Baku, Azerbaijan, July 10
By Fikret Dolukhanov - Trend:
Acting Chief Executive Officer of the Islamic Corporation for the Development of the Private sector (ICD) Najmul Hassan and Chairman of the Management Board of the Private Joint-Stock Trustbank Sardor Normukhamedov signed a line of financing agreement for a $7 million facility at the ICD’s head office in Jeddah.
The $7 million Shari’ah compliant Line of Financing facility will be utilised by Trustbank to provide financial support to private sector, including Small and Medium Enterprises (SME) in Uzbekistan through Islamic modes of financing.
This $7 million financing is a first Shariah compliant Line facility for Trustbank, which will enable the Bank to offer Shariah compliant products along with other banking services.
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
Private Joint-Stock Bank "Trustbank", established in 1994 under the license from the Central Bank of the Republic of Uzbekistan No. 44 to conduct banking operations and headquartered in Tashkent, the capital of the Republic of Uzbekistan.
The mission of the Bank is to strive for becoming the best in providing high quality modern banking services and to aim to switch from growth in numbers to change in quality. Today, the bank provides financial services in 9 branches with number of employees of 942 persons in Uzbekistan.
For more information visit Trustbank’s website at: https://Trustbank.uz/en/