IsDB 2026: First Abu Dhabi Bank Lauded for $626m Murabaha Financing Transaction for Lagos-Calabar Coastal Highway

• Policymakers, regional integration experts in Africa, Asia accelerate sustainable growth, economic resilience for member states

Sunday Okobi in Baku, Azerbaijan

First Abu Dhabi Bank (FAB) has been lauded for its role in the USD626 million Murabaha financing transaction for the Lagos-Calabar Coastal Highway Development in Nigeria, on the side-lines of the ongoing IsDB Group Annual Meetings 2026 in Baku, Azerbaijan.

The commendation was made when Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a Shariah-based multilateral credit and political risk insurer and member of the Islamic Development Bank Group (IsDB), announced the winners of its flagship awards at the IsDB Group Private Sector Forum 2026 at the meeting yesterday.

FAB was named winner of the ICIEC Most Impactful Project of the Year award for its role in the financing transaction that made the Lagos-Calabar Coastal Highway Development in Nigeria a possibility.

Backed by ICIEC’s Non-Honouring of Sovereign Financial Obligations (NHSFO) policy issued in favour of FAB, the transaction covers 95 percent of the financing provided to the Federal Ministry of Finance of Nigeria.

ICIEC’s cover helped mobilise long-term funding for Nigeria for a strategic infrastructure project that will enhance connectivity, improve the movement of goods and people, and contribute to long-term socio-economic growth.

Similarly honoured at the event was Standard Chartered as winner of the Most Innovative Trade Development Initiative of the Year award for the EUR 160 million Murabaha facility provided to Agrobank in Uzbekistan by Standard Chartered under ICIEC’s cover.

The facility marked Uzbekistan’s first-ever Murabaha transaction and established a practical Shariah-compliant model for future liquidity solutions in trade. It also represents ICIEC’s first direct commercial banking partnership in Uzbekistan and provides important support to the country’s SME and retail sectors.

This year’s awards, the organisation disclosed, were to recognise leading financial institutions that had used Shariah-compliant financing backed by ICIEC’s insurance solutions to facilitate trade and support sustainable development across member states.

Commenting on the awards, Chief Executive Officer of ICIEC, Dr. Khalid Khalafalla, told journalists, “ICIEC is proud to honour First Abu Dhabi Bank, Standard Chartered, and Agrobank for two landmark transactions that demonstrate the impact of Shariah-compliant risk mitigation.

“These awards reflect how strong partnerships can mobilise capital, enable strategic infrastructure, expand access to trade finance, and deliver meaningful development impact across our member states.”

Khalafalla added that the winning transactions highlighted ICIEC’s role as a trusted partner in de-risking trade and investment, supporting financial institutions, and helping member states to advance sustainable and inclusive growth.

The CEO stated that as a member of the rated Islamic Development Bank (IsDB) Group, ICIEC commenced operations in 1994 to strengthen economic relations between OIC Member States and promote intra-OIC trade and investments by providing risk mitigation tools and Shariah-compliant financial solutions.

The corporation is the only Islamic multilateral insurer in the world. ICIEC has led in delivering a comprehensive suite of solutions to companies and stakeholders across its 51 member states.

For the 18th consecutive year, ICIEC maintained an “Aa3” insurance financial strength credit rating from Moody’s, ranking the corporation among the top tier of the Credit and Political Risk Insurance (CPRI) industry.

Khalafalla stated, “Additionally, S&P has reaffirmed ICIEC’s ‘AA-‘long-term Issuer Credit and Financial Strength Rating for the third consecutive year, with a Stable Outlook. ICIEC’s resilience is underpinned by its sound underwriting practices, a robust global reinsurance network, and strong risk management policies.

“Cumulatively, ICIEC has insured more than USD 138 billion in trade and investment. ICIEC’s activities span several key sectors, including energy, manufacturing, infrastructure, healthcare, and agriculture.”

Meanwhile, senior policymakers, development finance institutions, and regional integration experts across Asia, MENA, and Africa deliberated on how strong regional cooperation could accelerate sustainable growth, economic resilience, and shared prosperity across IsDB Group member countries.

A high-level knowledge-sharing event tagged, “Drivers of Regional Integration across IsDB Regions,” with the theme, “Regional Integration for Sustainable Prosperity,” brought together representatives from IsDB, World Bank, African Development Bank (AfDB), and Asian Development Bank (ADB) to exchange perspectives on advancing regional integration through stronger connectivity, trade facilitation, economic cooperation, and institutional collaboration.

Dr. Huseyn Huseynov, Advisor to the Minister of Economy of the Republic of Azerbaijan, while opening the session, emphasised the importance of regional cooperation and integration in unlocking economic opportunities and promoting sustainable development.

Drawing on the vision and experience of Azerbaijan, Huseynov highlighted the country’s role in advancing regional integration, stating that stronger cross-border connectivity is essential for driving inclusive and sustainable growth.

In his remarks, Director of Economic and Social Infrastructure Department at IsDB, Mr. Idrissa Dia, underscored the role of regional integration as a practical catalyst for development and a key enabler of sustainable prosperity across member countries.

He stated that though challenges remained, such as limited intra-regional trade and infrastructure gaps among member countries, IsDB was actively advancing solutions through its Regional Cooperation and Integration Policy.

In his keynote address, Global Economist and United Nations Special Envoy on Financing Sustainable Development, Dr. Mahmoud Mohieldin, highlighted the critical role of regional integration in advancing progress towards the Sustainable Development Goals (SDGs).

Mohieldin provided practical examples of regional integration policy coordination from Asia and underscored the potential of IsDB Regional Integration Index for guiding investment prioritisation.

A central highlight of the event was the presentation of IsDB Regional Integration Index, which provided analytical insights into regional integration trends, opportunities, and challenges across member countries.

The experts who participated in the session discussed how the Index could serve as a practical tool to impact policy decisions, guide future initiatives, and strengthen regional cooperation strategies.

Moderated by IsDB Group Chief Economist, Dr. Areef Suleman, the panel discussion brought together senior representatives from leading multilateral development institutions.

Panellists at the deliberation included May Ali Babiker (Director, Cooperation and Capacity Development Department, IsDB); Boutheina Guermazi (Director, Strategy and Operations, MENAAP, World Bank); Dr. Youssouf Kone (Chief of Regional Funds, AfDB); and Dr. Jong Woo Kang (Director, Regional Cooperation and Integration, ADB).

Drawing on experiences from Asia, the Middle East and North Africa, and Sub-Saharan Africa, panellists explored the factors driving successful regional integration efforts, and examined how countries could strengthen economic connectivity through infrastructure development, regulatory harmonisation, digital transformation, private sector engagement, and capacity development.

The participants examined how regional integration could contribute to more inclusive and sustainable economic growth while helping countries respond to global challenges, including supply-chain disruptions, economic uncertainty, and climate-related risks.

Particular emphasis was placed on the diverse realities of sub-regions, their different dynamics, and the importance of tailoring approaches to ensure that regional integration strategies reflected local contexts while promoting shared prosperity.

The event concluded with a call for stronger partnerships among governments, development institutions, and regional stakeholders to advance practical, evidence-based solutions that strengthened connectivity, promoted regional integration, and supported sustainable socioeconomic development.