The Islamic Research and Training Institute (IRTI), in collaboration with the Islamic Corporation for the Development of the Private Sector (ICD), both members of the Islamic Development Bank (IsDB) Group, have co-organized training programs for professionals of five conventional banks in Uzbekistan.

Held during the period from 23 March to 13 April 2021, the workshop focused on fundamentals, concepts, and applications of Islamic banking and finance. The aim was to equip the professional staff of the banks with the requisite knowledge for operating Islamic banking windows in conventional banks.

Twenty-five participants attended the training programs from each of the beneficiary banks, namely Trust Bank, Qishloq Qurilish Bank, Ipak Yuli Bank, Asia Allaince Bank, and Agro Bank. The participants were drawn from various sections of the banks that included credit, accounting, operations, foreign economic, and treasury departments.

The workshop covered several topics including Principles of Islamic Finance, Islamic Financial Contracts, Introduction to Shari’ah Standards, Islamic Banking Products, Islamic Modes of Finance, Liquidity Management and Sukuk, Risk Management in Islamic Financial Institutions, and Accounting in Islamic Financial Institutions.

Top managements of each of the five banks attended the opening of their respective training sessions where they expressed appreciation to IRTI and ICD for organizing the programs.

In his speech, Vice Chairman of Qishloq Qurilish Bank, Mr. Kozim Ismailiy, noted that most banks in Uzbekistan had been looking forward to having Islamic banking and finance trainings for their professionals. He explained that the training would pave the way to opening Islamic banking windows in Uzbekistani banks.

Chairman of the Board of Directors of Ipak Yuli Bank, Mr. Normatov Bobir, said the training would help the bank open an Islamic banking window successfully and equip the staff with the requisite knowledge for operating the window. He further noted that opening Islamic banking windows in the country’s banks would be welcome by customers who had expressed their strong desire for Shariah-compliant banking services.

Mr. Aziz Gulomov, Financial Analyst at IRTI, also spoke of the significance of the cooperation between IRTI and ICD. He further underscored the benefit of training programs to professional staff of the banks ahead of the opening of Islamic banking windows at conventional banks in the country.