ICD Signs $7 Million Agreement with Private Joint-Stock Trustbank, Uzbekistan

Signing of the USD 7 Million Line of Financing agreement between the Islamic Corporation for the Development of the Private Sector (ICD) and Private Joint-Stock Trustbank, Uzbekistan

July 11, 2018/ICD

The Acting Chief Executive Officer of the Islamic Corporation for the Development of the Private sector (ICD), Mr. Najmul Hassan and the Chairman of the Management Board of the Private Joint-Stock Trustbank (Trustbank) (https://Trustbank.uz/en/), Mr. Sardor Normukhamedov signed a Line of financing agreement for a USD 7 million facility at the ICD’s head office in Jeddah.

The USD 7 million Shari’ah compliant Line of Financing facility will be utilised by Trustbank to provide financial support to private sector, including Small and Medium Enterprises (SME) in Uzbekistan through Islamic modes of financing.

This USD 7 million financing is a first Shariah compliant Line facility for Trustbank, which will enable the Bank to offer Shariah compliant products along with other banking services.

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