IsDBI and ICD organize training programs for 4 Uzbek commercial banks planning to establish Islamic windows (PHOTO)
Consecutive training programs for four conventional banks on “Islamic Banking and Finance: Basic Concepts and Applications” were conducted in Uzbekistan. The programs were developed by the Islamic Development Bank Institute (IsDBI) in collaboration with the Islamic Corporation for Private Sector Development (ICD), the private sector arm of the Islamic Development Bank Group.
The training programs were delivered in the local Uzbek language from January 24 to February 25, 2022 by experienced Islamic finance experts. The training programs were delivered over a period of five days for each bank on topics such as principles of Islamic finance, Islamic financial contracts, introduction to Sharia standards, Islamic banking products, Islamic financing, liquidity management and risk management in Islamic finance. Establishments.
The total number of trainees was 125 from different departments of the banks such as credit, accounting, operations, foreign economy and treasury.
Senior executives from Orient Finans Bank, Turonbank, Xalq Bank and Kapitalbank attended the opening of their respective training programs. They expressed their gratitude to IsDBI and ICD for organizing the training programs. They all expressed their strong support for any activity related to the opening of Islamic windows in the near future.
Dr. Rami Abdelkafi, Head of the IsDBI Knowledge Leaders Team, commended the fruitful collaboration between the Institute and ICD in capacity building activities. The IsDBI and ICD have collaborated on many other Islamic finance learning programs related to the implementation of Shariah-compliant or interest-free banking services in IsDB member countries. Dr. Abdelkafi added that the Institute looked forward to continued collaboration with the ICD in this regard.
Senior Advisor to ICD, Mr. Muzaffarjon Nizamidinov, spoke about the importance of cooperation between IsDBi and ICD. He further explained the tremendous benefits of such training programs and the launch of Islamic windows in conventional banks. He underlined the fact that before launching the Islamic windows, the ultimate task is to prepare the professional staff in Islamic finance through trainings. Without training, Islamic windows cannot be established or function properly. He recommended organizing several training programs for banks aspiring to start operations of Islamic windows.
He further explained that the opening of Islamic banks would benefit retail banks by attracting additional funds from individuals and SMEs who could obtain financing under Shariah.
The Islamic Development Bank Institute (IsDBI), formerly known as IRTI, is the knowledge beacon of the Islamic Development Bank Group. Guided by the principles of Islamic economics and finance, the IsDBI is mandated to lead the development of innovative knowledge-based solutions to support the sustainable economic development of the 57 IsDB member countries and diverse Muslim communities. in the world. More information about the Institute is available here: www.isdbinstitute.org
ABOUT THE CIM
The Islamic Corporation for Private Sector Development (ICD) is a multilateral development finance institution and is a member of the Islamic Development Bank Group (IsDB). The DCI was established in November 1999 to support the economic development of its member countries by financing private sector projects, promoting competition and entrepreneurship, providing advisory services to governments and private companies and encouraging cross-border investment.
ICD is rated A2′ by Moody’s, ‘A-‘ by S&P and A+ by Fitch. ICD establishes and strengthens cooperation and partnership relations with the aim of establishing joint or collective financing. ICD also applies financial technology (Fintech) to make financing more efficient and comprehensive. For more information visit: www.icd-ps.org