Riyadh, Saudi Arabia — In a landmark move to support the burgeoning 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 entered into a significant cooperation agreement with Joint Stock Commercial Bank Agrobank and Standard Chartered Bank. This collaboration was formally announced at the IsDB Group Annual Meeting 2024, held  in Riyadh.

The agreement, signed by ICIEC CEO Mr. Oussama Kaissi and Mr. Azamet Turaev, Deputy Chairman, Agrobank and Mr. Mazen Bunyan, CEO Saudi Arabia, Standard Chartered Bank, commits to exploring a long-term financing partnership designed to bolster economic development in Uzbekistan. It entails providing financing upwards of EUR 150 million, plus transaction costs, aimed at enhancing JSCB Agrobank’s capabilities to offer new Islamic financing products to its retail and other customers.

ICIEC CEO, Mr. Oussama Kaissi, announced that “the agreement represents a significant advancement in promoting economic growth and financial inclusivity through the use of Islamic finance. By combining their expertise and resources, ICIEC, JSCB Agrobank, and Standard Chartered are poised to deliver substantial economic benefits and innovative financial solutions to Uzbekistan, thereby contributing to the country’s long-term economic resilience and prosperity”.