CIS Islamic Banking and Finance Forum was successfully concluded at Hyatt Regency, Tashkent, Uzbekistan. The aim of the forum was to discuss the potential of Islamic finance in CIS countries, financial inclusion through FinTech, Sukuk, Takaful and Islamic capital markets by gathering stakeholders under one roof. 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 forum was organized by AlHuda Centre of Islamic Banking and Economics in association with Uzbekistan Banking Association and Leasing Association of Uzbekistan and in support of Fintech association Uzbekistan, National Association of Microfinance Institutions, and The Banking and Finance Academy. The event sponsors were Alif Moliya, Avati Consulting Solutions (P) LTD and InvoiceMate and event media partners were Mufeed Moliya, Azon.uz, Islom Moliyasi, Islamic Finance Weekly, Global Halal, MicroCapital. AlHuda arranged an impressive lineup of speakers from different countries with revealing sessions on the subject matter to explore more options for Islamic finance industry.

H.E. Dr. Tilo Klinner Ambassador, Embassy of Germany, Uzbekistan the guest of honour 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 Banking & Finance. Investing in Islamic banking and finance will definitely lead to 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 energetically 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 the potential to make a difference in this world.

Guest of honors including H.E. Mr. Md Zahangir Alam Ambassador, Embassy of Bangladesh, Uzbekistan, Mr. Zafar B. Mustafaev Chairman, Leasing Association of Uzbekistan, Uzbekistan, Mr. Bakhtiyar Khamidov Chairman, Uzbekistan Banking Association, Uzbekistan, Mr. Nuriddin Lafizov Chief Executive Officer, Alif Moliya, Uzbekistan, and H.E. Mr. Omar Mustafa Ansari, Secretary General, Accounting and Auditing Organization for Islamic Financial Institutions, Bahrain also expressed about the Islamic finance potentials and opportunities in CIS countries and possible ways to achieve the milestone by enhancing the financial inclusion in the region.

Addressing 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 $3 trillion globally. He said the total Muslim population of CIS countries is estimated at 75 million which is good news for the growing Islamic banking and finance industry. CIS countries’ list consists 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.

In the forum, delegates from Sarakhsi International Research Academy for Islamic Finance, International Business Association NAHDA ISLAMIC FINANCE, Shari’ah Adviser M Bulak, Member AAOIFI, Member Central Bank of KR, CJSC MDO "HUMO" – Tajikistan IMAN – Uzbekistan, Avati Consulting Solutions (P) Ltd, India, Alif Moliya LLC, Uzbekistan Islamic Finance, Centil Law Firm – Uzbekistan, Bankwaqf International Malaysia,  IFAAS (Islamic Finance Advisory & Assurance Services), United Kingdom INCEIF University, Malaysia, M Bulak Microcredit Company LLC, Kyrgyzstan, Hamkorbank, Sug’urta JsC Insurance Company, Uzbekistan JSC Apex Life Insurance, APEX OILA Takaful – Uzbekistan, AAOIFI Financial, Accounting Council Centil Law Firm – Uzbekistan Ansar Financial and Development Corporation (“AFDC”), Canada Aman for Microfinances, Egypt, and many other delegates from 15+ countries participated in it. In the forum 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. At the end, an Award Distribution ceremony was held to encourage and recognize the industry participants for further promotion.