Baku, Azerbaijan, Sept. 25
On behalf of the Acting CEO and General Manager 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 Uzbek Industrial and Construction Bank (UzICB), Mr. Sakhi Annaklichev signed a Memorandum of Understanding on exploring the possibility of financing the private sector enterprises in Uzbekistan under a proposed Shariah Compliant Line of Financing Facility during the Islamic Development Bank Groups day event in Tashkent, Uzbekistan.
The Shari’ah compliant Line of Financing facility will be utilised by UzICB to provide financial support to private sector, including Small and Medium Enterprises (SME) in Uzbekistan through Islamic modes of financing.
This Line of financing 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
Joint-Stock Commercial Bank "Uzbek Industrial and Construction Bank ", incorporated in 1991 under the license from the Central Bank of the Republic of Uzbekistan No. 17 to conduct banking operations and headquartered in Tashkent, the capital of the Republic of Uzbekistan. Today, the bank provides financial services in 45 branches with the number of employees of 3,850 persons in Uzbekistan.
For more information visit UzICB’s website at: https://www.uzpsb.uz/