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Signing of the Memorandum of Understanding between the Islamic Corporation for the Development of the Private Sector (ICD) and Joint-Stock Commercial Bank Turonbank, Uzbekistan
The Shari’ah compliant Line of Financing facility will be utilised by Turonbank to provide financial support to private sector, including Small and Medium Enterprises (SME) in Uzbekistan through Islamic modes of financing
This Line of financing is a first Shariah compliant Line facility for Turonbank, which will enable the Bank to offer Shariah compliant products along with other banking services
On behalf of the Acting CEO and General Manager of the Islamic Corporation for the Development of the Private sector (ICD) (www.ICD-ps.org), Mr. Najmul Hassan and the Chairman of the Management Board of the Joint-Stock Commercial Bank Turonbank (Turonbank), Mr. Mirzaev Chori signed a Memorandum of Understanding on exploring the possibility of financing the private sector enterprises in Uzbekistan under a proposed Shariah Compliant Line of Financing Facility during the Islamic Development Bank Groups day event in Tashkent, Uzbekistan.
The Shari’ah compliant Line of Financing facility will be utilised by Turonbank to provide financial support to private sector, including Small and Medium Enterprises (SME) in Uzbekistan through Islamic modes of financing.
This Line of financing is a first Shariah compliant Line facility for Turonbank, which will enable the Bank to offer Shariah compliant products along with other banking services.
Distributed by APO Group on behalf of Islamic Corporation for the Development of the Private Sector (ICD).