Uzbek Bank, Islamic Corp. for Development of Private Sector to co-op in asset management

Finance Materials 6 April 2019 10:01 (UTC +04:00)

Baku, Azerbaijan, April 6

By Fakhri Vakilov – Trend:

The joint-stock innovative commercial bank of Uzbekistan Ipak Yuli has signed a memorandum of understanding with the Islamic Corporation for the Development of the Private Sector, Trend reports via Uzbek media.

In order to expand activities in the field of Islamic finance and the development of the financial services market according to Sharia principles, the joint-stock innovative commercial bank Ipak Yuli participated in the 44th annual meeting of the Islamic Development Bank Group on April 3-5, 2019 in Marrakesh (Morocco).

As part of the event, a memorandum of understanding was signed between Ipak Yuli Bank and the Islamic Corporation for the Development of the Private Sector.

The document assumes the establishment of strategic cooperation on the platform of a global partnership for the provision of credit lines, advice, asset management, investment transactions and other operations of mutual interest for both parties.

The Islamic Corporation for the Development of the Private Sector (a division of the Islamic Development Bank Group) was established in November 1999 and provides financial services to the private sector.

The main products and services of the corporation are direct financing, asset management, structured financing and consulting. Methods of financing include, in particular, equity and profits, leasing, and partial resale.

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