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 Board of the Joint-Stock Commercial Bank “ASAKA” (Bank ASAKA), Mr. Rustam Kasimov signed a Memorandum of Understanding for up to $7.5 Million of Shari’ah compliant Line of Financing facility during the Islamic Development Bank Group’s Day event in Tashkent, Uzbekistan.
The $7.5 million Shari’ah compliant Line of Financing facility will be utilised by Bank ASAKA to provide financial support to private sector, including Small and Medium Enterprises (SME) in Uzbekistan through Islamic modes of financing.
This $7.5 million financing will enable the Bank 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 Asaka (the Bank) and its subsidiaries (together referred as the “Group”) is incorporated in the Republic of Uzbekistan on 7 November 1995 and headquartered in Tashkent, the capital of the Republic of Uzbekistan. The Bank is regulated by the Central Bank of the Republic of Uzbekistan (the “CBU”) and conducts its business under the General licence #53 dated 27 December 2008 on banking operations and license #38 dated 27 December 2008 on foreign currency operations.
The mission of the Bank is to promote intensive development of Uzbekistan economy and its integration into international economic community, to make bank products and high quality services available for its clients. The bank provides financial services: in Tashkent city and 26 regional branches, 83 mini banks, 32 currency exchange units and with number of employees more than 2,800 persons.
For more information, visit Bank ASAKA’s website at: https://www.asakabank.uz/en