Uzbekistan’s Trustbank selects ICS BANKS Islamic Banking software from ICSFS

By Leandra Monteiro

Trustbank, one of the leading banks and a private bank providing Islamic banking services in Uzbekistan, has selected ICS BANKS Islamic Banking software solutions from ICS Financial Systems (ICSFS), the global software and services provider for banks and financial institutions.

A virtual signing ceremony was conducted on 17th March, 2021, between Trustbank and ICSFS with the participation of ICD (the Islamic Corporation for the Development of the Private Sector). The ceremony was attended by; Deputy Chairman of Trustbank, Kamil Gabbazov, Head of Islamic Financing of Trustbank; Mukhammadfayoz Ibadov, Deputy Director of the International Relations Department of Trustbank; Aleksey Kim. Managing Director of ICSFS; Robert Hazboun, Executive Director of ICSFS; Wael Malkawi, CIS Territory Manager of ICSFS; Nidal Bashaireh, PMO Head of ICSFS; Mohammad Omari, Project Manager of ICD; Muzaffar Nizamidinov and Project Management Office Consultant – IT & Fintech Specialist of ICD; Ibrahim Al-Saywed.

According to the Chairman of the Management Board of Trustbank, Sardor Normukhamedov, “As one of the leading banks of the Republic of Uzbekistan, it is our privilege to be the first in adding Islamic Banking products to our services. We strive for becoming the best in providing high quality modern banking services as well Islamic banking services in the Uzbek’s banking sector, and with this new joint milestone with ICSFS and ICD – which is the very first of its kind, we are creating history!”

“First, I would like to start by thanking the devoted teams for conducting this special event. We have started our cooperation with ICD back in 2018, and in this short period of time, we have received generous funds in amount of USD 19 million that were provided in a Shariah-compliant line of financing to further support the private sector in the country. We are very happy for choosing ICS BANKS Islamic from ICSFS as an Islamic Window IT solution provider and look forward to starting this collaboration,” shared Kamil Gabbazov, Deputy Chairman, Trustbank.

Trustbank provides its clients with the full range of banking products and services. The history of the bank reflects the dynamics of intensive development of the country’s banking sector during the years of independence. Trustbank will leverage ICS BANKS Islamic’s agile software solutions of which Islamic Core banking, Murabaha, Ijarah, Mudaraba, Musharaka, Salam, Qard Hassan, Islamic Treasury and Investment, Trade Finance, Credit Facilities & Risk Groups, Istina’a and Parallel Istisna’a, Profit Distribution, and Time Deposit.

“It is our honour to be the first business technology company to enter the Islamic banking sector in Uzbekistan. With ICSFS’ strong track record in implementing its ICS BANKS Islamic software solutions, Trustbank will have a smooth launch of its new Islamic products, and will be offering holistic Islamic services to its customers,” said Robert Hazboun, Managing Director, ICS Financial Systems.

“We are very happy to be part of this breakthrough – to see Islamic Banking kick-off in Uzbekistan, and to see Trustbank as one of the leaders and pioneers in providing Islamic banking services. I would like to thank the bank and ICD, as without them we couldn’t have reached this historical milestone. We welcome Trustbank to our ICS BANKS community, and salute them for achieving this milestone, as it takes courage to be the first bank in Uzbekistan to lead in launching Islamic Banking Window,” shared Weal Malkawi, Executive Director, ICSFS.

“On behalf of ICD team, I would like to congratulate both; ICSFS and Trustbank for signing the first Islamic IT solution contract in Uzbekistan history. We trust that Trustbank will be a pioneer in launching the first Islamic banking window in the country, and hope that Trustbank will be converted into a full-fledged Islamic Bank in future. We wish you all the success in the implementation of the solution, in Sha’a Allah,” added Muzaaffar Nizamidinov, Project Management Office Consultant – IT & Fintech Specialist, ICD.