The Orient Finans Bank and the Islamic Corporation for the Development of the Private Sector (ICD) have signed a partnership to launch an Islamic Window at the Bank.
Recently, the Uzbek Government decided to introduce Islamic financial services in Uzbekistan. Accordingly, Orient Finans Bank aimed to implement Islamic banking in its operation. The intended Islamic Window will create an opportunity for Orient Finans Bank to be one of the wholly profit-sharing Islamic Windows, offering Islamic products and services in Uzbekistan.
The Advisory services provided by ICD is a turn-key solution, aiming to support the banking and Islamic finance industries in Uzbekistan. Through this initiative, ICD will assist Orient Finans Bank in launching its first dedicated Islamic Window by providing them with a solution covering the development of the Shariah compliant products, assistance in accounting, Islamic Window IT solution selection, human resources, and legal aspects of the operations; combined with on-site extensive theoretical training, to be supported by on-the-job training within one of the partner Islamic banks of ICD.