ITFC signs $100m Murabaha deal in Uzbekistan

The Murabaha Trade Financing Agreement was signed between the ITFC and the Asia Alliance Bank in Uzbekistan
Updated 14 June 2018
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ITFC signs $100m Murabaha deal in Uzbekistan

The International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IDB) Group, and Asia Alliance Bank, a joint-stock commercial bank in Uzbekistan, have signed the Murabaha Trade Financing Agreement.

This is the first operation of ITFC in Uzbekistan, and it marks the start of the implementation of the $100 million framework agreement, signed between Uzbekistan and ITFC on March 6.

“The purpose of the framework agreement is to find ways and means to ensure close cooperation and coordination of efforts between ITFC and the government of Uzbekistan, and to pave the way for a strategic partnership between the parties,” said Hani Salem Sonbol, CEO of ITFC. The main area of cooperation indicated in the agreement is to provide a line of financing to local banks in Uzbekistan to support the private sector, particularly small and medium enterprises. 


Al-Futtaim ACE hosts Eid celebration

Updated 18 June 2018
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Al-Futtaim ACE hosts Eid celebration

Al-Futtaim ACE in Dubai celebrated Eid with 25-75 percent off its 25,000 product lines available both in-store and online. Customers enjoyed exciting deals on a range of home, DIY, outdoor and garden products as well as on electronic goods.
A number of in-store activities, such as a henna artist, balloons, cotton candy, pop corn and face painting for kids, kept everyone entertained. The Al-Futtaim ACE Eid Extravaganza ran from June 14-17.
Customers also took advantage of the recently launched “Price Match Protection,” which matches prices of branded products available at Al-Futtaim ACE to prices for the exact same make, model and specifications of products in the market, including at online retailers.
Al-Futtaim ACE stores offer over 33,000 great products of world-class brands such as WILKO, Karcher, Black & Decker, Makita, Clark + Kensington, Weber, Gardena and Leisuregrow.