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Eye of Riyadh
Business & Money | Tuesday 30 April, 2024 7:23 am |
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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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