Facebook Twitter Linkedin Youtube RSS
Eye of Dubai
 
Monday, October 15, 2018
Sign up for newsletter:
Advertise with us
℃ Dubai   
Close
| Register | Login
Username
Password
Image Verification
Refresh
Close
|
Business & Money NEWS
Business & Money is sponsored by:
Posted on: Tuesday 12 June, 2018 1:01 pm
ITFC Provides the First Islamic Trade Finance Transaction in the Republic of Uzbekistan

The International Islamic Trade Finance Corporation (ITFC), member of the Islamic Development Bank Group, and Asia Alliance Bank, a Joint-Stock Commercial Bank in the Republic of Uzbekistan signed today a line of Murabaha Trade Financing Agreement.

This is the first operation of ITFC in the Republic of Uzbekistan, and it marks the start of the implementation of the US$ 100 million Framework Agreement, signed between the Republic of Uzbekistan and ITFC on the 6th March 2018.

“The purpose of the Framework Agreement is to find ways and means to ensure close cooperation and coordination of efforts between ITFC and the Government of Uzbekistan, and to pave the way for a strategic partnership between the Parties” commented Eng. Hani Salem Sonbol, CEO ITFC.

The main area of cooperation indicated in the Framework Agreement is to provide Line of Financing to local banks in Uzbekistan to support the private sector, particularly Small and Medium Enterprises. This operation, and future activities occurring with the Republic of Uzbekistan, will help support import and pre-export financing needs of Private Sector as well as Public Sector in Uzbekistan, which will ultimately lead to the Republic of Uzbekistan becoming a member in ITFC.

For his part, Mr. Umid A. Khakimov, First Deputy Chairman of the Board, Asia Alliance Bank, said “This agreement, will support Asia Alliance Bank to play a pivotal role in the development of Islamic Trade Financing in Uzbekistan. It will be the first Islamic Trade Finance Transaction for a Bank in the Republic of Uzbekistan.” 

Prior to signing this agreement, the first Trade Finance workshop titled “Trade Finance as a Key Factor in Trade Promotion” took place in Tashkent, Uzbekistan, organized by ITFC in cooperation with the Ministry for Foreign Trade of Uzbekistan & United Nations Development Program (UNDP) in Uzbekistan.  The workshop introduced new working practices and technologies to help Uzbekistan accelerate its trade and economic development – particularly in relation to other IDB member countries.  ITFC invited the International Trade Centre based in Geneva/Switzerland and Turk Eximbank to share their experience in the field with Uzbek participants.


Print this Article
comments powered by Disqus
Eyeofdubai Autos
Jobs
Realestate
Book Hotels
Our Sponsors
  • Mobily
  • Emirates Airline
  • Saudi Arabian General Investment Authority
  • Alsorayai Group
  • Emaar
  • HP
  • Council of Saudi Chambers
  • Lomar
  • SAUDIA AIRLINES
  • Emirates NBD
  • du
  • Dubai Chamber
  • Dubai Tourism
  • Microsoft
  • Riyadh Chamber of Commerce
Eye Of Dubai
Islamic Date Converter Close
Gregorian Calender
Month Day Year
Hijri/Islamic Calender
Month Day Year
Day of the Week:

World Time Close
Unit Converter Close
Kindly select the desired Values & Units:
Convert
 
Forgot Your Password Close
We will send an email to your inbox to clear things up
Username or Email
* Mandatory fields / Error alert
Submit
Track Shipments Online Close
Enter Aramex AWB number
Enter DHL AWB number
Enter Fedex AWB number
Enter TNT AWB number
Enter UPS AWB number
Daily Newspaper Close
www.emaratalyoum.com/
www.albayan.ae/
www.khaleejtimes.com/
www.alittihad.ae/
www.gulfnews.com
www.thenational.ae/
www.alroeya.ae/
www.emirates247.com/
www.alkhaleej.ae/
www.gulftoday.ae/