ICD, Partner Seal Deal

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The Chief Executive Officer of the Islamic Corporation for the Development of the Private Sector (ICD), the private sector arm of the Islamic Development Bank Group (IsDBG), Mr. Ayman Amin Sejiny and the Chairman of the Management Board of Turonbank, Mr. Chori Sadibakosovich Mirzaev, have signed an Advisory Services Agreement in relation to launching of an Islamic window at the bank.

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

Turonbank is one of the more recent partners of ICD and has been utilizing $10 million Line of Financing Facility granted by ICD to finance SMEs in Uzbekistan.

Sejiny said: “This successful cooperation between our institutions is the next step toward enhancing our recent strategic partnership. Advisory services provided by ICD is a strategic partnership, aiming to support the banking and Islamic finance industries in Uzbekistan.”

On his part, Mirzaev added: “As you all know, a large part of the population of our country are our citizens who follow Islam.”