Chief Editor: Ansar Mahmood Bhatti

President Emaan Islamic Banking meets Uzbek ambassador

ISLAMABAD, JUL 17 (DNA) – President of Emaan Islamic Banking (structure of Silk Bank) Jawad Majid Khan met Ambassador of Uzbekistan, Furqat Sidiqov in order to discuss further strengthening of interbank and financial relations between Uzbekistan and Pakistan.With the assistance of Embassy of Uzbekistan an important agreement was concluded on interbank cooperation between JSC Asaka Bank and Emaan Islamic Banking.

According to this document, the parties will cooperate in financing joint investment projects, supporting exports/import operations opening credit lines, letter of credits and sharing experience in introducing the Islamic banking System in Uzbekistan.

Moreover, on the basis of this agreement, direct banking correspondence of accounts between Asaka Bank and Emaan Islamic Banking has been established.

During the meeting both sides discussed the issues of positive impact of interbank relations to the bilateral trade and investments.

In particular, in the light of the dynamic growth of trade volume between Uzbekistan and Pakistan (as of June 2019 trade turnover with Uzbekistan composed 57 million USD), as well as working through the issue of opening in Pakistani cities Uzbekistan’s trading houses.

There was a consensus that  establishing of interbank cooperation between the two countries was an important step in this process..=DNA