Mr. Ayman Amin Sejiny, the CEO of the Islamic Corporation for the Development of the Private Sector (ICD), the private sector arm of the Islamic Development Bank Group, and Mr. Tokhir Djunaydullaev, Chairman of the Board of Orient Finans Bank, signed an Advisory Services Agreement in relation to launching of an Islamic Window at the Bank.
Recently, the Uzbek Government decided to introduce Islamic financial services in Uzbekistan. Accordingly, Orient Finans Bank aimed to implement Islamic banking in its operation. The intended Islamic Window will create an opportunity for Orient Finans Bank 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.
The Advisory services provided by ICD is a turn-key solution, aiming to support the banking and Islamic finance industries in Uzbekistan. Through this initiative, ICD will assist Orient Finans Bank in launching its first dedicated Islamic Window by providing them with a comprehensive solution covering the development of the Shariah compliant products, assistance in accounting, Islamic Window IT solution selection, human resources, and legal aspects of the operations; combined with on-site extensive theoretical training, to be supported by on-the-job training within one of the partner Islamic banks of ICD.
Orient Finans Bank is one of the more recent partners of ICD and has utilized USD 17 million two Lines of Financing Facilities granted by ICD to finance SMEs in Uzbekistan.
On this occasion, Mr. Sejiny, commented: “This is the next level of successful cooperation between our institutions, which will enhance our strategic partnership”
On his part, Mr. Djunaydullaev added: “Our mission as an actively developing financial institution in Uzbekistan is to satisfy demand of each client with the aid of modern high-quality banking services. Our partnership with ICD will assist us to fulfill our mission with excellence”.