OREANDA-NEWS. November 11, 2008. Representatives of National Bank of Republic of Uzbekistan and Islamic Corporation for the Development of the Private Sector were held negotiations and signed Memorandum of Understanding, reported the press-centre of National Bank of Republic of Uzbekistan.

With a view of further development of economic collaboration, on October 28,2008 between Republic of Uzbekistan and Islamic Corporation for the Development of the Private Sector (ICD) were signed Memorandum of Understanding, in accordance of principles of Islamic financing and encourage of creation, expansion and modernization of private business in Republic of Uzbekistan.

Memorandum provides the establishing of strategic partnership, development of mutually beneficial, long-term and effective cooperation between National Bank of Uzbekistan and ICD, assistance in expansion and modernization private business, using Islamic methods of financing and mechanisms, stimulation of investment ability, which contributes to transition of private internal and external capital to investment, and also making contribution in development and diversification of financial products in accordance with principles which based on ICD’s sense management of  funds.

Also in future ICD plans to make technical assistance for preparation, financing and realization projects, including transition of advanced technology.

ICD was founded in November 1999 and acting as subdivision of Islamic Development Bank, also this is a international financial institute, which created for development of countries-members by granting financial services for private sector.

Activity of ICD is studying abilities in private sector which serve to developing of economy and providing with financial services and product in accordance with principles of Islamic financing, and also granting to private companies access to Islamic market of capital. Main products and services are: direct financing, management of assets, structural financing, consulting services. Methods of financing including participation in capital, participation in income, leasing, partial resale and e.t.c.