BY DAYO ADESULU
Islamic Corporation for the Development of the Private Sector (ICD) and Xalq Bank have signed Advisory Services Agreement
Mr Ayman Amin Sejiny, the CEO of the Islamic Corporation for the Development of the Private Sector (ICD) 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 the launching of an Islamic Window at the Bank.
The intended Islamic Window will create an opportunity for Xalq Bank to be one of the foremost wholly profit-sharing Islamic Windows, offering Islamic products & services in Uzbekistan. As a result, the Bank will diversify its products, sources of funding and increase its profits.
Xalq Bank is one of the partners of ICD since 2013 and has utilized USD 13 million Line of Financing Facility granted by ICD to finance ten SMEs in Uzbekistan.
READ ALSO: African Energy Chamber Pushes For Natural Gas Adoption And Jobs Creation
On this occasion, Mr Sejiny, 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.”
