Mr. Ayman Amin Sejiny, the CEO of the Islamic Society for the Development of the Private Sector (www.ICD-PS.org), the private sector arm of the Islamic Development Bank Group, and Mr. Tokhir Djunaydullaev, Chairman of the Board of Directors of Orient Finans Bank, signed an advisory services agreement regarding the launch of an Islamic window in the bank.
Recently, the Uzbek government decided to introduce Islamic financial services in Uzbekistan. As a result, Orient Finans Bank aimed to implement Islamic banking in its operations. The planned Islamic ATM will create an opportunity for Orient Finans Bank to be one of the leading full profit-sharing Islamic ATMs, offering Islamic products and services in Uzbekistan. Consequently, the Bank will diversify its products, its sources of financing and increase its profits.
Consulting services provided by CIM is a turnkey solution, aimed at supporting the Islamic banking and financial sectors in Uzbekistan. Thanks to this initiative, CIM will assist Orient Finans Bank in the launch of its first dedicated Islamic counter by providing it with a complete solution covering the development of Sharia compliant products, accounting assistance, selection of the IT solution for the Islamic counter, human resources and legal aspects of operations; combined with in-depth theoretical training on site, to be supplemented by on-the-job training at one of the partner Islamic banks of CIM.
Orient Finans Bank is one of the most recent partners of CIM and used USD 17 million two Lines of Financing Facilities granted by CIM to finance SMEs in Uzbekistan.
On this occasion, Mr. Sejiny said: “This is the next level of fruitful cooperation between our institutions, which will strengthen our strategic partnership”
For his part, Mr. Djunaydullaev added: “Our mission as an active developing financial institution in Uzbekistan is to satisfy the demand of every customer with the help of modern high quality banking services. Our partnership with CIM will help us to fulfill our mission with excellence ”.
Distributed by APO Group on behalf of the Islamic Society for Private Sector Development (CIM).
About the Islamic Society for Private Sector Development (CIM):
The Islamic Society for the Development of the Private Sector (CIM) is a multilateral development finance institution and is a member of the Islamic Development Bank Group (IDB). CIM was established in November 1999 to support the economic development of its member countries by providing finance for private sector projects, fostering competition and entrepreneurship, providing advisory services to governments and private companies and encouraging cross-border investment. CIM is rated A2 ‘by Moody’s,’ A- ‘by S&P and A + by Fitch. CIM establishes and strengthens cooperation and partnership relations with the aim of establishing common or collective funding. CIM also applies financial technology (Fintech) to make financing more efficient and comprehensive. For more information visit: www.ICD-PS.org
About the private joint-stock commercial bank “Orient Finans ”:
PJSCB “Orient Finans” was founded in June 2010 as a universal commercial bank and provides a high level of banking services to the private sector in Uzbekistan. Currently, the international rating agency S&P Global Ratings has confirmed the long-term credit rating of PJSCB “Orient Finans” at “B +”, the short-term credit rating at “B”, and the rating outlook is “Stable”. PJSCB “Orient Finans” was recognized as the best bank in Uzbekistan in 2020 by The Banker magazine.
In order to provide quality banking services to its customers, the Bank is actively expanding its network of branches. At present, the Bank has 7 branches, 4 banking service centers and 8 mini-banks (outlets) across the country.
The main activities of PJSCB “Orient Finans” includes the provision of a wide range of banking services to businesses, small entrepreneurs and individuals, and the development of cooperation with foreign and local partner banks.
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