The Islamic Corporation for the Development of the Private Sector, a private sector arm of the Islamic Development Bank, and SQB Securities LLC have signed a memorandum of understanding for the development of Islamic finance and capital markets in Uzbekistan.
The MoU was endorsed by the Chief Executive Officer of ICD, Ayman Sejiny, and CEO of SQB Securities LLC, Amur Djalilov, according to a statement by ICD on Tuesday.
It said the document would cover among other areas of cooperation conduct selective training courses on Islamic finance and its products and services for local banks and financial institutions in Uzbekistan, introduce Islamic finance instruments such as Sukuk and other instruments, and attract potential international financial institutions to Uzbekistan market.
“Providing assistance to the development of the Islamic finance industry has always been among our top priorities. We look forward to pursuing and intensifying this effort to better tackle Uzbekistan’s needs to develop innovative, robust, and competitive financial systems at both domestic and regional levels,” Sejiny said.
He added, “We will further strengthen our cooperation in promoting sustainable growth and attracting financing for the projects in Uzbekistan.”
On his part, Djalilov commented, “The Islamic finance and Shari’ah-compliant instruments have a huge potential in the market today and we believe that our capital markets will benefit from them which will be [an] alternative opportunity to conventional financial instruments and to attract new investments.”