GoDubai
  
  
  
  
Citylife > Press Release
  Home Contact us Add to Favourites
Most Recent Postings
More Press Releses
Featured Sections

Event Finder
A daily roundup of exhibitions, promotions and other events in Dubai and the rest of the Emirates.
Submit an Event
Latest Dubai Press Releases >>

 
  Share
Trustbank; the first bank in Uzbekistan to launch Islamic Banking Services
 
 
May 06, 2021:  Tashkent, Uzbekistan: Trustbank, one of the leading banks and the first private bank to be providing Islamic banking services in Uzbekistan, has selected ICS BANKS Islamic Banking software solutions from ICS Financial Systems (ICSFS), the global software and services provider for banks and financial institutions.
 
 A virtual signing ceremony was conducted on 17th March, 2021, between Trustbank and ICSFS with the participation of ICD (the Islamic Corporation for the Development of the Private Sector). The ceremony was attended by; Deputy Chairman of Trustbank, Kamil Gabbazov, Head of Islamic Financing of Trustbank; Mukhammadfayoz Ibadov, Deputy Director of the International Relations Department of Trustbank; Aleksey Kim. Managing Director of ICSFS; Robert Hazboun, Executive Director of ICSFS; Wael Malkawi, CIS Territory Manager of ICSFS; Nidal Bashaireh, PMO Head of ICSFS; Mohammad Omari, Project Manager of ICD; Muzaffar Nizamidinov and Project Management Office Consultant – IT & Fintech Specialist of ICD; Ibrahim Al-Saywed.
 
Chairman of the Management Board of Trustbank; Sardor Normukhamedov commented: “As one of the leading banks of the Republic of Uzbekistan, it is our privilege to be the first in adding Islamic Banking products to our services. We strive for becoming the best in providing high quality modern banking services as well Islamic banking services in the Uzbek's banking sector, and with this new joint milestone with ICSFS and ICD – which is the very first of its kind, we are creating history!” 
 
Deputy Chairman of Trustbank, Kamil Gabbazov stated during the signing ceremony: “First, I would like to start by thanking the devoted teams for conducting this special event. We have started our cooperation with ICD back in 2018, and in this short period of time, we have received generous funds in amount of USD 19 million that were provided in a Shariah-compliant line of financing to further support the private sector in the country. We are very happy for choosing ICS BANKS Islamic from ICSFS as an Islamic Window IT solution provider and look forward to starting this collaboration.” 
 
Managing Director of ICSFS; Robert Hazboun stated: “It is our honour to be the first business technology company to enter the Islamic banking sector in Uzbekistan. With ICSFS' strong track record in implementing its ICS BANKS Islamic software solutions, Trustbank will have a smooth launch of its new Islamic products, and will be offering holistic Islamic services to its customers.”
 
Muzaaffar Nizamidinov of ICD commented: “On behalf of ICD team, I would like to congratulate both; ICSFS and Trustbank for signing the first Islamic IT solution contract in Uzbekistan history. We trust that Trustbank will be a pioneer in launching the first Islamic banking window in the country, and hope that Trustbank will be converted into a full-fledged Islamic Bank in future. We wish you all the success in the implementation of the solution, in Sha'a Allah.”
 
Weal Malkawi; Executive Director of ICSFS commented: “We are very happy to be part of this breakthrough – to see Islamic Banking kick-off in Uzbekistan, and to see Trustbank as one of the leaders and pioneers in providing Islamic banking services. I would like to thank the bank and ICD, as without them we couldn't have reached this historical milestone. We welcome Trustbank to our ICS BANKS community, and salute them for achieving this milestone, as it takes courage to be the first bank in Uzbekistan to lead in launching Islamic Banking Window.”
 
Trustbank is one of the leading banks of the Republic of Uzbekistan, which provides its clients with the full range of banking products and services. The history of the bank reflects the dynamics of intensive development of the country's banking sector during the years of independence. Trustbank will leverage ICS BANKS Islamic's agile software solutions of which Islamic Core banking, Murabaha, Ijarah, Mudaraba, Musharaka, Salam, Qard Hassan, Islamic Treasury and Investment, Trade Finance, Credit Facilities & Risk Groups, Istina'a and Parallel Istisna'a, Profit Distribution, and Time Deposit.
 
ICSFS invests in its software suites by utilising modern technology in launching new products, constructing a secured and agile integration, and keeping pace with new standards and regulations worldwide. ICS BANKS software suite future-proof banking activities by providing a broad range of features and capabilities with more agility and flexibility, to enrich customers' journey experience, hence improving the trust and confidentiality between the customer and the bank. ICS BANKS has always been a pioneer in utilising the latest technology to serve financial institutions. In addition to its embedded Service-Oriented-Architecture (SOA), the system can be deployed on-premises or on the cloud. 



Posted by : GoDubai Editorial Team
Viewed 3596 times
Posted on : Thursday, May 6, 2021  
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of GoDubai.com.
Previous Story : ENBD REIT Announces Full Year Results for 31st March 2021
Next Story : Arab Bank Group Reports First Quarter 2021 Net Profit of $128.3 Million
Email this article Print this article

Share this article with your friends and followers
NewsVine

Comments

Back to Top  
Most Viewed Press Release posted in the last 7 days
Olay Skin Experts Debut New Body Wash in the UAE!
Double Success for Rado at the iF Design Awards 2021
Maintain Summer-Long Gorgeous Hair with these Essential Treatments from Sukin
Essential Shock Intense Line By Natura Bissé
Celebrate Eid in 'Swiss Style' with Oris Divers Sixty-Five ‘Cotton Candy'
Two Exquisite New Additions to the LOOTAH Perfumes Range: Silky Oud & Timeless Oud
Love Your Skin
Ojar Launches Its Eau De Parfum Sillage Boosters
My First GROHE: Keep it Simple with GROHE Baulines for the Kitchen
King C. Gillette is here to Revolutionize the Male Grooming Experience
Ogilvy PR Names Matt Buchanan as Global Head of Consumer PR
Mouawad Pays Tribute to Natural Wonders
Arab-Brazilian Chamber of Commerce to enter partnership with São Paulo Foot...
5 Fashion Must-Haves for Kids This Summer
The Famous Taste of ALBAIK is Coming to Dubai with the Launch of the First Branc...
Summertime Essentials
Ras Al Khaimah Ruler Addresses Class of 2021 at RAK Academy Graduation Ceremony ...
Paxful Launches Paxful Pay, E-Commerce Solution To Strengthen Cryptocurrency Adoption
Dubai Customs' Jebel Ali Center Completes 952k Transactions in 1st Four Months o...
Denny's Milkshakes Bring All the Boys and Girls to the Yard This June
DHA Opens Registration for Dubai Residency Training Program
INFINITI Presents: Conquer Life in Style with All-New QX60 Starring Kate Hudson ...
Etihad Airways Announces New Summer Routes to Mykonos, Santorini and Malaga
Student Entrepreneurship Firmly on the Agenda as GEMS World Academy Hosts High-P...
Thought Series – the Good Life
SEHA Announces Extended Operating Hours for the COVID-19 Prime Assessment Centers
Amplify Summer Sound With LG's Xboom Go Speakers
Increase in Cardiovascular Disease Among Premenopausal Women in the UAE
Dubai Municipality Conducts Virtual Food Safety Forum
Max&Co. - Jump to it!
Gartner Says Worldwide Smartphone Sales Grew 26% in First Quarter of 2021
SEHA Prioritizes Women's Health With Revamped State-of-the-art Clinics
Danube Building Materials Prepares for Upcoming Boom Ahead of Expo 2020
Sharjah Police, SCCI Explore Solutions to Negative Phenomena in Real Estate Sector
Hamdan bin Zayed Launches the Largest Coral Reef Rehabilitation Project in the Region
Malak Al Tawouk UAE Receives HACCP Certification for Food Safety
Gift Your Dad Three Coffee This Fathers Day
360° Virtual and Hybrid Events Steal the Show
ENBD REIT Announces Full Year Results for 31st March 2021
Dugong and Seagrass Toolkit Selected Among Top 25 UAE Government Innovations
Over 200 students at GEMS Wellington Academy – Silicon Oasis ‘Step in Time' with...
Pogačar Returns at Tour of Slovenia
Cebu Pacific Celebrates Philippine Independence Day with Special AED1 Seat Sale ...
Empower Reinforces its Commitment for the Reduction of CO2 Emissions in the UAE
Yahsat and Airbus Complete Preliminary Design Review of Next Generation Satellit...
Hotpack Launches 'Eco Store' Online Retail Destination for Green Food Packaging ...
UAE's Female Entrepreneurial Talents can apply to Badiri's Hands-On Training Pr...
WCU: Metals Hit by Taper Talks as OPEC Gives Oil a Boost
Dubai Holding and Dubai Health Authority successfully conclude ‘The Perfect Gif...
Arabian Automobiles Record-Breaking 83 % Growth in Nissan Patrol Sales Compared ...