ICD and OJSI “Ipak Yuli Bank” Cooperate to Finance SMEs in Uzbekistan
17 May 2017
News & Press Release
Jeddah - May 17, 2017 —The Islamic Corporation for the Development of the Private Sector (“ICD”), the private sector arm of IDB Group, and OJSI “Ipak Yuli Bank” have entered into a Joint Strategic Collaboration to finance SMEs in Uzbekistan.
The CEO of ICD, Mr. Khaled Al-Aboodi, and Mr. Alisher Mirzaev Acting Chairman of the Management Board on behalf of OJSI “Ipak Yuli Bank”, signed on behalf of their institutions during the IDB 42nd Annual Meeting, which took place at Hotel Hilton in Jeddah.
The collaboration will focus on developing private sector especially SMEs to support economy and strengthen the balance sheet of the Bank. It also aims to improve the living standard of the population by creating jobs, generating tax revenues for the government and promoting Islamic Banking in the country.
Mr. Khalid Al-Aboodi, CEO of ICD stated “ICD has been successfully engaging with local banks in Uzbekistan to strengthen the SMEs. We are pleased to extend the next line of financing facility to Ipak Yuli Bank which will be enhancing the impact of socio-economic development.”
Mr. Alisher Mirzaev said, “We are delighted about this partnership with ICD and Ipak Yuli Bank. Through this partnership we are further committed to provide professional provision of wide spectrum of banking services which conform to the business needs of customers while promoting private entrepreneurship in the Republic of Uzbekistan.”
About the Islamic Corporation for the Development of the Private Sector
ICD is a multilateral organization and a member of the Islamic Development Bank (IDB) Group. The mandate of ICD is to support economic development and promote the development of the private sector in its member countries through providing financing facilities and/or investments which are in accordance with the principles of Shari’ah. ICD also provides advice to governments and private organizations to encourage the establishment, expansion and modernization of private enterprises. ICD is rated AA/F1+ by Fitch and Aa3/P1 by Moody’s. For more information visit www.icd-ps.org
About OJSI “Ipak Yuli Bank”
The Bank’s principal activity is commercial and retail banking operations within the Republic of Uzbekistan. The Bank was incorporated in April 1990 and has operated under a full banking licence No.10 issued by the Central Bank of the Republic of Uzbekistan (“CBU”) on 29 August 2014 and general license for foreign currency operations No.65 issued by the CBU on 29 August 2014. The bank provides financial services: in Tashkent city and 6 regions with 14 branches and 68 express-centers with a number of employees of 1,808 persons. Further information can be found at www.ipakyulibank.com