Uzbek Leasing International A.O. participated in the 50th anniversary Annual Meeting of the Islamic Development Bank (IsDB).

From April 27 to 30, 2024, the Annual meeting and Private Sector Forum (PSF), organized by the Islamic Development Bank (IDB) Group, was held at the King Faisal Conference Center of the InterContinental Hotel in Riyadh, the Kingdom of Saudi Arabia.

The theme of this year’s IsDB Annual Meeting is: «Cherishing our Past Charting our Future: Originality, Solidarity and Prosperity».

The main objective of the PSF is to provide a unique platform to network and establish business relations and partnerships with other leading representatives and stakeholders from the business community in order to share their related experiences, success stories & best practices while jointly exploring investment and trade opportunities offered by member countries.

The Forum brought together more than 4,000 officials, political figures, heads of local and international companies, international financial organizations, chambers of commerce and industry, business associations, representatives of business communities and private investors from IsDB member countries on its platform and within the framework of bilateral meetings in the B2B and B2G format.

The Forum actively highlights the activities, projects, services and initiatives of the IsDB Group in member countries. One of such successful projects of the IsDB Group is the cooperation of the Islamic Corporation for the Development of the Private Sector (ICD) with JSC “Uzbek Leasing International A.O.”.

On April 29, 2024, the Memorandum between ICD and Uzbek Leasing International A.O. for provision of new financial line to be used by the leasing company to finance the Ijara and Murabaha projects under the Islamic Window was signed solemnly.

Such line is the fifth in succession from ICD and is aimed at promoting Islamic finance, improving financial inclusion and supporting the development of the private sector in Uzbekistan.

ICD, which is part of the Islamic Development Bank (IsDB) Group, is the long-term reliable partner of JSC “Uzbek Leasing International A.O.”. For the period of cooperation from 2008 to 2024, ICD provided financing lines in favor of the leasing company for a total of $33 million, including the current tranche, and under the Consulting Services Agreement entered the force on 12 October 2022, the Islamic Window was implemented into the company by ICD.

«Islamic Window» is one of the solutions of Islamic banking, an alternative type of financial services that complying with the principles of Islamic Sharia financing, applied in many countries of the world. Currently, JSC “Uzbek Leasing International A.O.” finances Ijara and Murabaha projects for SMEs in Uzbekistan under the Islamic Window.

In addition, within the framework of this event, the management of JSC “Uzbek Leasing International A.O.” held a number of negotiations on cooperation with various international financial institutions, such as The Currency Exchange Fund (TCX), Deutsche Bank AG, Abu Dhabi Islamic Bank, Albaraka Türk Katılım Bankası, Amãna Bank PLC, Maldives Islamic Bank (MIB), Golden Global Bank, Sharjah Islamic Bank, etc.

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