IsDB Signs Grant Agreement to Assist Launch of Islamic Financial Solutions in Uzbekistan

The Islamic Development Bank (IsDB) signed a grant agreement for USD 265,000 on the 4th of September 2021. The funds will go towards technical assistance for the establishment of a legal framework for Islamic banking and finance in Uzbekistan. It is also aimed at developing the required regulatory, supervisory and Shariah guidelines, as well as the creation of awareness and building capacity for Islamic banking in the country.

Why it Matters?

IsDB Group President, Dr Muhammad Al-Jasser stated that the Bank is well equipped in terms of expertise to provide assistance for the establishment of a Shariah-compliant banking sector in Uzbekistan. The project aims to set up the processes to assist the creation of Islamic financial windows in the country.