ICS Financial Systems and ICD Partner with Asia Alliance Bank to Strengthen Uzbekistan’s Islamic Banking  

Asia Alliance Bank (AAB), which is one of the first commercial banks in Uzbekistan to adopt Islamic banking in compliance with Shariah law, has partnered with ICS Financial Systems (ICSFS) to expand its offering of Islamic instruments by way of implementing ICS Banks Islamic Banking software solutions. This service will be provided in collaboration with the Islamic Corporation for the Development of the Private Sector (ICD), according to a statement issued on the 20th of May 2021.

Why it Matters?

With the ICS Banks Islamic Banking software suite, AAB will be able to offer fully functional Islamic products and banking services under Shariah law to the Uzbekistan population, of which 90% are Muslims, according to Umidjon Khakimov, First Deputy Chairman...