Financing agreement inked between ICD, Uzbek InFinBank
Baku, Azerbaijan, July 11
The Acting Chief Executive Officer of the Islamic Corporation for the Development of the Private sector (ICD), Mr. Najmul Hassan and the Chairman of the Management Board of the Joint-Stock Commercial Bank Invest Finance Bank (InFinBank), Mr. Bobir Burkhanov signed a Line of financing agreement for a USD 7 million facility at the ICD’s head office in Jeddah.
The USD 7 million Shari’ah compliant Line of Financing facility will be utilised by InFinBank to provide financial support to private sector, including Small and Medium Enterprises (SME) in Uzbekistan through Islamic modes of financing.
This USD 7 million financing is a first Shariah compliant Line facility for InFinBank, which will enable the Bank to offer Shariah compliant products along with other banking services.
About the Islamic Corporation for the Development of the Private Sector
ICD is a multilateral organization and a member of the Islamic Development Bank (IDB) Group. The mandate of ICD is to support economic development and promote the development of the private sector in its member countries through providing financing facilities and/or investments which are in accordance with the principles of Shari’ah. ICD also provides advice to governments and private organizations to encourage the establishment, expansion and modernization of private enterprises. ICD is rated AA/F1+ by Fitch and Aa3/P1 by Moody’s. For more information visit www.icd-ps.org
JSCB InFinBank was established in 2007 under the license from the Central Bank of the Republic of Uzbekistan No. 75 to conduct banking operations and headquartered in Tashkent, the capital of the Republic of Uzbekistan.
The bank's strategic goal is to achieve the leading positions among medium-sized banks in Uzbekistan, to firm up as a universal bank with stable competitive positions. Today, the Bank provides financial services in 14 branches with number of employees of 968 persons in Uzbekistan.
For more information visit InFinBank’s website at: https://infinbank.uz/en/