On June 7, ASIA ALLIANCE BANK JSCB and International Islamic Trade Finance Corporation, a member of the Islamic Development Bank, signed a $ 9 million trade finance agreement, according to the principle of "Murabaha".
This transaction is the first in Uzbekistan in the field of Islamic trade financing, and it starts the implementation of the Framework Agreement for $ 100 million, signed on March 6 this year between the Republic of Uzbekistan and the International Islamic Trade Finance Corporation.
Based on this Agreement, ASIA ALLIANCE BANK JSCB will provide residents of the Republic of Uzbekistan with financial resources in the form of short-term loans for pre-export financing, financing of imports of basic commodities and any other goods.
The signing of this agreement brings the status of ASIA ALLIANCE BANK JSCB to a new level, as a key player in the development of the Islamic trade financing market in Uzbekistan.
It should be noted that the International Islamic Trade Finance Corporation is an autonomous subdivision of the Islamic Development Bank. Its goal is to promote trade to improve the economic status of the member countries of Islamic Development Bank.