ICD to launch Islamic window at Uzbekistan’s Turonbank

ICD to launch Islamic window at Uzbekistan’s Turonbank
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Updated 15 February 2021

ICD to launch Islamic window at Uzbekistan’s Turonbank

ICD to launch Islamic window at Uzbekistan’s Turonbank

Ayman Amin Sejiny, CEO of the Islamic Corporation for the Development of the Private Sector (ICD), the private sector arm of the Islamic Development Bank Group (IsDBG), and Chori Sadibakosovich Mirzaev, chairman of the management board of Turonbank, signed an advisory services agreement in relation to the launching of an Islamic window at the bank.

The intended wholly profit-sharing Islamic window will create an opportunity for Turonbank to offer Islamic products and services in Uzbekistan. As a result, the bank will diversify its products and funding sources, and increase its profits. 

Turonbank is one of the most recent partners of ICD and has been utilizing a $10-million line of financing facility granted by ICD to finance SMEs in Uzbekistan.

“This successful cooperation between our institutions is the next step toward enhancing our recent strategic partnership. The advisory services provided by ICD aim to support the banking and Islamic finance industries in Uzbekistan,” Sejiny said. “Through this strategic initiative, ICD will assist Turonbank in launching its first dedicated Islamic window by providing them with a total solution covering development of Shariah-compliant products, assistance in accounting, information technology, human resources and legal aspects of the operations, combined with on-site extensive theoretical training and on-the-job training within one of the partner Islamic banks of ICD.”

Mirzaev added: “A large part of the population of our country are our citizens who follow Islam. In order to fully meet their needs and provide high-quality financial services, Turonbank has been working constantly and introducing new banking services; hence the Islamic window will be one of the most attractive financial services in the country... In this regard, I would not be mistaken to say that the ICD is one of the most important partners of Turonbank at the international level.

“The launch of the Islamic window in Turonbank will give impetus to further expansion of mutual cooperation and the implementation of joint projects.”

As a result, our bank will be able to expand the range of services provided to the population, accelerate the development of entrepreneurship and small businesses, and create an instrument that offers retail and corporate products based on Islamic principles. Most importantly, thousands of new jobs will be created.”