The International Trade Finance Corporation (ITFC), part of the Islamic Development Bank Group, has signed the largest Islamic finance deal with a bank in Uzbekistan.
ITFC is engaged in financing trade and the private sector in countries that are members of the Islamic Cooperation, in accordance with Sharia principles.
Delegations from Uzbekistan were shown information about smart city technologies and ecological solutions developed in Belarus.
In addition, products created for the medical, educational, and industrial sectors were presented.
According to data from the High-Tech Park of Belarus, it hosts 1067 companies. According to the park's information, residents' exports will reach 2 billion dollars in 2025. This park accounts for almost 3 percent of Belarus's gross domestic product.
A meeting took place in Tashkent between a delegation from Uzbekistan and the Russian scientific and production company 'GENERIUM' to discuss issues of localizing the production of in-demand medicines in the country.
During the negotiations, aspects such as technology transfer, the possibility of producing highly sought-after medications in Uzbekistan, and the creation of joint scientific and production facilities were reviewed. The Ministry of Health reported on this meeting.
The delegation familiarized itself with the full cycle of creation and production of medicinal products at the 'GENERIUM' company, including the development of biotechnological drugs and their subsequent industrial manufacturing. Promising areas for interaction between the private healthcare and pharmaceutical sectors of Uzbekistan and Russia were identified.
As part of the visit, the delegation visited the International Medical Cluster, as well as the clinics 'Lapino', 'Hadassah Medical Moscow', and 'Olymp Clinic MARS'. Modern medical standards, management methods, and patient-interest-based approaches were discussed there.
A Council on Islamic Finance has been formed at the Central Bank of Uzbekistan. This new body is intended to coordinate progress in the field of Islamic finance and establish unified standards for all financial institutions, including banks and microfinance organizations, that operate according to Islamic principles.
The Council will operate as a collegial structure under the regulator. Among its main tasks are the creation of national Islamic finance standards that must comply with both international requirements and local practices. Furthermore, the Council will prepare recommendations for supervision and regulation, provide consulting support to banks and microfinance organizations, and represent the interests of the Central Bank in the international organization AAOIFI, which develops global standards in this area. Annually, the Council is required to submit a report on its activities to the board of the Central Bank.
The Council consists of five members: four specialists with expertise in Islamic law and one technical expert in Islamic finance. Saidjamol Masayitov, Chief Specialist of the Fatwa Center of the Spiritual Administration of Muslims of Uzbekistan, was appointed Chairman. Mukhammadayubkhon Komidov, also a Chief Specialist of the Fatwa Center, became Deputy Chairman. Hikmatilla Toshtemirov and Abdulatif Tursunov from the Fatwa Center are also members of the Council, as is Akhrorjon Sadullaev, Managing Partner of the audit firm Orient Audit Group.
Most Council members have extensive experience in Islamic law, they are members of the Council of Ulema of the Spiritual Administration of Muslims of Uzbekistan, and hold international AAOIFI certifications in Islamic finance. The technical expert Akhrorjon Sadullaev has over twenty years of experience in the banking and financial sectors. Previously, he held various positions at the Central Bank, as well as at institutions such as Alokabank, KDB Bank Uzbekistan, and international auditing firms KPMG, Ernst & Young, and Grant Thornton.
