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Signature of Advisory Services Agreement between Islamic Corporation for Private Sector Development (ICD) and Orient Finans Bank, Uzbekistan

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Signature of Advisory Services Agreement between Islamic Corporation for Private Sector Development (ICD) and Orient Finans Bank, Uzbekistan

Mr. Ayman Amin Sejiny, Executive Director of the Islamic Corporation for Private Sector Development (www.ICD-PS.org), the private sector branch of the Islamic Development Bank Group, and Mr. Tokhir Djunaydullaev, President of The Board of the Orient Finans Bank, signed an Advisory Services Agreement in connection with the launch of an Islamic Window at the Bank.

Recently, the government of Uzbekistan decided to introduce Islamic financial services in Uzbekistan. Consequently, Orient Finans Bank aimed to implement Islamic banking in its operations. The planned Islamic Window will create an opportunity for Orient Finans Bank to be one of the largest profit-sharing Islamic Windows offering Islamic products and services in Uzbekistan. As a result, the Bank will diversify its products, sources of financing, and increase its profits.

The advisory services provided by ICD are a turnkey solution, which aims to support the Islamic banking and financial industries in Uzbekistan. Through this initiative, ICD will help Orient Finans Bank launch its first dedicated Islamic window by providing them with a comprehensive solution covering Shariah compliant product development, accounting assistance, selection of Islamic windows IT solutions, human resources. and legal aspects of operations; combined with extensive on-site theoretical training, which will be complemented by on-the-job training within one of the ICD’s partner Islamic banks.

Orient Finans Bank is one of ICD’s newest partners and has used two lines of financing facilities granted by ICD for USD 17 million to finance SMEs in Uzbekistan.

On this occasion, Mr. Sejiny commented: “This is the next level of successful cooperation between our institutions, which will enhance our strategic partnership.”

For his part, Mr. Djunaydullaev added: “Our mission as an actively developing financial institution in Uzbekistan is to meet the demand of each client with the help of modern, high-quality banking services. Our partnership with ICD will help us fulfill our mission with excellence. “

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