APEX BANK and the Economic Empowerment Fund of Uzbekistan (EEFU) have signed a memorandum of strategic cooperation to support small and medium-sized businesses (SMEs) across the Republic of Uzbekistan.

According to the signed document, the parties agreed to attract financing in the amount of USD 10 million in accordance with Islamic finance principles. The funds will be directed toward the development of entrepreneurship, the promotion of sustainable SME growth, and expanding access to alternative sources of financing under Islamic standards.

This step reflects APEX BANK's commitment to diversifying its product offerings and providing solutions that align with the cultural and religious values of its clients. Implementation will involve the use of Islamic contracts that comply with international Islamic finance practices.

"We believe that the development of Islamic finance in Uzbekistan is not only an opportunity to reach new clients, but also a contribution to building a sustainable financial system in the country. Our partnership with EEFU enables us to move forward in this direction professionally and consistently,"
said Sharof Ikramov, Deputy Chairman of the Management Board of APEX BANK.

The cooperation includes joint efforts on structuring transactions, developing financial products based on Islamic contracts, and training the Bank’s specialists.