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Islamic Development Bank to Provide $ 1.3 Billion to Uzbekistan

Islamic Development Bank Group Day took place in September, 18, 2018, in the “International Hotel Tashkent” with the participation of delegations of IsDB Group, representatives of private and public sectors, diplomatic corps and local and international financial institutions. Agenda of the conference included presentations of implemented projects by the Islamic Development Bank in social life and different industries of the economy of Uzbekistan. Besides, participants of the conference discussed perspectives of bilateral cooperation between Uzbekistan and IsDB Group.

The interesting fact is that the foundations of Islamic banking and Islamic finance compliant with Islamic Sharia were laid at the conference with signing of Memoranda of Understanding between the IsDB Group and various banks of Uzbekistan.

It is highly likely that in the country with the absolute majority of Muslim population the demand for Islamic finance would be quite high. Especially as during the talks between the agent of RB Asia and the staff of the IsDB it was found out that the Islamic finance is of high demand in the world not only among Muslim population but also among the followers of other religions as it supposes fair distribution of risks between the partners.

The Strategy of Partnership for 2018-2021 were signed by Sukhrob Kholmurodov, the Head of the State Committee of the Republic of Uzbekistan on Investments and Dr. Bandar Assad Al-Hajjar, the President of IsDB Group during the conference. This Strategy underlies allotment of fund of 1.3 billion USD for the ongoing reforms in the economy, social sphere and infrastructure of the Republic of Uzbekistan.

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