In a landmark move aimed at bolstering the Uzbek economy, the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a Shariah-based multilateral insurer and member of the Islamic Development Bank (IsDB) Group, has joined forces with Joint Stock Commercial Bank Agrobank and Standard Chartered Bank. The collaboration, unveiled at the IsDB Group Annual Meeting 2024 in Riyadh, signifies a significant step towards fostering economic development in Uzbekistan.

The agreement, formalized by ICIEC CEO Mr. Oussama Kaissi, Mr. Azamet Turaev, Deputy Chairman of Agrobank, and Mr. Mazen Bunyan, CEO Saudi Arabia of Standard Chartered Bank, outlines a comprehensive cooperation aimed at exploring long-term financing partnerships. Under this agreement, financing exceeding EUR 150 million, along with transaction costs, will be provided to strengthen JSCB Agrobank's capacity to introduce new Islamic financing products to its retail and corporate clients.

Speaking on the occasion, ICIEC CEO Mr. Oussama Kaissi emphasized the significance of the agreement in promoting economic growth and financial inclusivity through Islamic finance. He highlighted that the combined expertise and resources of ICIEC, JSCB Agrobank, and Standard Chartered Bank are poised to deliver substantial economic benefits and innovative financial solutions to Uzbekistan. This collaboration is expected to contribute significantly to Uzbekistan's long-term economic resilience and prosperity.

The agreement underscores the commitment of all parties involved to leverage Islamic finance as a catalyst for economic development in Uzbekistan. By harnessing their collective strengths, ICIEC, Agrobank, and Standard Chartered Bank aim to drive sustainable economic growth and foster financial inclusion in the region.

This partnership marks a significant milestone in the efforts to enhance economic cooperation between Saudi Arabia and Uzbekistan, paving the way for mutually beneficial collaborations in the future.