Center of Islamic Banking and Economics

Press Release
Uzbekistan has great potential for Islamic Banking and Finance in CIS

CIS Islamic Banking and Finance Forum Auspiciously Concluded in Tashkent

(May 06, 2019 (Dubai)): CIS Islamic Banking and Finance Forum was successfully concluded in Tashkent-
Uzbekistan, yesterday. The purpose of that forum was to promote, strengthen and unite the Islamic
Banking and Finance industry of the CIS countries, the theme of the forum was “CIS as new destination
for Islamic Finance” which also addressed financial inclusion, fintech, Sukuk, Takaful, Islamic capital
markets Islamic Microfinance, potential and opportunities of Islamic finance in CIS countries.
Distinguished Speakers and industry experts from well serving organizations related to Islamic banking
and finance, Islamic insurance (Takaful), and banking industry participated in the event. The aim of the
forum was also to discuss the potential of Islamic finance in CIS countries, Investment avenue’s, FinTech,
Sukuk, Takaful and Islamic capital markets by gathering stakeholders under one roof. The forum was
organized by AlHuda Centre of Islamic Banking and Economics in partnership with multilateral
organization Islamic Corporation for Development of Private Sector (ICD) – Islamic Development Bank
(IsDB), Uzbekistan Bank Association.

AlHuda arranged an impressive lineup of speakers from different countries with the revealing sessions
on the subject matter to explore more options for Islamic finance industry. Dr. Irfan Yusuf Shami,
Ambassador, Embassy of Pakistan, Tashkent, Uzbekistan- the chief guest inaugurated the forum by
saying that Islamic finance is the need of the time and Central Asia needs to keep an eye on the
potential of Islamic Banking & Finance and what value it can bring to the current system of International
AlHuda Center of Islamic Banking and Economics
Head Office: P.O Box. 120867, Dubai - U.A.E, Ph: 00971 55 938 99 00
Email: info@alhudacibe.com Web: www.alhudacibe.com
 Center of Islamic Banking and Economics
Banking & Finance. Investing in Islamic banking and finance will definitely lead to have greater foreign
Investments promising enhanced global connectivity, improved job creation, socio-economic
development and poverty alleviation. This transcending Islamic financial sector will create genuine
global opportunities and as Uzbekistan has its own unique position in Central Asia. He further said that I
vigorously endorse Pakistan’s ambassadorial role in promoting meaningful contributions to the
advancement of Islamic finance at all levels to pave the way towards a better community with potential
to make a difference in this world.

Guest of honors including Mr. Kaiser Haneef Naseem- Lead for Banking and Digital Transformation
Advisory Services Eastern Europe Central Asia Region- World Bank Group – IFC, Russia, Mr. Hussain
Hasanov- Head of Islamic Development Bank- Uzbekistan, Mr. Yerlan BAIDAULET- Advisor, Ministry of
Investment & Development Kazakhstan, Mr. Bakhtiyar S. KHAMIDOV- General Director, Uzbekistan
Banking Association, Uzbekistan, Mr. OdilbekIsakov- Deputy Minister of Finance, Republic of Uzbekistan,
Mr. Diyor Mukhamedov- Deputy Director, Capital Market Development Agency, Uzbekistan, Mr. Zafar B.
Mustafaev- General Director, Association of Uzbekistan Lessors, Uzbekistan, Mr. Bakhodir Kadirov-
General Director, Taiba Leasing LLC, Uzbekistan, and Mr. Makhkamova Gulbahor- Chairman of the Board
of Trustees, Micro Credit Fund IMON, Tajikistan also expressed about the Islamic finance potentials and
opportunities in CIS countries and possible ways to achieve the milestone.

By addressing the event participants, Mr. Pervez Nasim, Chairman & CEO- Ansar Financial and
Development Corporation (“AFDC”), Canada discussed about the Islamic banking and financial inclusion.
He said that Islamic finance can enhance the financial inclusion through fintech. CIS countries has
potential for Islamic banking and finance and can play a pivotal role for its development. To attract the
attendees, he talked about how Islamic banking and finance can enhance the living standards of
inhabitants and economic justice.

Addressing to the audience, the organizer of CIS Islamic Banking and Finance Forum, Mr. Muhammad
Zubair Mughal, Chief Executive Officer, AlHuda CIBE said that Islamic banking and finance total volume
has crossed $2.6 trillion globally. He said, total Muslim population of CIS countries is estimated 75
million which is a good news for growing Islamic banking and finance industry. CIS countries’ list consist
of 10 countries which includes Kazakhstan, Uzbekistan, Tajikistan, Kyrgyzstan, Turkmenistan, Azerbaijan,
Russia, Armenia etc. The most important factor of the growth of Islamic banking and finance industry in
CIS countries is the Islamic Development Bank’s projects whereas, ICD also has huge investment for
Islamic banking and Islamic leasing avenues in CIS countries which includes Azerbaijan, Kazakhstan,
Uzbekistan, and Kyrgyzstan etc. He further added that AlHuda CIBE has started putting its research,
advisory, consultancy and capacity building services in CIS countries for Islamic banking and finance
industry from 2006. He concluded that in CIS countries, the Islamic banking and finance market can be
divided into three parts. At first, there are countries (Kazakhstan, Uzbekistan, Kyrgyzstan and Azerbaijan)
where the growth speed of Islamic banking and finance industry is satisfactory and these countries want
to promote this sustainable financial alternative. Secondly, there are countries (Tajikistan, Turkmenistan
and Russia) where the Islamic banking and finance industry exist with low growth rate. At final there are

AlHuda Center of Islamic Banking and Economics

Head Office: P.O Box. 120867, Dubai - U.A.E, Ph: 00971 55 938 99 00
Email: info@alhudacibe.com Web: www.alhudacibe.com
 Center of Islamic Banking and Economics
countries like Armenia, Ukraine, and Belarus etc. where there is no initiative taken so far. However,
overall Islamic banking and finance position in CIS countries is encouraging.

In the forum, delegates from Ansar Financial & Development Corporation- Canada, World Bank Group –
IFC, Uzbekistan, International Turnkey Systems – ITS, Kuwait, Sheikh Ahmed Bin Obaid Al Maktoum LLC,
Uzbekistan, Annexure Financial Solutions, China, Pakistan Poverty Alleviation Fund, Pakistan, Sohibkor
bank, Republic of Tajikistan, Islamic Corporation for the Development of the Private Sector (ICD),
Uzbekistan, Mo Bulak Finance LLC, Kyrgyz Republic, Alif Capital – Tajikistan, World Bank Group – IFC,
Russia, and many other delegates from 15+ countries participated in it. Forum was continued on 2nd
May, 2019 in which Financial Inclusion, Financial Technologies, Sukuk, Shariah Structuring for the
development of Islamic finance, Takaful, Sustainability, and Islamic Capital Markets were discussed in
the broader perspective. Three organizations named Association of Uzbekistan Lessors, Uzbekistan,
Uzbekistan Banking Association, Uzbekistan, and Hi-Tech Bank, Uzbekistan also signed MoUs with
AlHuda Center of Islamic Banking and Economics at this prestigious event for the growth and
development of Islamic banking and finance industry.

The Forum is followed by Two Days “Post Event Workshop on Islamic Banking, Takaful and Islamic
Microfinance” dated for May 3-4, 2019. The Workshop covered a variety of allied topics. To learn more
about please visit: www.alhudacibe.com/cis2019

About AlHuda CIBE:

AlHuda Center of Islamic Banking and Economics (CIBE) is a well-recognized name in Islamic banking
and finance industry for research and provide state-of-the-art Advisory Consultancy and Education
through various well-recognized modes viz. Islamic Financial Product Development, Shariah Advisory,
Trainings Workshops, and Islamic Microfinance and Takaful Consultancies etc. side by side through our
distinguished, generally acceptable and known Publications in Islamic Banking and Finance.

We are dedicated to serving the community as a unique institution, advisory and capacity building for
the last twelve years. The prime goal has always been to remain stick to the commitments providing
Services not only in UAE/Pakistan but all over the world. We have so far served in more than 35
Countries for the development of Islamic Banking and Finance industry. For further Details about AlHuda
CIBE, please visit: www.alhudacibe.com

For Media Contact:

Ms. Shaguftta Perveen

Manager Communications,
info@alhudacibe.com
Call: +92 42 35913096 - 98

AlHuda Center of Islamic Banking and Economics

Head Office: P.O Box. 120867, Dubai - U.A.E, Ph: 00971 55 938 99 00
Email: info@alhudacibe.com Web: www.alhudacibe.com