ICD to develop Islamic finance in Uzbekistan

The agreement was signed during ICD’s official visit to Uzbekistan.

The Islamic Corporation for the Development of the Private Sector (ICD) signed an agreement to assist Kapitalbank, a private commercial bank in Uzbekistan, with technical advisory services for the establishment of a new Islamic banking window.
The agreement was signed during ICD’s official visit to Uzbekistan as part of its mandate to explore development opportunities in the member countries and strengthen ICD’s advisory footprint in central Asia, especially in Uzbekistan.
ICD will assist Kapitalbank in areas of Shariah, accounting, information technology, marketing and communication, HR and legal aspects combined with an on-site extensive theoretical training and supported by on-job training in Islamic banks.
Ayman Sejiny, CEO of ICD, said: “We are happy to sign the agreement to support Kapitalbank and share our expertise through the Islamic Financial Institution Program, developed for and with our partners to advise and assist in developing and reinforcing the Islamic finance industry in the member countries.”
Oleg Kim, acting chairman of the management board, representing Kapitalbank, said: “We believe that the launching of the Islamic window in the bank will allow mobilizing funds of the population who, because of their religious beliefs, did not use traditional banking services. In addition, legal entities will receive access to Shariah-compliant funding. So through Islamic banking, financial inclusion can be promoted and bring a larger pool of savings in the local and global economy.”