10 Muharram 1446 - 16 July 2024
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Eye of Riyadh
Business & Money | Tuesday 30 April, 2024 7:23 am |

ICIEC, JSCB Agrobank, and Standard Chartered Collaborate to Strengthen Uzbek Economy with €150 Million Islamic Financing Initiative

In a landmark move to support the burgeoning 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 significant cooperation agreement with Joint Stock Commercial Bank


Agrobank and Standard Chartered Bank. This collaboration was formally announced at the


IsDB Group Annual Meeting 2024, held in Riyadh.


The agreement, signed by ICIEC CEO Mr. Oussama Kaissi and Mr. Azamet Turaev, Deputy


Chairman, Agrobank and Mr. Mazen Bunyan, CEO Saudi Arabia, Standard Chartered Bank,


commits to exploring a long-term financing partnership designed to bolster economic


development in Uzbekistan. It entails providing financing upwards of EUR 150 million, plus


transaction costs, aimed at enhancing 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”.


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