ICD and JSC “Asia Alliance Bank” Cooperate to Finance SMEs in Uzbekistan

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ICD and JSC “Asia Alliance Bank” Cooperate to Finance SMEs in Uzbekistan:

The Islamic Corporation for the Development of the Private Sector (“ICD”) (www.ICD-ps.org), the private sector arm of IDB Group, and JSC “Asia Alliance Bank” (www.AAB.uz) have entered into a Joint Strategic Collaboration to finance SMEs in Uzbekistan. The signing ceremony took place at Hotel Hilton in Jeddah during the IDB 42nd Annual Meeting.

Mr. Khaled Al-Aboodi CEO of ICD and Mr. Khakimov Umid, First Deputy Chairman of JSC “Asia Alliance Bank”,  signed the financing agreements for the amount of USD12 million.

The collaboration will focus on developing private sector especially SMEs, supporting economy, strengthening the balance sheet of the Bank, improving the living standard of the population by creating jobs, generating tax revenues for the government and promoting Islamic Banking in the country.

Mr. Khalid Al-Aboodi, CEO of ICD stated “ICD has been successfully engaging with local banks in Uzbekistan to strengthen the SMEs. We are pleased to extend the next line of financing facility to Asia Alliance Bank which will enhancing the impact of socio-economic development.”

Mr. Khakimov Umid said, “Asia Alliance Bank is committed to further strengthen its position in the Uzbek banking sector as a reliable, modern credit institution, providing a wide range of banking services and support SMEs in Uzbekistan. We are delighted about this partnership with ICD and Asia Alliance Bank. Through this partnership we aim to provide further support to enterprises in Uzbekistan to achieve their highest potentials.”

Distributed by APO on behalf of Islamic Corporation for the Development of the Private Sector (ICD).

Note for Editors

About JSC “Asia Alliance Bank”

The Bank is a privately owned universal commercial bank which carries out all kinds of banking operations represented in financial services market including servicing of private and corporate clients. Its principal activities are commercial and retail banking operations, transaction with foreign currencies, origination of loans, guarantees and letters of credit. Further information can be found at www.AAB.uz

Media Inquiries
Mr. Mansur Avchiev
email:    Mansur.avchiev@aab.uz
fax:        +998 71 289 55 33
tel:         +998 71 231 60 29

About the Islamic Corporation for the Development of the Private Sector

ICD (www.ICD-ps.org) is a multilateral organization and a member of the Islamic Development Bank (IDB) Group. The mandate of ICD is to support economic development and promote the development of the private sector in its member countries through providing financing facilities and/or investments which are in accordance with the principles of Shari’ah. ICD also provides advice to governments and private organizations to encourage the establishment, expansion and modernization of private enterprises. ICD is rated AA/F1+ by Fitch and Aa3/P1 by Moody’s. For more information visit www.icd-ps.org

Media Inquiries
Mr. Nabil El Alami
Email: nalami@isdb.org
Fax: +966 12 6444427
Tel: +966 12 6468192

Source: APO – Africa-Newsroom: latest news releases related to Africa

ICD and JSC “Uzbek Leasing Int.” Cooperate to Finance SMEs in Uzbekistan:

The Islamic Corporation for the Development of the Private Sector (“ICD”) (www.ICD-ps.org), the private sector arm of IDB Group, and JSC “Uzbek Leasing Int.” (www.UzbekLeasing.com) have entered into a Joint Strategic Collaboration to finance SMEs in Uzbekistan.

Mr. Khaled Al-Aboodi, CEO of ICD, and Mr. Zafar Mustafaev, CEO of JSC “Uzbek Leasing Int.” signed the financing agreement for the amount of USD7 million during IDB 42nd Annual Meeting which took place at Hotel Hilton Jeddah.

The collaboration will focus on developing private sector especially SMEs, supporting economy, strengthening the balance sheet of the Bank, improving the living standard of the population by creating jobs, generating tax revenues for the government and promoting Islamic Banking in the country.

Mr. Khalid Al-Aboodi, CEO of ICD stated: “Uzbekistan is a key partner for ICD and we hope to scale up the cooperation with the Uzbekistani government and the private sector actors. This MoU will pave the way for ICD and strengthen its will to finance the private sector in the country and help SMEs achieve their objectives and have a better impact on the local economy.”

Mr. Zafar Mustafaev said, “We are delighted about this partnership with ICD and Uzbek Leasing International. Through this partnership we are further committed to empower growth and innovation by bringing modern technologies in the priority sectors of Uzbek economy.”

Distributed by APO on behalf of Islamic Corporation for the Development of the Private Sector (ICD).

Note for Editors

About JSC “Uzbek Leasing Int.”

The Company principal activity is providing finance leases to industrial companies within the Republic of Uzbekistan. The Company had 45 employees as at 31 December 2015 (31 December 2014: 48 employees). The Company has 7 representatives in most of the regions: Khorezm,Namangan, Samarkand, Nukus, Bukhara, Navoi, Kashkadarya (jointly with Surkhandarya). Tashkent and Tashkent Region are regulated by ULI Head Office. Further information can be found at www.UzbekLeasing.com

Media Inquiries
Mr. Artur Mikaelyan
email:    arthur.mik@gmail.com
fax:          (+998 71) 140-37-74
tel:         (+998 71) 140-77-44

About the Islamic Corporation for the Development of the Private Sector

ICD (www.ICD-ps.org) is a multilateral organization and a member of the Islamic Development Bank (IDB) Group. The mandate of ICD is to support economic development and promote the development of the private sector in its member countries through providing financing facilities and/or investments which are in accordance with the principles of Shari’ah. ICD also provides advice to governments and private organizations to encourage the establishment, expansion and modernization of private enterprises. ICD is rated AA/F1+ by Fitch and Aa3/P1 by Moody’s. For more information visit www.icd-ps.org

Media Inquiries
Mr. Nabil El Alami
Email: nalami@isdb.org
Fax: +966 12 6444427
Tel: +966 12 6468192

Source: APO – Africa-Newsroom: latest news releases related to Africa

ICD and Afriland First Bank cooperate to establish an Islamic window in Guinea:

The Islamic Corporation for the Development of the Private Sector (“ICD”) (www.ICD-ps.org), the private sector arm of IDB Group, and Afriland First Bank Guinea (www.AfrilandFirstBank-gn.com) have entered into a Joint Strategic Collaboration to establish an Islamic window in Guinea.

The MoU was signed by Mr. Khaled Al-Aboodi CEO of ICD and Dr. Paul Fokam, Chairman of Afriland First Bank during the IDB 42nd Annual meeting at Hotel Hilton in Jeddah, Saudi Arabia.

Through this advisory mandate, ICD is assisting Afriland First Bank in launching a dedicated Islamic window in Guinea by providing them with total solution covering sharia, accounting, Information Technology, Marketing and communication, Human Resources and legal aspects combined with an on-site extensive theoretical training and supported by on-job training in Islamic banks.

Speaking on the occasion, Mr. Khaled Al Aboodi expressed his strong support for the partnership, stating: “I am extremely pleased to have this framework of collaboration with our partner. Cooperating with Afriland First Bank Guinea give us the opportunity to sit our presence in plain where the demand is always increasing and where ICD is needed the most given its reputation and expertise in the Islamic Finance.”

Dr. Paul Fokam said, “The new Islamic banking window is a special opportunity to breed a new generation of entrepreneurs in Guinea and specially to empower hundred thousands of women involved in MUFFA network for making poverty history in Africa.”

Distributed by APO on behalf of Islamic Corporation for the Development of the Private Sector (ICD).

Media Inquiries
Mr. Nabil El Alami
Email: nalami@isdb.org
Fax: +966 12 6444427
Tel: +966 12 6468192

Note for Editors

AFRILAND FIRST BANK GUINEA 

Afriland First Bank Guinea (www.AfrilandFirstBank-gn.com) is a universal bank that operates in all market segments: retail, corporate, institutional and public sector. It is the subsidiary in Guinea of Afriland First Bank group, a leading African Banking group.
Afriland First Bank Guinea offers its customers a range of products and commercial banking services: financing, deposit and treasury management, payments, trade finance.

About the Islamic Corporation for the Development of the Private Sector

ICD (www.ICD-ps.org) is a multilateral organization and a member of the Islamic Development Bank (IDB) Group. The mandate of ICD is to support economic development and promote the development of the private sector in its member countries through providing financing facilities and/or investments which are in accordance with the principles of Shari’ah. ICD also provides advice to governments and private organizations to encourage the establishment, expansion and modernization of private enterprises. ICD is rated AA/F1+ by Fitch and Aa3/P1 by Moody’s. For more information visit www.ICD-ps.org

Source: APO – Africa-Newsroom: latest news releases related to Africa