Islamic Finance 

Central Asian state Tajikistan gets first Islamic bank

| 03 October, 2019
 Staff Writer

The central Asian nation of Tajikistan has opened its first full-fledged Islamic bank.

OJSC Tawhidbank opened in September and is licensed under the central bank, the National Bank of Tajikistan, it said in a statement on September 20.

Tawhidbank has its roots in conventional mid-sized bank Sohibkorbank, which was set up in 1999.

The joint stock bank converted to become a full-fledged Shariah-compliant financial institution after partnering with the Islamic Corporation for the Development of the Private Sector (ICD), a member of the Islamic Development Bank Group.

It currently has five branches and 48 banking services throughout the former Soviet bloc nation.

The majority-Muslim country of around 9.3 million people is a member of the Organisation of Islamic Cooperation (OIC).

Tajikistan currently has seventeen banks, including Tawhidbank, according to data from the central bank. 

Copyright SalaamGateway.com 2019 All Rights Reserved

 

Like 

MORE INTERESTING TOPICS