November 2022

“TrustBank” PJSB Selects ICS BANKS Islamic Banking Software Suite from ICSFS

Samarkand, Uzbekistan:

TrustBank PJSB, One of the Banking Industry leaders in Uzbekistan, has selected ICS BANKS Islamic Banking software suite from ICS Financial Systems – ICSFS, the global software and services provider for banks and financial institutions, to implement into their newly established Financial Institute: Trast Muamalat LLC.

Trast Muamalat has come to light under TrustBank PJSB’s structure as part of their endeavour to become the first provider of Islamic Banking products into the Uzbek Banking & Finance industry, thus bringing growth and creating new opportunities in the market.

A Signing ceremony took place during the Uzbekistan Economic Forum 2022, held in Samarkand on November 2nd and 3rd 2022. The ceremony was attended by the Deputy Chairman of Trast Muamalat, Kamil Gabbazov, Executive Director of ICSFS, Mr. Wael Malkawi, and CIS Territory Manager of ICSFS, Mr. Nidal Bashaireh.

Kamil Gabbazov, Trustbank

I would like to start by thanking the Government of Uzbekistan, The World Bank, and Asia Development Bank for making this important forum such a success. We are very happy for choosing ICS BANKS Islamic Banking Solution from ICSFS as an Islamic software solution provider; we look forward to starting this collaboration and providing an unprecedented Sharia-Compliant line of financing to further support the private sector in our country

– Mr. Kamil Gabbazov, Deputy Chairman of TrustBank PJSB

Wael Malkawi, Executive Director of ICSFS

We are privileged to become partners with the first financial institution to provide Islamic finance products to the Uzbek community, and very happy to be the facilitators of this breakthrough in the banking and finance industry in Uzbekistan.

We pledge our continuous support to Trust Muamalat, sharing our extensive expertise and market-knowledge of Sharia compliant financial instruments used globally. ICSFS strives to become an integral part of the transformation of the Islamic finance market as it grows in Uzbekistan and the region.

– Mr. Wael Malkawi, Executive Director, ICS Financial Systems – ICSFS

Trast Muamalat is a newly established financial institution founded under Trustbank PJSB, with a purpose to spearhead the integration of Islamic financial products into the Uzbek Banking and Finance industry, and become a vital instrument to the development of the country’s financial sector; Leveraging ICS BANKS Islamic agile software suite modules.

ICSFS invests in its software suites by utilising modern technology in launching new products, constructing a secured and agile integration, and keeping pace with new standards and regulations worldwide. ICS BANKS ISLAMIC software suites future-proof banking activities by providing a broad range of features and capabilities with more agility and flexibility, to enrich customers journey experience, hence improving the trust and confidentiality between the customer and the bank. ICS BANKS ISLAMIC has always been a pioneer in utilising the latest technology to serve financial institutions. In addition to its embedded Service-Oriented-Architecture (SOA), the system can be deployed on-premises, hybrid, or cloud.

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