From October 26 to October 28, 2022, the kick-off project from the Islamic Corporation for the Development of the Private Sector (ICD) on the implementation of the «Islamic window» in the JV «Uzbek Leasing International A.O." JSC took place.

«Islamic Window» is one of the solutions of Islamic banking, the alternative type of financial services that comply with the principles of Islamic Sharia financing used in many countries of the world. As you know, Uzbekistan has a great potential for Islamic finance, but at the same time, the country has a very low level of penetration of Islamic finance, despite the fact that most of the population are Muslims (about 93%) — the highest figure among the CIS countries.

As a part of the Consulting Services Agreement signed on October 12, 2022, ICD, the member of the Islamic Development Bank (IDB) group, began the process of implementing the Islamic Window in the company and explained all the details about the project to the company’s employees within three days. The roadmap of the project to create the «Islamic window» includes the following 7 directions:

1. Sharia-compliant financial products;
2. Sharia-compliant management system;
3. Support of the company’s personnel;
4. Support for IT solutions;
5. Accounting support;
6. Risk management structure;
7. Marketing and communications.

The introduction of the Islamic Window will allow the company to create a new product «Ijara» and attract more potential customers.
The «kick-off project» was conducted by Mr. Ibrahim Ali Al Sayed, the Consultant of the ICD Project Management Department and Muzaffarjon Nizamidinov, the Head of the ICD Consulting Department.