IDB, Tajikistan sign agreement on Islamic Banking

Photo: IDB, Tajikistan sign agreement on Islamic Banking / Tajikistan

Azerbaijan, Baku, Nov. 17 / Trend V. Zhavoronkova/

Tajikistan and the Islamic Development Bank have signed a Technical Assistance agreement on Islam banking.

The document was undersigned by Chairman of the Tajikistan's Central Bank, also Islamic Development Bank (IDB) Alternate Governor, Sharif Rahimzoda and Ahmad Mohamed Ali, President of IDB Group, the IDB reported on Thursday.

The agreement is aimed to develop legal, regulatory, and supervisory frameworks required for Islamic banking in the Central Asian country.

Alimardon thanked IDB for its active participation in development of his country particularly in power generation and transportation while expressing his country's willingness to boost cooperation with the IDB Group in the fields of irrigation, infrastructure, rural development, agriculture, power generation, trade financing, food security and micro-financing.

At the session, the IDB Group President praised the imminent connection of the power grid networks between Tajikistan and Kyrgyzstan as a ground breaking idea and hoped other IDB member countries in Central Asia, the GCC and the Arab World would follow suit.

He further expressed pleasure over the smooth implementation of the nine IDB Group projects currently underway in Tajikistan and called for proceedings to take place for enhancement of private sector investment in the Republic of Tajikistan through further involvement of elite businessmen.

Tajikistan joined the IDB in November 1996 and the Bank has to date allocated US $500 million of development financing to the Central Asian country.

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