Wednesday 26, September 2018 by Kudakwashe

Saudi-based ICD signs Islamic financing deals with Uzbek banks

 

The financing lines are modest in size but will help Uzbekistan banks offer Islamic financial products of their own.

The Saudi-based Islamic Corporation for the Development of the Private Sector (ICD), the private-sector arm of the Islamic Development Bank Group (IsDB) has signed Shari’ah-compliant financing agreements with six banks in Uzbekistan, boosting the former Soviet state's efforts to develop Islamic finance.

The lines include a $7.5 million financing agreement with state-controlled Asaka Bank, which would be used to support private companies. Other lenders receiving financing lines are Uzbek Industrial and Construction Bank, Turonbank as well as Hamkorbank, Kapitalbank, and Asia Alliance Bank, reported Reuters.

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