Signing of the Advisory Services Agreement between the Islamic Corporation for the Development of the Private Sector (ICD) and Orient Finans Bank, Uzbekistan
The intended Islamic Window will create an opportunity for Orient Finans Bank to be one of the foremost wholly profit-sharing Islamic Windows
This is the next level of successful cooperation between our institutions, which will enhance our strategic partnership
Mr. Ayman Amin Sejiny, the CEO of the Islamic Corporation for the Development of the Private Sector (www.ICD-PS.org), the private sector arm of the Islamic Development Bank Group (www.IsDB.org), and Mr. Tokhir Djunaydullaev, Chairman of the Board of Orient Finans Bank, (www.OFB.uz) 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”.
Distributed by APO Group on behalf of Islamic Corporation for the Development of the Private Sector (ICD).
About the Islamic Corporation for the Development of the Private Sector (ICD):
The Islamic Corporation for the Development of the Private Sector (ICD) is a multilateral development financial institution and is a member of the Islamic Development Bank (IsDB) Group. ICD was established in November 1999 to support the economic development of its member countries through the provision of finance for private sector projects, promoting competition and entrepreneurship, providing advisory services to the governments and private companies, and encouraging cross-border investments. ICD is Rated A2’ by Moody’s, ‘A-’ by S&P and, A+ by Fitch. ICD establishes and strengthens cooperation and partnership relationships with an aim to establish joint or collective financing. ICD also applies financial technology (Fintech) to make financing more efficient and comprehensive. For more information, visit: www.ICD-PS.org
About Private Joint-Stock Commercial Bank “Orient Finans”:
PJSCB “Orient Finans” was founded in June 2010 as a universal commercial bank and has been providing a high level of banking services for the private sector in Uzbekistan. At present, the international rating agency S&P Global Ratings has affirmed the long-term credit rating of PJSCB “Orient Finans” at «B+», the short-term credit rating at «B», and the outlook for the rating change is «Stable». PJSCB «Orient Finans» was recognized as the best bank of Uzbekistan in 2020 by The Banker magazine.
In order to provide high-quality banking services to its customers, the Bank actively expands its branch network. At present, the Bank has 7 branches, 4 banking service centers, and 8 mini-banks (points of sale) across the country.
The main activities of PJSCB “Orient Finans” include providing wide range of banking services to corporate clients, small and private entrepreneurs, individuals and developing cooperation with foreign and local partner banks.