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"Kapitalbank" attracted a line of financing of the Islamic Corporation for the Development of the Private Sector
4 Sep 2021

JSCB "Kapitalbank" signed an agreement with the Islamic Corporation for the Development of the Private Sector (ICDPS) on attracting a line of financing for the development of small business.

On September 4, within the framework of the Annual Meeting of the Council of Member Countries of the Islamic Development Bank (IDB), Kapitalabank and ICDPS signed an agreement totaling 10 million US$. The funds allocated by the ICDPS, based on the principle of murabakha, will be spent on development of small business in Uzbekistan. The essence of Islamic economics is, first of all, the rejection of interest and futures transactions. In this connection, the concept of "Islamic banking" has developed in banking industry, implying financial activities based on the principles of Shariat.

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“The global market for Islamic banking products shows stable growth every year. Interest in such products is also growing in our country. We, in turn, focus on global trends and demand from our clients. The development of this direction is strategically important for us, and accordingly, it is reflected in the Development Strategy of "Kapitalbank" for 2021 - 2023. Attracting this line, according to the murabakha principle, will allow the current and potential clients of the bank who do not use traditional banking services to raise funds for business development, "said Alisher Mirzaev, Chairman of the Board of Kapitalbank.

It should be noted that cooperation " Kapitalbank" and the ICDPS started in 2019 with the signing of an agreement on the provision of technical advisory services for the establishment of an Islamic bank windows, which involved the provision of comprehensive solutions in accounting, information technology, marketing and communications, legal and personnel issues, based on the principles of Islamic banking.

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The 46th Annual Meeting of the IDB Council was held in Tashkent from August 31 to September 4, 2021. At the Tashkent International Congress Center, the IDB member countries discussed a wide range of issues related to further development. The Annual Meeting was attended by 57 Governors from the IDB member countries - members of governments and ministers responsible for finance and economics, as well as representatives of banks, international organizations, the business sector and the media.

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