In a landmark initiative to aid the boosting Uzbek economy, the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a Shariah-based multilateral insurer and member of the Islamic Development Bank (IsDB) Group, has entered into a cooperation agreement with Joint Stock Commercial Bank Agrobank and Standard Chartered Bank.
Industry sources added that this partnership was formally announced at the IsDB Group’s Annual Meeting 2024, held in Riyadh.
The agreement is signed by ICIEC CEO Mr. Oussama Kaissi and Mr. Azamet Turaev, Deputy Chairman, Agrobank, and Mr. Mazen Bunyan, CEO of Saudi Arabia, Standard Chartered Bank, commits to exploring a long-term financing partnership designed to bolster economic development in Uzbekistan.
Industry sources added that it focuses on offering financing upwards of EUR 150 million, plus the transactional costs, that aims at boosting JSCB Agrobank’s capabilities to offer new Islamic financing products to its retail and other customers.
ICIEC CEO, Mr. Oussama Kaissi, announced that “the agreement represents a significant advancement in promoting economic growth and financial inclusivity through the use of Islamic finance. By combining their expertise and resources, ICIEC, JSCB Agrobank, and Standard Chartered are poised to deliver substantial economic benefits and innovative financial solutions to Uzbekistan, thereby contributing to the country’s long-term economic resilience and prosperity.”
