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. 


Pharmaceutical giant Allergan to train KSU pharmacy students

Updated 23 April 2019
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Pharmaceutical giant Allergan to train KSU pharmacy students

Global biopharmaceutical company Allergan has signed a memorandum of understanding (MoU) with King Saud University (KSU) that focuses on developing a robust student-exchange program by facilitating training opportunities for Saudi nationals.

The agreement was signed by Ramsey Morad, Allergan’s vice president for India, Middle East and Africa, and Dr. Aws Al-Shamsan, dean of the College of Pharmacy at the university. The MoU is in line with the Kingdom’s overall efforts to drive more cooperation levels between the public and private sectors, with the underlying objective to integrate Saudi nationals into various fields within the health-care sector.

Under the agreement, Allergan will provide training courses on an annual basis for students at the College of Pharmacy as well as programs to develop their scientific and medical knowledge and align them to international industry best practices. Students will be assessed according to set parameters, and the top performers will earn an internship opportunity with the company

In addition, Allergan will run courses for faculty members at the College of Pharmacy with a focus on leadership skills.

Morad said: “We have used practical methods to express our commitment toward the Kingdom and toward the realization of Vision 2030. We are placing a very high emphasis on developing the local capabilities of Saudi nationals within the health-care sector, and this partnership with a leading university in the region is one of the steps we are taking. Saudi Arabia is at the heart of our operations in the region, and this MoU represents a key milestone in our efforts to attract the young minds of tomorrow and integrate them as core members of our Allergan team.” 

Al-Shamsan said: “We are proud to partner with Allergan to implement internationally recognized knowledge-based programs for the development of our students. With this MoU, we are focusing on the enhancement and development of the pharmaceutical sector across the Kingdom. We are guided by the mission to provide students experiences to learn from international best practices and, at the same time, work toward the improvement of the quality of the pharmaceutical sector in the Kingdom.”

Allergan said it is committed to a wide range of programs with health-care professionals, patients and national entities across the Kingdom. The company’s investments through its joint venture, Allergan Saudi Arabia, include the development of medical training centers focused on training health-care professionals in medical aesthetics.