Islamic Corporation for the Development of the Private Sector (ICD) CEO Khaled Al Aboodi and Sohibcorbank OJSC acting Chairman Zardov Sherali Dovlatalievich signed a memorandum of understanding (MoU) on the sidelines of the IFN CIS forum in Astana. [caption id="attachment_126752" align="alignright" width="300"] Khaled Al Aboodi, ICD CEO, exchanges the MoU with Mrs. Yulia Yakupbayeva, Chairwoman of the Board of AFK during IFN CIS forum on Tuesday in Astana, Kazakhstan[/caption] The agreement sets the stage for jointly introducing Islamic banking products by attracting ICD team members in charge for conversion, which will provide advisory services related to converting banks into full pledge Islamic banks in Tajikistan. ICD and Sohibcorbank agreed to strengthen cooperation at the strategic and technical levels on the basis of complementarity, value added, institutional strengths and comparative advantages, and mutual benefit, the MoU states. "I am very pleased to have this framework of collaboration with a new and strong partner in Asia," said Al Aboodi. "ICD has been working closely with Sohibcorbank throughout its establishment process. We will further strengthen our cooperation in promoting sustainable growth and attracting financing for the projects in Tajikistan." "I am delighted to take a further step forward in our partnership with ICD," Zardov said. "Sohibcorbank looks forward to deepening our already strong relationship and expanding our collaboration as we seek to address the significant infrastructure financing needs in the region." Through knowledge work, and joint policy dialogue with member countries, the two institutions will work together in promoting Islamic finance and attracting potential business opportunities in Tajikistan. Moreover, ICD, in partnership with the Association of Financiers of Kazakhstan (AFK), also signed a memorandum of understanding (MoU) in which the two institutions will be exploring possible avenues for collaboration related to supporting financial institutions of Kazakhstan and development of Islamic finance in Kazakhstan. Al Aboodi and Yulia Yakupbayeva, Chairwoman of the Board of AFK, signed the MoU on behalf of the two organizations during IFN CIS forum in Astana, the capital of Kazakhstan on Tuesday The agreement outlines the scope of cooperation between ICD and AFK and paves the way for a mutual collaboration in sharing of information, knowledge and expertise in relation to Islamic finance and assisting each other in the process of developing feasibility studies to evaluate the viability of projects. The two institutions seek also to establish a viable financing platform and business model for mutual collaboration in implementation and development projects and initiatives. During the signing ceremony, Al-Aboodi stressed the importance of the MoU in increasing capacity-building, promoting knowledge-sharing and supporting greater sustainable access to finance across ICD member countries, "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 Kazakhstan needs to build up innovative, robust and competitive financial systems at both domestic and regional levels." Yakupbayeva said "the AFK welcomes the formalization of our cooperation with ICD. This MoU provides an excellent platform for the ICD to engage and build relationships with its members in the region. It is an opportunity to benefit from both institutions' expertise, especially for enhancing the outreach to member countries for awareness building, exchange of information and knowledge sharing, other than conducting joint workshops and training programs to create awareness on Islamic finance." — SG
