ICD to develop Islamic finance in Uzbekistan

The agreement was signed during ICD’s official visit to Uzbekistan.
Updated 17 June 2019
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ICD to develop Islamic finance in Uzbekistan

The Islamic Corporation for the Development of the Private Sector (ICD) signed an agreement to assist Kapitalbank, a private commercial bank in Uzbekistan, with technical advisory services for the establishment of a new Islamic banking window.
The agreement was signed during ICD’s official visit to Uzbekistan as part of its mandate to explore development opportunities in the member countries and strengthen ICD’s advisory footprint in central Asia, especially in Uzbekistan.
ICD will assist Kapitalbank in areas of Shariah, accounting, information technology, marketing and communication, HR and legal aspects combined with an on-site extensive theoretical training and supported by on-job training in Islamic banks.
Ayman Sejiny, CEO of ICD, said: “We are happy to sign the agreement to support Kapitalbank and share our expertise through the Islamic Financial Institution Program, developed for and with our partners to advise and assist in developing and reinforcing the Islamic finance industry in the member countries.”
Oleg Kim, acting chairman of the management board, representing Kapitalbank, said: “We believe that the launching of the Islamic window in the bank will allow mobilizing funds of the population who, because of their religious beliefs, did not use traditional banking services. In addition, legal entities will receive access to Shariah-compliant funding. So through Islamic banking, financial inclusion can be promoted and bring a larger pool of savings in the local and global economy.”


Arabian Power Electronics factory starts operations

Updated 23 July 2019
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Arabian Power Electronics factory starts operations

The new plant of Arabian Power Electronics Company located in Dammam’s Industrial Area has started its operations following a soft-inauguration event on July 5.

The inaugural ceremony com- menced with the ribbon cut by Dr. Siddeek Ahmed, chairman and managing director, Eram Group.

Dr. Sattam Al-Omairy, director, APEC, did the ribbon cutting for the shop floor inauguration.

The meeting started with a wel- come address by Abdul Razack, group CEO, Eram Group.

Jacob Thomas, business unit head of APEC, spoke about the birth of APEC and how it grew to a market leader today in his open- ing remarks.

In his inaugural address, Dr. Sid- deek Ahmed, CMD, Eram Group, expressed his vision behind estab- lishing the first power electronic manufacturer of Saudi Arabia.

Saad Al-Shahrani, chairman, Saudi Council of Engineers, Rizwan Ahmed, director, Eram Group, Elio Maggi, executive board member, Eram Group, Mohd Al-Shallali, executive board member, Eram Group, Abdullah Al-Ajmi, corpo- rate affairs manager, APEC, also ad- dressed the event.

Madhu R. Krishnan, group direc- tor, Eram Group, offered a vote of thanks to all the well-wishers for their constant support to the com- pany during the past eight years.

Arabian Power Electronics Com- pany is a leading global power electronics manufacturer with world-wide operations and a production facility in Saudi Arabia.

APEC was established in 2011 as a flagship division of ERAM Group, one of the most diversified business conglomerates in the Middle East.

The company has gained wide ac- ceptance for the quality of products and services by serving more than 700 clients in the region and a total installed capacity over 12 MW of power backup systems.

The company has an operations and maintenance team capable of reaching clients across Saudi Arabia. The new facility will de- liver the most innovative technol- ogy, products and services as well as job opportunities to young Sau- di engineers. This will accelerate the company’s vision of becoming the pioneers of power electronics in the region.

As Vision 2030 demands the de- velopment of a more stable energy sector with localization of the tech- nology, APEC is close to achieving this through the process of trans- ferring power electronics technol- ogy to the Kingdom.

The facility is completely de- signed and constructed for the future. Its position and proximity to the upcoming King Salman En- ergy Park, which is going to be the epicenter of global Industries, will help turn the spotlight on APEC — the indigenous manufacturer.