International IFPA and Oil and Fat Association of Uzbekistan sign an agreement

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International Islamic Food Processing Association’s (“IFPA”) delegation in Tashkent, Uzbekistan held a meeting with the Deputy Chairman of the Oil and Fat Association “Uzyogmoysanoat” (“Association”).

The Association is the trade entity engaged in oilseed extraction and oil and fat processing in Uzbekistan with more than 80 domestic producers. The key objectives of the Association are to promote the common interest of its membership through dealings with Government and other regulatory bodies.

Deputy Chairman of the Association, Mr. Kamar Serkayev noted that “the oil and fat industry is one of the fastest-growing and export-oriented sectors of Uzbekistan. The country plans to become one of the key exporters of oil and fat products to Central Asian countries and far abroad. For this purpose, Uzbek companies increase production volumes, modernize enterprises, and implement advanced technologies in the processing of the raw material”.

The Director General and CEO of IFPA, H.E. Sheikh Bilal Khan welcomed the Association for joining IFPA as an Honorary Member and expressed his satisfaction: “there are great opportunities for close business partnership between IFPA and the Association in agri-food trade and investment vis-à-vis Uzbekistan and other OIC markets through the platform of IFPA focusing mainly on the engagement to increase investments related to the use of Islamic finance, investment funds, Shariah structuring, Sukuk listing and other Islamic investment instruments.”