ICD Signs MoU with SQB Securities to Develop Islamic Finance in Uzbekistan

The Islamic Corporation for the Development of the Private Sector (ICD), the private sector arm of the Islamic Development Bank (IsDB), has signed a memorandum of understanding (MoU) with Uzbekistan’s SQB Securities, an investment banking arm of Joint-Stock Company (JSC) O`zbekiston Sanoat-Qurilish Banki, to development Islamic finance and the capital markets in Uzbekistan.

According to a statement issued by the ICD on the 26th of January 2021, the MoU will encompass training courses on Islamic finance as well as its products and services for Uzbekistan’s local banks and financial institutions, and will introduce Islamic finance instruments including Sukuk.

In addition, the MoU will bring in potential international financial institutions to the Uzbekistan m...