One of the banks of Uzbekistan will have the first Islamic window in the country

TASHKENT, July 13 – Sputnik. Bank Ipak Yuli, in cooperation with the Islamic Society for Private Sector Development (ICD), daughter of the Islamic Development Bank (BIS), will be the first to provide Islamic banking services, said the institution financial. ICD on the creation of the first "Islamic window" in Uzbekistan

Islamic windows are one of the tools of Islamic banking, an alternative type of financial services that are consistent with the principles of financing widely used in the country. Southeast Asia and the Middle East. The main feature of financial services in the Islamic banking sector is the refusal of loans, high-risk transactions and uncertain transactions.

In April this year, Uzbekistan and ICD concluded a pilot project to create an Islamic window on the country's commercial banks. In May, the draft resolution of the country's President Shavkat Mirziyoyev, providing for the establishment of the Islamic Development Bank of Uzbekistan and the infrastructure of Islamic banks, was promulgated in 1969.

Ipak Yuli is one of the ten largest banks of Uzbekistan.