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Banks – Uzbekistan: Islamic finance windows would be credit positive for Uzbek banks

On 3 December, Islamic Corporation for the Development of the Private Sector (ICD, A2 stable) announced that it had signed an advisory services agreement with Uzbekistan’s stateowned Xalq Bank, the country's sixth-largest bank by total assets, for Xalq Bank to open an Islamic window, a division within a conventional bank that provides Shariah-compliant services. An Islamic window would allow Xalq Bank and other Uzbek banks with similar plans to unlock the substantial growth potential in Islamic banking, which is underdeveloped....

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