TASHKENT, Uzbekistan, May 24. The Islamic Corporation for the Development of the Private Sector (ICD) has invested $5.1 million in Taiba Finance, aiming to promote financial inclusion and foster sustainable growth in underserved regions of Uzbekistan, Trend reports.
Taiba Finance, formerly known as Taiba Leasing LLC, has become a leading player in Uzbekistan's Islamic finance sector, addressing long-standing challenges related to equitable access to financial services. This is particularly important for small and medium-sized enterprises (SMEs) and rural communities, where access to conventional financing has traditionally been limited.
Since its founding, Taiba Finance has facilitated over $50 million in funding through more than 500 leasing transactions, benefiting around 450 clients and helping create more than 5,000 jobs, with 33 percent of these positions dedicated to women. The company has expanded its services beyond urban centers, reaching rural areas and providing vital support to farmers and small business owners.
The developmental impact of Taiba Finance has been significant. It has spent $5.4 million on local goods and services, contributing to the growth of local industries, while also generating $192,000 in tax revenues for the government. In addition, the company has financed healthcare entities that have treated over 15,000 patients, underscoring its commitment to social welfare.
Sectorally, Taiba Finance has directed 17.5 percent of its portfolio towards the agriculture sector, which is vital to Uzbekistan’s GDP, while 15 percent has been allocated to the construction sector, supporting infrastructure development.
Through its partnership with the ICD, Taiba Finance has attracted additional investments into Uzbekistan, enhancing the country’s financial and institutional capacity and driving sustainable development in the region.
