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.”
ICD to develop Islamic finance in Uzbekistan
ICD to develop Islamic finance in Uzbekistan
LuLu expands specialty coffee footprint in KSA with Sulalat
LuLu Group has signed a landmark MoU with Sulalat Coffee during the 5th edition of World of Coffee Dubai trade show. This exclusive retail partnership is designed to enhance the specialty coffee offerings across LuLu Hypermarkets in Saudi Arabia, meeting the growing demand for premium coffee experiences within the region.
The agreement was signed by Mohamed Haris, director, Saudi Arabia, LuLu Group, and Abdulelah Al-Murqi, marketing director, Sulalat Coffee. Through this collaboration, LuLu Group will provide a dedicated platform for Sulalat’s specialty-grade beans, which are globally sourced and roasted in Riyadh. This initiative ensures that world-class coffee quality, previously reserved for niche aficionados, is now readily accessible to coffee lovers throughout the Kingdom.
By partnering with Sulalat Coffee, LuLu Group is integrating artisanal expertise with large-scale retail excellence. Sulalat has been a pioneer in the specialty coffee movement in the region, and this partnership allows LuLu to showcase unique varieties and professional-grade roasting. The collaboration reflects a shared vision to celebrate the thriving local coffee culture and deliver an unparalleled selection of premium products to everyday consumers.
In alignment with Saudi Vision 2030, this partnership reinforces LuLu Group’s commitment to empowering homegrown brands and fostering economic diversification within the Kingdom. By providing a global stage for local excellence at events like World of Coffee Dubai, LuLu continues to support the growth of a vibrant private sector and a sustainable retail ecosystem.
As the premier platform for the industry, World of Coffee Dubai 2026 highlights the rapid growth and innovation within the regional coffee scene. With the event attracting more than 17,000 visitors and hundreds of global exhibitors, it provides a vital stage for industry leaders to connect.
