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ICD and Sanoat Qurilish Bank: New horizons and prospects of cooperation

On June 11 this year, a bilateral agreement was signed between the Islamic Corporation for the Development of the Private Sector (ICD, member of the Islamic Development Bank Group) and JSCB Sanoat Qurilish Bank (Uzbekistan Industrial and Construction Bank) to provide technical assistance and advisory services for further establishment of the Islamic Banking Window.

Signing the agreement was timed to the official visit of the ICD delegation to the Republic of Uzbekistan led by the CEO & General Manager of the corporation, Mr. Ayman Sejiny.

During the visit, the ICD delegation expressed interest in issues of establishing partnership between our institutions, which in the future will serve to strengthen the presence of the corporation in the Republic of Uzbekistan.

It should be emphasized that ICD will assist JSCB Sanoat Qurilish Bank in development of issues within the competence of the Islamic Window, providing a comprehensive solution on aspects of Sharia, analysis of financial reporting, information technologies, marketing and communications, personnel management, as well as legal issues at places.

On the occasion of opening this institute, the CEO & General Manager of the ICD Mr. Ayman Sejiny made the following statement:

“We note with great satisfaction that the signing of this document will undoubtedly serve mutually beneficial cooperation between our organizations, as well as will also assist JSCB Sanoat Qurilish Bank in issues of promoting the process of exchange of experience initiated within the framework of Islamic Finance programs developed with direct participation of ICD partners to improve the quality of advisory services provided, as well as support the development and strengthen the origin of Islamic Finance in member countries”.

Introduction of the Islamic Finance Institute will saturate the services market of Uzbekistan with a new product, as well as will also help strengthen mutually beneficial cooperation between Islamic financial institutions and traditional banks of the country by providing more opportunities when financing potential projects.

Reference. The Islamic Corporation for the Development of the Private Sector was established in 1999. ICD is a multilateral development organization, is a member of the IsDB.

ICD is called upon to assist the member countries of the corporation in issues of economic development, as well as to allocate funds to private sector and to invest in accordance with the fundamental principles of the Sharia.

The corporation also conducts technical assistance, providing consulting services to the private sector of member states, to improve the market economy and qualitatively promote private investment, contributing to increased investment opportunities, privatization of state-owned enterprises and development of Islamic Capital Markets.

 Information Service of the Bank

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