Jeddah /Tashkent

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a member of the Islamic Development Bank (IsDB) Group and a leading Shariah-compliant multilateral insurer, has signed a Memorandum of Understanding (MoU) with the State Assets Management Agency of the Republic of Uzbekistan (UzSAMA).

The MoU, virtually signed by Mr. Oussama Kaissi, CEO of ICIEC, and Mr. Akmalkhon Ortikov, Director of UzSAMA, establishes a framework of cooperation towards strengthening trade and investment flows into the Republic of Uzbekistan.

Through the MoU, ICIEC and UzSAMA will collaborate in exchanging experiences in the privatization process to improve the managerial and technical skills of personnel at UzSAMA. This will foster close bilateral relations in various fields. Both parties have committed to advancing their cooperation to attract potential investors for privatized state assets in Uzbekistan.

Mr. Kaissi commented on the partnership: “We are thrilled to work with UzSAMA to enhance trade and investment ties between Uzbekistan and international markets. This MoU will support the Republic of Uzbekistan in achieving its national development plan for economic growth, diversification of revenue streams, and job creation.”

In another development, Mr. Oussama Kaissi more recently also led a high-level ICIEC delegation to attend the Foreign Investors’ Council Forum held in Tashkent, Uzbekistan, during which several key policy initiatives were unveiled and discussed including the New Investment Law, Single e-Window for Investors and Businesses, Tax Administration Matters, and the exciting Tashkent International Financial Centre Project.

“As a member of the IsDB Group and the only Shariah-compliant multilateral insurer in the world,” emphasised Mr Oussama Kaissi, “ICIEC is aligned with the vision to facilitate sustainable economic growth and development in Uzbekistan. Our comprehensive trade and investment insurance solutions serve as essential instruments to reduce risk and foster investor confidence and certainty. We believe that initiatives like these will shape the economic landscape of Uzbekistan, making it more appealing and secure for both domestic and foreign investors. We look forward to continued partnerships and collaborative efforts to bring prosperity and development to Uzbekistan and beyond.”