Uzbekistan Lessor Association (ULA) signed a Memorandum of Understanding (MoU) with AlHuda Center of Islamic Banking and Economics (CIBE), to implement promote Islamic leasing business in the country with the help of its association members.
According to this Memorandum of Understanding both organizations will draw a strategy to promote Islamic leasing business enabling environment and to organize trainings and capacity building programs in the country. The main purpose of the great initiative is to mold the expertise, scholastic ideas and international best practices according to the international standards into reality. MoU signing ceremony was held in the headquarter of Uzbekistan Lessor Association (ULA), Tashkent – Uzbekistan that was signed by Mr. Muhammad Zubair Mughal, Chief Executive Officer, AlHuda CIBE and Mr. Zafar B. Mustafaev, General Director, Association of Uzbekistan Lessors, Uzbekistan.
On this occasion, Mr. Zafar B. Mustafaev, stated: Islamic leasing along with Islamic Banking, is also growing with rapid pace in CIS countries and particularly in Uzbekistan where it has enough potential. He added that AlHuda CIBE’s entry in CIS is a constructive initiative which will strengthen the diversified Research, Trainings and Shariah advisory in Islamic Finance industry in CIS countries.
The MoU will nurture the Islamic finance industry with a new service. Muhammad Zubair Mughal, said that these moments are very rejoicing when AlHuda CIBE and ULA enter in joint collaboration, we will pool our expertise and resources to achieve the optimum goal of promotion of Islamic leasing and finance in Uzbekistan specially and CIS countries. This step will surely benefit Islamic leasing and finance in the financial industry. He further added that we will not only be confined to the only agreement rather this relation will be extended to other stakeholders of Islamic finance industry.
He added that according to this MoU, both organizations will work together for the improvement of the legal framework governing leasing services in the Republic of Uzbekistan, development of soci-economic public policy regarding the Islamic leasing business in Uzbekistan. He further said that both organizations will also work to strengthen the abilities of Islamic leasing in Uzbekistan, and to provide technical and Shariah advisory, research, trainings and other related services. He said that AlHuda CIBE is keeping an eye on Islamic leasing of CIS countries and AlHuda CIBE and ULA will mutually conduct training workshops on Islamic leasing and finance by mutual consent.