilateral trade target of $15 billion, up from $7.9 billion in trade registered during the previous year.
The COMCEC ministerial session was scheduled to conclude on November 3. Türkiye maintains a strategic export objective to elevate the share of Islamic countries in its overall export portfolio from 27% to 30% by the year 2028.