Islamic Corporation for the Development of the Private Sector (ICD)

Islamic Corporation for the Development of the Private Sector (ICD) ( and ALAFCO Aviation Lease and Finance Company K.S.C.P.(“ALAFCO”) signed a four-year syndicated secured financing agreement for USD 75 million with a USD 50 million participation from ICD making it the lead financier in the transaction.

While the aviation sector plays a crucial role in global connectivity and mobility as well as economic growth, it has been one of the hardest hit sectors during the pandemic. ICD’s financing will strengthen the operations of ALAFCO and help it to be well prepared as economic activities and travel picks up. This transaction was arranged by KFH Capital.

Mr. Ayman Sejiny, the CEO of ICD, commented, “We are very pleased to support ALAFCO in its efforts as a leading player in the aircraft leasing market following Islamic finance principles. ICD is also pleased to work in collaboration with KFH Capital in this transaction. ICD fosters sustainable economic growth in its 55 member countries by financing private sector investments, mobilizing capital from the international financial markets, and providing advisory services to businesses and governments.”

Mr. Adel Ahmad Albanwan, the CEO of ALAFCO said, “I am delighted and pleased to have worked closely with ICD in finalizing the secured financing agreement. The agreement demonstrates the confidence ICD has in ALAFCO's business model, its long-term sustainability and the outlook of the aviation sector. I would like to thank ICD for their support and efforts throughout the process. Furthermore, I would like to thank KFH Capital for their contribution and support in advising ALAFCO on this financing arrangement”.

Mr. Abdulaziz Almarzooq, KFH Capital’s CEO stated “KFH Capital is pleased to have advised ALAFCO on this very important transaction given the current aviation market conditions. He added “I would like to thank all the parties involved in making the transaction a success and especially ALAFCO for placing their trust in KFH Capital’s capabilities.”

Distributed by APO Group on behalf of Islamic Corporation for the Development of the Private Sector (ICD).

For further information please contact:
Nabil El Alami -

ALAFCO is a leading aircraft leasing company based in Kuwait and is listed on the Kuwait Stock Exchange. ALAFCO has major institutional shareholders such as Kuwait Finance House (KFH), Gulf Investment Corporation (GIC) and Kuwait Airways Corporation (KAC). ALAFCO operates based on Sharia principles. 

ALAFCO’s portfolio consists of 79 Airbus and Boeing aircraft, leased to 23 airlines in 15 countries across Americas, Africa, Asia-Pacific, Europe, and the Middle East. ALAFCO’s remaining order book comprises of 68 new technology aircraft from Airbus and Boeing including 38 A320neo, 10 A321neo, and 20 B737 MAX. Deliveries are scheduled to take place between 2022 and 2028.

About the Islamic Corporation for the Development of the Private Sector (ICD):
The Islamic Corporation for the Development of the Private Sector (ICD) is a multilateral development financial institution and member of the Islamic Development Bank (IsDB) Group. ICD was established in November 1999, to support the economic development of its member countries through the provision of finance for private sector projects, promoting competition and entrepreneurship, providing advisory services to its member countries’ governments and private companies, and encouraging cross border investments. ICD’s shareholders consist of the IsDB (rated T ‘AAA’), 55-member countries and 5 financial institutions from the member countries. ICD is rated ‘A2’ by Moody’s, ‘A-’ by S&P and ‘A+’ by Fitch. ICD establishes and strengthens cooperation and partnership relationships with an aim to establish joint or collective financing. ICD also applies financial technology (Fintech) to make financing more efficient and comprehensive.

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