Uzbekistan is exploring the potential of Islamic finance in collaboration with Egypt, the Chamber of Commerce and Industry reports.
During a meeting between Islam Jasimov, the First Deputy Chairman of the Chamber of Commerce and Industry, and Yousef Khalawi, the Secretary-General of Egypt's Islamic Chamber of Commerce, Industry, and Agriculture, discussions revolved around Islamic lending opportunities.
Uzbekistan expressed its intention to transform the "Qishloq Qurilish Bank" into a "Business Development Bank" and showed interest in the terms of Islamic financing. Yousef Khalawi, who also serves as the Secretary-General of the Al Baraka Islamic Economic Forum, disclosed plans for a conference scheduled for October 1, 2023, in Cairo, where Islamic lending matters will be addressed.
Highlighting the Islamic Chamber of Commerce, Industry, and Agriculture's robust analytical and informational capabilities, Yousef Khalawi suggested the possibility of establishing an agreement between the chambers and proposed Uzbekistan's membership in the Islamic Chamber of Commerce, Industry, and Agriculture.
Established in 1976 under the Organization of Islamic Cooperation, the Islamic Chamber of Commerce, Industry, and Agriculture aims to support private Muslim entrepreneurship within member nations. Its Chamber Council, comprising 18 members, operates through branches in Karachi, Cairo, and Istanbul, with the Arbitration Center for all Muslim countries located in Istanbul.
As part of the "Uzbekistan - 2030" strategy, Uzbekistan intends to incorporate Islamic finance principles and processes into at least three commercial banks over the next seven years.
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