IsDBI and ICD Organize Training Programs for 4 Uzbek Commercial Banks Planning to Establish Islamic Windows
Back-to-back training programs for four conventional banks on “Islamic Banking and Finance: Fundamental Concepts and Applications” have been conducted in Uzbekistan. The programs were developed by the Islamic Development Bank Institute (IsDBI) in collaboration with the Islamic Corporation for the Development of the Private Sector (ICD), the private sector arm of the Islamic Development Bank Group.
The training programs were delivered in the local Uzbek language from 24 January to 25 February 2022 by experienced Islamic Finance experts. The training programs were conducted over a duration of five days for each bank on subjects including Principles of Islamic Finance, Islamic Financial Contracts, Introduction to Shari’ah Standards, Islamic Banking Products, Islamic Modes of Finance, Liquidity Management, and Risk Management in Islamic Financial Institutions.
The total number of participants in the training was 125 from different departments of the banks such as credit, accounting, operations, foreign economics, and treasury.
Senior management of Orient Finans Bank, Turonbank, Xalq Bank, and Kapitalbank attended the opening of their respective training programs. They expressed gratitude to IsDBI and ICD for organizing the training programs. They all expressed strong support for any activities related to the opening of Islamic windows in the near future.
Dr. Rami Abdelkafi, head of the IsDBI Knowledge Leaders Team, praised the fruitful collaboration between the Institute and ICD in capacity-building activities. IsDBI and ICD collaborated in many other learning programs in Islamic Finance related to implementing Sharia-compliant or interest-free banking in the IsDB Member countries. Dr. Abdelkafi added that the Institute is looking forward to further collaboration with ICD in this regard.
Principal Advisor at ICD, Mr. Muzaffarjon Nizamidinov, spoke about the significance of the cooperation between IsDBi and ICD. He further elaborated on the tremendous benefit of such training programs and the launching of Islamic windows at conventional banks. He stressed the point that before launching Islamic windows, the ultimate task is to prepare professional staff in Islamic finance via training. Without training, Islamic windows cannot be established or operate properly. He recommended organizing several training programs for the banks aspiring to start the Islamic windows operations.
He further explained that opening Islamic banks would benefit retail banks by attracting additional funds from individuals and SMEs who would be able to obtain Shari’ah compliant financing.
The Islamic Development Bank Institute (IsDBI), previously known as IRTI, is the knowledge beacon of the Islamic Development Bank Group. Guided by the principles of Islamic economics and finance, the IsDBI is mandated to lead the development of innovative knowledge-based solutions to support the sustainable economic advancement of the 57 IsDB Member Countries and various Muslim communities worldwide. More information about the Institute is available here: www.isdbinstitute.org
The Islamic Corporation for the Development of the Private Sector (ICD) is a multilateral development financial institution and is a member of the Islamic Development Bank (IsDB) Group. ICD was established in November 1999 to support the economic development of its member countries through the provision of finance for private sector projects, promoting competition and entrepreneurship, providing advisory services to the governments and private companies, and encouraging cross border investments.
ICD is Rated A2’ by Moody’s, ‘A-’ by S&P and, A+ by Fitch. ICD establishes and strengthens cooperation and partnership relationships with an aim to establish joint or collective financing. ICD also applies financial technology (Fintech) to make financing more efficient and comprehensive. For more information, visit: www.icd-ps.org