SIGNING OF A USD 15 MILLION MURABAHA FACILITY AGREEMENT BETWEEN ICD AND JSC JV UZBEK LEASING INTERNATIONAL A.O.
- ICD signed a $15 million Murabaha Facility Agreement with Uzbek Leasing International
- The LoF will help the financial institution to further increase on-financing to SMEs in Uzbekistan
- ICD focuses on increasing access to Islamic finance by channeling funds to established financial institutions in its member countries
[Jeddah, September 15th, 2022] The Islamic Corporation for the Development of the Private Sector (ICD) acting Chief Executive Officer, Eng. Hani Salem Sonbol, and Mr. Zafarjon Mustafaev, the Chief Executive Officer of Joint-Stock Company Joint Venture “Uzbek Leasing International A.O.” (the Uzbek Leasing International), signed a USD 15 Million Murabaha Facility Agreement which will be utilized by the Company to finance private sector businesses, especially Small and Medium Enterprises (SMEs) in Uzbekistan.
ICD has extended its fourth Murabaha financing facility to Uzbek Leasing International with the aim of promoting Islamic finance, improving financial inclusion, and supporting private sector development in Uzbekistan.
This Murabaha Financing facility will be utilized by Uzbek Leasing International to support the economic activities of private sector businesses in Uzbekistan, which have a crucial role to play in the country’s growth and development.
Uzbek Leasing International has benefited from the three lines of financing facilities totaling USD 13 million extended in 2007, 2014, and 2017. These lines enabled the financial institution to support 36 new projects in the sectors of the economy like healthcare services, construction, and the production of construction materials, agriculture, and food processing.
The funding also created more than 1000 new jobs in Uzbekistan only through the leasing facilities of the Company.
The Islamic Corporation for the Development of the Private Sector (ICD) is a multilateral development financial institution and 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 governments and private companies of its member countries, 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 on ICD visit: www.icd-ps.org.
About JSC JV “Uzbek Leasing International A.O.”
Uzbek Leasing International JSC is a unique example of use by the leasing company of modern technology for management, financing and marketing that allows the Company actively to build up its customer base. At the same time, the principle of full transparency allows the Company to attract long-term financing, provided by both international financial institutions and local banks.
With the growth of “Uzbek Leasing International” JSC, the Company's customers grow too, the spectrum of sectors financed is expanding and geographical coverage is increasing. The Company has its representative offices in all 12 regions of Uzbekistan. For more information on JSC JV “Uzbek Leasing International A.O.” visit: www.uzbekleasing.uz/en/.