Signing of memorandum of understanding (MoU) Between Development of the Private Sector (ICD) and SQB Securities, Uzbekistan

Signing of memorandum of understanding (MoU) Between Development of the Private Sector (ICD) and SQB Securities, Uzbekistan

JEDDAH, Kingdom of Saudi Arabia, January 26, 2021/APO Group/ —
Mr. Ayman Amin Sejiny, the CEO of the Islamic Corporation for the Development of the Private Sector (ICD) (www.ICD-ps.org), the private sector arm of the Islamic Development Bank (IsDB), and Mr. Amur Safaraliyevich Djalilov, the CEO of SQB Securities LLC (www.SQBS.uz), signed a MoU for the development of Islamic finance and capital markets in Uzbekistan.

The MoU will cover the following 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;
  • Attract potential international financial institutions to Uzbekistan market;
  • Attract Shari’ah-compliant debt financing for potential projects in Uzbekistan;

Mr. Sejiny stressed the importance of the MoU in increasing capacity-building, promoting knowledge-sharing and supporting greater sustainable access to finance across ICD member countries. Mr. Sejiny commented “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.” Mr. Sejiny added:  ”We will further strengthen our cooperation in promoting sustainable growth and attracting financing for the projects in Uzbekistan.”

On his part, Mr. Djalilov added: ”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 alternative opportunity to conventional financial instruments and to attract new investments.”

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