The Islamic Corporation for the Development of the Private Sector (ICD), the private sector arm of the Islamic Development Bank (IsDB), has inked a memorandum of understanding (MoU) with Uzbekistan`s SQB Securities for the development of Islamic finance and the capital markets in Uzbekistan.
It specifies the following areas of cooperation:
- Conduct selective training courses on Islamic finance and its products and services for local banks and financial institutions in Uzbekistan;
- Introduce Islamic finance instruments such as Sukuk and other instruments;
- Attract potential international financial institutions to the Uzbek market;
- Attract Shari’ah-compliant debt financing for potential projects in Uzbekistan;
Ayman Amin Sejiny, CEO of ICD, stressed the importance of the MoU in increasing capacity-building, promoting knowledge-sharing and supporting greater sustainable access to finance across ICD member countries.
He said: “Providing assistance to the development of the Islamic finance industry has always been among our top priorities. We look forward to pursuing and intensifying this effort to better tackle Uzbekistan’s needs to develop innovative, robust and competitive financial systems at both the domestic and regional levels.”
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