Asia Alliance Bank becomes second ICSFS client in Uzbekistan
Uzbekistan-based Asia Alliance Bank has selected the ICS Banks Islamic Banking solution from ICS Financial Systems (ICSFS).
Uzbekistan drafted new rules for Islamic finance in October 2020
The system selection occurred in collaboration with the Islamic Corporation for the Development of the Private Sector (ICD).
Founded in August 2009, Asia Alliance Bank carries out commercial and retail banking in its home country.
“Asia Alliance Bank will be heading towards providing its clients with a new holistic banking exposure,” says board chairman Ikram Abdukakhorov.
“We are committed to bring and expand our offerings by implementing innovative and trusted business and technology applications.”
Following the deployment of the new Islamic banking solution, the lender will deploy a series of Shariah-complaint products. These include Murabaha, Ijarah, Mudaraba, Musharaka, and Islamic trade finance.
The ICSFS deal with Asia Alliance Bank comes on the heels of a similar agreement signed with Trustbank at the start of the month. The Trustbank deal also saw support from the ICD.
Uzbekistan first drafted rules for Islamic finance in October 2020. The majority Muslim nation has sought to attract fresh investment will allow local companies to issue sukuk domestically and abroad.
Weal Malkawi, ICSFS executive director, says the addition of its Islamic banking solutions to universal banks displays the platform’s abilities.
“Although we are living in a very challenging times due to the pandemic, ICSFS’s strong and solid reputation is paving its way into new regions.”
Other financial institutions in Uzbekistan to recently sign systems deals include People’s Bank (with Finastra) and TBC Bank (with Capital Banking Solutions).
Related: Uzbekistan’s Trustbank plans Islamic banking first with ICSFS
