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Signing of the Agreement on Advisory Services between the Private Sector Development Islamic Corporation (ICD) and Xalq Bank, Uzbekistan

Esther by Esther
December 3, 2020
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Signing of the Agreement on Advisory Services between the Private Sector Development Islamic Corporation (ICD) and Xalq Bank, Uzbekistan
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Mr. Ayman Amin Sejiny, the CEO of the Islamic Corporation for the Development of the Private Sector (ICD) (www.ICD-idb.org), the private sector arm of the Islamic Development Bank (IsDB), and Mr. Farkhod Islomovich Salamov, Chairman of the Management Board of Xalq Bank, signed an Advisory Services Agreement in relation to launching of an Islamic Window at the Bank.

The intended Islamic Window would create an incentive for Xalq Bank to sell Islamic 

goods & services in Uzbekistan as one of the foremost truly profit-sharing Islamic Windows. 

As a result, the Bank will diversify and grow 

its earnings by diversifying its goods and funding sources. 

Since 2013, Xalq Bank has been one of ICD’s partners and has used the USD 

13 million Line of Financing Facility offered by ICD to fund ten SMEs in Uzbekistan. 

Mr. Sejiny, on 

this occasion, commented:  “This cooperation with Xalq Bank is a strategic partnership aiming to support the banking and Islamic finance industries in Uzbekistan. Through this strategic initiative, ICD will assist Xalq Bank in launching its first dedicated Islamic Window by providing them with a total solution covering Shari’ah, accounting, information technology, human resources and legal aspects; combined with  on-site extensive theoretical training, to be supported by on-job training in Islamic banks. This successful cooperation between our institutions enhances our long-term strategic partnership”

On his part, Mr. Salamov added: “The Islamic banking products have a huge potential in the market today and we believe that the demand for this kind of services will rise further. Moreover, this new partnership will give us the instruments, which will target the niche of the customer base that we have not reached until today and be productive for both sides.”

SOURCE: NNN

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