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. 


Zain advocates ‘New Kuwait’ vision at GITEX

Zain’s dedicated booth at the GITEX Technology Week. (Photo/Supplied)
Updated 16 October 2018
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Zain advocates ‘New Kuwait’ vision at GITEX

Zain Kuwait inaugurated its dedicated booth at the Gulf Information Technology Exhibition (GITEX Technology Week 2018). The international event is hosted in Dubai until Oct. 18, where technology leaders and pioneers gather under one roof for five days to showcase the latest tech applications that will enrich the digital world’s revolution. 

The opening ceremony witnessed the visit of Sheikh Hamdan bin Mohammed bin Rashid Al-Maktoum, crown prince of Dubai and chairman of the Executive Council of Dubai, where he was welcomed by Zain Group’s Vice Chairman and Group CEO Bader Nasser Al-Kharafi and Zain Kuwait’s Chief Executive Officer Eaman Al-Roudhan. The ceremony was attended by Kuwaiti Consul General in Dubai Diab Al-Rashidi, as well as Zain’s executive management and strategic partners from global firms.

During his tour at Zain’s booth, Sheikh Hamdan bin Mohammed expressed his admiration of the role Zain plays in transforming the telecom sector in the Middle East, as well as the company’s efforts in advancing innovation within the enterprise sector that witnesses constant leaps of change in the region’s markets. 

GITEX Technology Week, organized by the Dubai World Trade Center and featuring the biggest global companies, organizations, and entities from the telecom and IT industry, is considered one of the biggest events in the industry around world. 

Through its participation in GITEX, Zain aims to showcase its capabilities as an active partner in achieving the goals of the Kuwait National Development Plan (New Kuwait 2035) that stems from Emir of Kuwait Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah’s conceptualized vision of a new Kuwait by 2035, which is based on five expected outcomes and seven key pillars. Through its booth at GITEX, Zain provides the technologies required under each of the seven pillars to achieve the goals of the Kuwait National Development Plan. 

At GITEX, Zain offers its latest innovative solutions based on the seven pillars of the Kuwait National Development Plan, which are Smart Security, Smart Education, Smart Health, Smart Mobility, Smart Living, Smart Economy, and Smart Infrastructure. 

The smart solutions Zain showcases at GITEX include solutions for Smart Security, like access control, identity management, mass notification, video surveillance, intercampus communications, and business intelligence. Solutions for Smart Education include connected classrooms and virtual classrooms. Solutions for Smart Health include remote chronic illness management, remote medical collaboration solutions, health care cloud services, and more. 

Zain’s smart solutions also feature solutions for Smart Mobility, including smart parking, remote monitoring, and smart public signage. Solutions for Smart Living include smart districts, energy management, facility management, smart metering, smart lighting, smart benches, digital signage, and smart waste bins. Smart Economy solutions include the smart investment platform, E-Wallet, payment platform, and smart retail. Finally, Smart Infrastructure solutions include the integrated DNX Platform, which enables all individual services to run in a cohesive environment, and synergizes across applications by fusing data and analysis to provide a 360-degree platform view for digital service development, management, and operations.