Uzbekistan’s Trustbank plans Islamic banking first with ICSFS

Uzbekistan-based Trustbank has selected ICSFS and its ICS Banks Islamic banking software.

ICSFS calls the deal a “breakthrough” in Uzbekistan

The deal is hailed by both firms as the first Islamic banking revamp of its kind in the Central Asian country.

Trustbank, founded in 1994 as Private Joint-Stock Bank, provides what it calls a “full range of banking products and services”.

This includes private and corporate banking, settlements, and retail deposits.

The ICSFS system is deploying across several Islamic products at the lender, including Murabaha, Ijarah, Mudaraba, and Musharaka.

Trustbank completed its selection in cooperation with the country’s Islamic Corporation for the Development of the Private Sector (ICD).

“We strive [to become] the best in providing high quality modern banking services,” says Sardor Normukhamedov, Trustbank’s chairman of the board.

“With this new joint milestone with ICSFS […] we are creating history.”

Weal Malkawi, ICSFS executive director, adds: “We are very happy to be part of this breakthrough to see Islamic Banking kick-off in Uzbekistan.

“I would like to thank the bank and ICD, as without them we couldn’t have reached this historical milestone. It takes courage to be the first bank in Uzbekistan to lead in launching Islamic Banking.”

ICSFS’ latest wins have come in Iraq. It has signed two new clients there in the past 12 months: First Iraqi Bank and Al Wifaq International Bank.

Financial institutions in Uzbekistan to recently sign systems deals include People’s Bank (with Finastra) and TBC Bank (with Capital Banking Solutions).

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