June 15, 2024

The Islamic Corporation and Trustbank partner to provide financing in Uzbekistan

Facebook
Twitter
LinkedIn
ICD & Trustbank

ICD and Trustbank have signed a USD 20 million Line of Finance Agreement. The facility will be used to finance private sector businesses, with a focus on Small and Medium Enterprises (SMEs), in Uzbekistan. The Line of Finance aims to promote Islamic finance, improve financial inclusion, and support private sector development in Uzbekistan.

Eng. Hani Salem Sonbol, the Acting Chief Executive Officer of the Islamic Corporation for the Development of the Private Sector (ICD), and Mr. Sardor Normukhamedov, Chairman of the Board of Private Joint Stock Bank “Trustbank” (the Bank), signed a USD 20 Million Line of Finance Agreement that will be used to finance private sector businesses, with a focus on Small and Medium Enterprises (SMEs), in Uzbekistan.

Eng. Hani Salem Sonbol, the Acting Chief Executive Officer of ICD

This Line of Finance facility marks the third extended by ICD to Trustbank and aims to promote Islamic finance, improve financial inclusion, and support private sector development in Uzbekistan.

Trustbank has already benefited from two previous lines of finance totaling USD 17 million, extended in 2018 and 2021, which have enabled the financial institution to support 11 new projects across various sectors of the economy.

“We are pleased to continue our partnership with Trustbank and support the growth of private sector businesses in Uzbekistan,” said Eng. Hani Salem Sonbol, the Acting Chief Executive Officer of ICD. “This line of finance will help to promote Islamic finance and financial inclusion, while also driving economic development in the country.”

Mr. Sardor Normukhamedov, Chairman of the Board of Trustbank, added: “We are grateful for the ongoing support of ICD and the opportunity to access finance that aligns with our values. These funds will allow us to continue providing vital support to private sector businesses in Uzbekistan, particularly SMEs, and contribute to the overall development of the country’s economy.”

Press release recieved on mail

For more information regarding Islamic Corporation please read the articles on: The Islamic Corporation signs agreement with Uzbekinvest to support export development

Share.

RELATED POSTS

National Bank of Oman, has forged an alliance with Federal Bank of India, a prominent player in cross-border remittance and non-resident Indian banking services.
NBO forges alliance with Federal Bank of India
Sulaiman Al Harthi, CEO of Oman Arab Bank
OAB participated in talks for banking and finance
PayTabs Group inks partnership with Fintech Galaxy to elevate GCC’s fintech space with payment orchestration and open banking solutions
PayTabs Group collaborates with Fintech Galaxy
  • Tamkeen Insurance banner
  • International Assurance

LATEST POSTS

Image used for representational purpose (Image by wirestock on freepik)
Commvault Appoints Ziad Aboumerhi As Country Manager Qatar to boost its Middle East Operations and Qatar's Cybersecurity Operations
360tf and Traydstream Alliance To Digitize Trade Finance Solutions  by supporting corporates in financing, saving time and money on document processing, and allowing them to focus on their core business
Danfoss Drives And Honeywell Partnership Boosts Automation Solutions