09 April 2019 year
On April 9, 2019, the Director of the Capital Market Development Agency Atabek Nazirov met with representatives of the Islamic Corporation for the Development of the Private Sector (ICD), led by the Head of the Sukuk and Capital Markets Program, Tarik A. Malaika, who arrived from Saudi Arabia.
During the meeting, Tarik A. Malaika shared his experience of successfully introducing Islamic finance instruments, in particular Sukuk, in other developing countries and expressed interest in cooperating with the Agency on development of similar instruments in Uzbekistan.
In addition, during the discussion, the question about issuing municipal and corporate bonds in Uzbekistan was discussed in accordance with the principles of Islamic finance, where Atabek Nazirov stressed the importance of increasing the share of financial instruments in local currency to stimulate the development of the Uzbek capital market and minimize currency risks.
Following the meeting, the parties agreed to conclude a memorandum of cooperation, within which, ICD also expressed its readiness to provide technical support to the Agency.