Signing of memorandum of understanding (MoU) Between Development of the Private Sector (ICD) and SQB Securities, Uzbekistan

PUBLISHED: Tue, 26 Jan 2021 13:12:44 GMT

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Mr. Ayman Amin Sejiny, the CEO of the Islamic Corporation for the Development of the Private Sector (ICD) (, the private sector arm of the Islamic Development Bank (IsDB), and Mr. Amur Safaraliyevich Djalilov, the CEO of SQB Securities LLC (, signed a MoU for the development of Islamic finance and capital markets in Uzbekistan.

The MoU will cover the following areas of cooperation:

Conduct selective training courses on Islamic finance and its products and services for local banks and financial institutions in Uzbekistan; Introduce Islamic finance instruments such as Sukuk and other instruments; Attract potential international financial institutions to Uzbekistan market; Attract Shari’ah-compliant debt financing for potential projects in Uzbekistan;

Mr. Sejiny stressed the importance of the MoU in increasing capacity-building, promoting knowledge-sharing and supporting greater sustainable access to finance across ICD member countries. Mr. Sejiny commented “Providing assistance to the development of the Islamic finance industry has always been among our top priorities. We look forward to pursuing and intensifying this effort to better tackle Uzbekistan’s needs to develop innovative, robust and competitive financial systems at both domestic and regional levels.” Mr. Sejiny added:  ”We will further strengthen our cooperation in promoting sustainable growth and attracting financing for the projects in Uzbekistan.” 

On his part, Mr. Djalilov added: ”The Islamic finance and Shari’ah-compliant instruments have a huge potential in the market today and we believe that our capital markets will benefit from them which will be alternative opportunity to conventional financial instruments and to attract new investments.”

Link to Website:

Distributed by APO Group on behalf of Islamic Corporation for the Development of the Private Sector (ICD).

About the Islamic Corporation for the Development of the Private Sector (ICD): The Islamic Corporation for the Development of the Private Sector (ICD) ( is a multilateral financial institution established by the Board of Governors of the Islamic Development Bank (IsDB) during its twenty-fourth (24) annual meeting held in Rajab 1420H (November 1999) in Jeddah, Kingdom of Saudi Arabia. ICD was established to be the IDBG private sector window. The authorized capital of the Corporation is USD 4 billion. The shareholders consist of the IsDB (rated Triple-A), 55-member countries, and 5 financial institutions from the member countries. ICD is Rated A2’ by Moody’s, ‘A’ by S&P and, A+ by Fitch

ICD aims to play a complementary role to the activities of IsDB and the national financing institutions in member countries by focusing on private sector institutions in their various activities and operations in full compliance with the principles of Islamic Shari’ah. In addition to extending financing and financial services, ICD provides advisory and consultancy services to governments and private sector institutions in order to adopt policies for establishing, expanding, and modernizing private sector companies, developing equity capital markets (ECM), debt capital markets (DCM) in the form of Sukuk, adopting better management practices, and strengthening the role of the market economy. ICD focuses its financing on development projects (such as infrastructure and private equity funds) that aim to create job opportunities and to encourage exports.

In order to achieve all these goals, ICD establishes and strengthens cooperation and partnership relationships with an aim to establish joint or collective financing. ICD also applies financial technology (Fintech) to make financing more efficient and comprehensive. Financial services institutions within ICD’s member countries are benefiting from fintech innovations by using artificial intelligence, robotics, blockchain, data analytics, and cloud computing services. ICD created a platform based on its relationships with 119 financial institutions, through which, the Islamic Development Bank Group (IsDBG) in general and the institution, in particular, can have access to a concerned country and identify available financing opportunities. The platform allows financial entities to collaborate in identifying investment opportunities, sharing market information, and laying the groundwork for actual financial transactions within the OIC member countries and across borders. For more information about ICD, visit

About SQB Securities LLC: SQB SECURITIES (, an investment banking arm of JSC O`ZBEKISTON SANOAT-QURILISH BANKI (UzSQB), has licenses to carry out professional activities in the securities market, issued by the Capital Market Development Agency:

•  Investment intermediary; •  Investment advisor; •  Trustee;

SQB Securities provides investment banking and advisory services to enterprises / organizations of Uzbekistan and non-residents: 

•  Capital raising both private and public equity;  •  Advising and supporting restructuring, reorganization and M&A;  •  Structured finance and syndicate loans for investment projects;  •  Brokerage/Trading and depository services;  •  Private and public offering of securities;  •  Organization of bond issues;  •  Organization of project financing;  •  Organization of combined types of financing and etc

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SQB Securities has successful experience in providing consulting services, cooperation with international investment banks, funds and financial institutions such as EBRD, ADB and others.  

For more information, you can contact Mr. Amur Djalilov ( or visit