Uzbek lender Asia Alliance Bank will soon offer Shariah compliant financial products as it puts in place the digital infrastructure to support its Islamic banking business.
In collaboration with the Islamic Corporation for the Development of the Private Sector, Asia Alliance Bank will be implementing ICS BANKS Islamic Banking software solutions from ICS Financial Systems.
“Being one of the first banks in Uzbekistan in adopting Islamic banking — in compliance with Shariah law, Asia Alliance Bank will be heading toward providing its clients with a new holistic banking exposure,” shared the bank’s chairman, Ikram Abdukakhorov. “We are committed to bring and expand our offerings by implementing innovative and trusted business and technology applications.”
The Uzbek universal bank offers commercial and retail banking services and plans to expand its repertoire with Shariah compliant structured products such as Murabahah, Ijarah, Mudarabah, Musharakah, Salam, Qard Hasan, Istisnah and parallel Istisnah, among others. Apart from core Shariah banking services, it also intends to provide Islamic treasury and investment, Shariah trade finance services and Islamic time deposits.