ITFC Promotes Islamic Finance to Encourage Inclusive Economic Growth in Uzbekistan’s Business Community

The International Islamic Trade Finance Corporation (ITFC) is promoting Islamic finance to encourage inclusive economic growth among the business community in Uzbekistan, according to ITFC Chief Executive Officer, Hani Salem Sonbol.

In a recent media interview, Sonbol stated that the gradual investment of foreign Islamic banks could enable the use of diverse Islamic products and promote penetration of Islamic financial institutions in Uzbekistan.

Media reported that ITFC had first introduced Islamic trade finance to Uzbekistan in 2018, under a USD 9 million Murabahah Trade Finance partnership with Asia Alliance Bank. Following this, ITFC extended financing to small and medium enter...