The Islamic Corporation for the Development of the Private Sector (ICD) signs a MoU with SOHIBCORBANK OJSC
14 March 2017
News & Press Release
Astana Kazakhstan – 14 March 2017
Islamic Corporation for the Development of the Private Sector (ICD) CEO Khaled Al Aboodi and SOHIBCORBANK OJSC acting chairman Zardov Sherali Dovlatalievich signed a memorandum of understanding (MoU) on the sidelines of the IFN CIS forum in Astana on March 14.
The agreement sets the stage for jointly introducing Islamic banking products by attracting ICD team members in charge for conversion, which will provide advisory services related to converting banks into full pledge Islamic banks in Tajikistan.
ICD and SOHIBCORBANK agreed to strengthen cooperation at the strategic and technical levels on the basis of complementarity, value added, institutional strengths and comparative advantages, and mutual benefit, the MoU states.
“I am very pleased to have this framework of collaboration with a new and strong partner in Asia,” said Mr. Al Aboodi. “ICD has been working closely with SOHIBCORBANK throughout its establishment process. We will further strengthen our cooperation in promoting sustainable growth and attracting financing for the projects in Tajikistan.”
“I am delighted to take a further step forward in our partnership with ICD,” Mr. Zardov said. “SOHIBCORBANK looks forward to deepening our already strong relationship and expanding our collaboration as we seek to address the significant infrastructure financing needs in the region.”
Through knowledge work, and joint policy dialogue with member countries, the two institutions will work together in promoting Islamic finance and attracting potential business opportunities in Tajikistan.
About the Islamic Corporation for the Development of the Private Sector (ICD)
ICD is a multilateral organization and a member of the Islamic Development Bank (IDB) Group. The mandate of ICD is to support economic development and promote the development of the private sector in its member countries through providing financing facilities and/or investments which are in accordance with the principles of Sharia’a. ICD also provides advice to governments and private organizations to encourage the establishment, expansion and modernization of private enterprises. ICD is rated AA/F1+ by Fitch and Aa3/P1 by Moody’s. For more information, visit www.icd-ps.org
About SOHIBCORBANK OJSC
The Joint stock bank of support of business «Sokhibkorbank» has been established as diversified bank on August 24, 1999 on the basis of the Resolution of National bank of Tajikistan under No. 15 from 19.08.1999 year. According to this Resolution Joint-Stock bank «Tajikbankbusiness» has been reorganized into Joint Stock Bank of business supporting «Sokhibkorbank». Based upon resolution of National bank of Tajikistan under No. 106 from 17.05.2002 year and the Order of Joint Stock Bank of business supporting «Sokhibkorbank» under No. 46 from 22.05.2002 year the bank has been reorganized into Opened joint stock company «Sokhibkorbank». In October, 2012 for increase the authority and the importance of the bank, the Head Office of JSC «Sokhibkorbank» has been transferred to the capital of the Republic of Tajikistan the city Dushanbe to the address Nisor Mukhammad Street 10/17.
Today the Bank has reached considerable indicators in the activity, has opened 7 branches and 50 Centers of bank service in the cities and districts of Republic of Tajikistan.
The year of 2016 was eventful and delivered new challenges in front of Tajikistan economy and rendered impact on activity of business segments and economy branches.
Nevertheless, JSC «Sokhibkorbank» passed test for durability and showed worthy financial results. It is convinced that team professionalism and right strategy will allow Sokhibkorbank to accept challenges and Bank will continue successful development for the benefit of its shareholders clients and partners. The first year of 2017-2018 Strategy implementation showed that in new conditions the planned high-quality transformations don't lose their relevance and many of them require even faster implementation. We will continue movement to effective objectives and we will apply all efforts to be the best Bank for our clients and partners without being satisfied with what has already been achieved and creating value for our shareholders by constant development.
JSC Sokhibkorbank positions itself as the universal commercial Bank providing a full range of banking services that determines the purposes Bank’s development and complex of actions for strategy implementation. A main objective of Bank – development of the competitive and growing business on a basis realizations of a complex of finance solutions, introduction of modern banking services based on use of modern technologies.