Baku, Azerbaijan, Sept. 25
Trend:
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 First Deputy Chairman of the Management Board of the Joint-Stock Commercial Bank “Hamkorbank” (Hamkorbank), Mr. Alisher Mirzaev signed a Memorandum of Understanding on exploring the possibility of financing the private sector enterprises in Uzbekistan under a proposed Shari’ah Compliant Line of Financing Facility during the Islamic Development Bank Group’s Day event in Tashkent, Uzbekistan.
The Shari’ah compliant Line of Financing facility will be utilised by Hamkorbank 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 Hamkorbank to offer Shari’ah 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 with Foreign Capital “Hamkorbank” has been operating at the market of banking services in the Republic of Uzbekistan since 1991. Initially, having commenced its operations in Andijan city, over 27 years the Bank has developed the expanded branch network, covering all administrative regions of the Republic of Uzbekistan. At present the Bank has 209 service outlets, out of them 33 branches, 170 mini-banks. The Bank also organized the activities of 6 subsidiary companies.
The mission of the Bank is to reach its goals by consolidating and by expanding its positions all over the country, improving the professionalism of its staff, improving the quality and the level of automation and technology related to the offered services in order to establish trustworthy relations with each client, focused on long-term and mutually beneficial cooperation.
For more information, visit Hamkorbank’s website at: https://hamkorbank.uz/en