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.”