ICD to develop Islamic finance in Uzbekistan

The agreement was signed during ICD’s official visit to Uzbekistan.
Updated 17 June 2019
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ICD to develop Islamic finance in Uzbekistan

The Islamic Corporation for the Development of the Private Sector (ICD) signed an agreement to assist Kapitalbank, a private commercial bank in Uzbekistan, with technical advisory services for the establishment of a new Islamic banking window.
The agreement was signed during ICD’s official visit to Uzbekistan as part of its mandate to explore development opportunities in the member countries and strengthen ICD’s advisory footprint in central Asia, especially in Uzbekistan.
ICD will assist Kapitalbank in areas of Shariah, accounting, information technology, marketing and communication, HR and legal aspects combined with an on-site extensive theoretical training and supported by on-job training in Islamic banks.
Ayman Sejiny, CEO of ICD, said: “We are happy to sign the agreement to support Kapitalbank and share our expertise through the Islamic Financial Institution Program, developed for and with our partners to advise and assist in developing and reinforcing the Islamic finance industry in the member countries.”
Oleg Kim, acting chairman of the management board, representing Kapitalbank, said: “We believe that the launching of the Islamic window in the bank will allow mobilizing funds of the population who, because of their religious beliefs, did not use traditional banking services. In addition, legal entities will receive access to Shariah-compliant funding. So through Islamic banking, financial inclusion can be promoted and bring a larger pool of savings in the local and global economy.”


Princess Lamia appointed champion of Generation Unlimited

Princess Lamia bint Majid Al-Saud
Updated 14 July 2019
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Princess Lamia appointed champion of Generation Unlimited

Princess Lamia bint Majid Al-Saud, secretary-general of Alwaleed Philanthropies, has been appointed as a champion of Generation Unlimited, a global partnership that aims to make young people productive and engaged citizens.
Launched in 2018, Generation Unlimited is a partnership hosted by UNICEF to connect secondary-age education and training to employment and entrepreneurship, empowering young people to thrive in the world of work.
Princess Lamia joins other champions including Nikolai Astrup, Norwegian minister of digitalization; Takehiko Nakao, president of the Asian Development Bank; and Vera Songwe, executive secretary, United Nations Economic Commission for Africa, among others.
“The rising generation of young men and women across the world are inspiring, with creative answers to the challenges that will define the future of our economy, environment and society. But they need our support to unleash their potential. I am honored to join the effort to connect the private sector, foundations and governments through Generation Unlimited to support their ideas and solutions,” said Princess Lamia. 
Using her leading role and widespread experience, Princess Lamia will focus on generating private sector support and advocating for programs that empower young people.
“There are currently 2 billion young people around the world — millions of them do not know if the skills they are learning today will help them earn a living tomorrow,” said UNICEF Executive Director Henrietta Fore. “Generation Unlimited — a global partnership designed to harness young people’s potential — is delighted that Princess Lamia bint Majid Al-Saud of Alwaleed Philanthropies is lending it her support.”

 

Decoder

Generation Unlimited

Launched in 2018, Generation Unlimited is a partnership hosted by UNICEF to connect secondary-age education and training to employment and entrepreneurship, empowering young people to thrive in the world of work.