Uzpromstroybank and the Islamic Corporation for the Development of the Private Sector sign an agreement on the financing line in the amount of US$25 million.
Tashkent, Uzbekistan (UzDaily.com) -- An agreement on a financing line in the amount of US$25 million has been signed between Uzpromstroybank and the Islamic Corporation for the Development of the Private Sector (ICD).
In accordance with the Agreement, ICD will support Uzpromstroybank in financing investment projects of small and medium-sized businesses of Uzbekistan - the bank’s clients using Islamic financing methods.
The parties also agreed to jointly organize training and practical programs for banking professionals in the direction of the Islamic method of financing (in particular, murabaha - consumer credit), in order to raise awareness and practical knowledge of banking specialists about new types of non-traditional banking products and services.
The signing of this agreement is not only an opportunity for the introduction of new types of financial services in a bank on the principles of Sharia and attracting additional financial resources of the Islamic Development Bank Group, but also a positive signal for other banks and financial organizations, as well as investment funds dealing with Islamic methods of financing in on the eve of the Annual Meeting of the Board of Governors of the Islamic Development Bank, which will be held in our country in June this year.
This is the third line of financing allocated by ICD for Uzpromstroybank. Previously, the Corporation issued two credit lines of financing totaling US$18 million in 2009 and 2012.