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ICD, Trustbank sign $7 million loan facility

Update date: 25 August 2020, 17:33
ICD, Trustbank sign $7 million loan facility
25 Aug 2020
The Acting Chief Executive Officer of the Islamic Corporation for the Development of the Private sector (ICD) Najmul Hassan and the Chairman of the Management Board of the Private Joint-Stock Trustbank (Trustbank) Sardor Normukhamedov sign a line of financing agreement at the ICD’s head office in Jeddah on Tuesday

JEDDAH — The Acting Chief Executive Officer of the Islamic Corporation for the Development of the Private sector (ICD) Najmul Hassan and the Chairman of the Management Board of the Private Joint-Stock Trustbank (Trustbank) Sardor Normukhamedov signed a line of financing agreement for a $7 million facility at the ICD’s head office in Jeddah on Tuesday.

The $7 million Shariah-compliant line of financing facility will be utilized by Trustbank to provide financial support to private sector, including small and medium enterprises (SME) in Uzbekistan through Islamic modes of financing.

The $7 million financing is a first Shariah-compliant line facility for Trustbank, which will enable the bank to offer Shariah-compliant products along with other banking services.

Private Joint-Stock Bank Trustbank, established in 1994 under the license from the Central Bank of the Republic of Uzbekistan No. 44 to conduct banking operations and headquartered in Tashkent, the capital of the Republic of Uzbekistan.

The mission of the Bank is to strive for becoming the best in providing high quality modern banking services and to aim to switch from growth in numbers to change in quality. Today, the bank provides financial services in 9 branches with number of employees of 942 persons in Uzbekistan. — SG



Source: saudigazette.com. / Views: 735
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