Riyadh – Mubasher: The Islamic Corporation for the Development of the Private Sector (ICD) has signed a $10 million line of financing agreement with Asia Alliance Bank (AAB), as well as an advisory agreement on launching an Islamic Window on behalf of the Bank.

The Sharia-compliant financing, based on wakala structure, will be directed toward the support of small and medium enterprises (SMEs) in Uzbekistan.

First Deputy Chairman of AAB, Umidjon Khakimov, and Ayman A. Sejiny, CEO of ICD, signed agreement earlier at ICD’s Headquarters in Jeddah, Saudi Arabia.

This financing is the third Sharia-compliant facility for AAB, which will enable the institution to expand Islamic finance product offerings along with other banking services.

“We entrusted our partners including AAB the task of attracting foreign direct investment for further financing of potential projects and help develop the private sector. Asia Alliance Bank is cooperating with ICD to raise funds based on the Wakala structure and set up an Islamic Window in order to carry out the tasks as set,” said Sejiny.

The AAB was established in 2009 as a joint-stock commercial bank for the promotion and support of the private sector in Uzbekistan.

ICD is the private sector arm of the Islamic Development Bank Group (ISDB).