AlHuda Centre of Islamic Banking and Economics (CIBE) has entered into a landmark Cooperation Agreement with JSCB “Uzbek Industrial and Construction Bank” during a prestigious signing ceremony held in Dubai, UAE. This momentous occasion marked a significant step towards fostering collaboration in Islamic banking and finance between the two entities. The agreement was signed by Mr. Muhammad Zubair, Managing Director of AlHuda CIBE, and Mr. Shukhrat Yakubov, Deputy Chairman of the Board of SQB. The ceremony was part of the high-level delegation visit led by the President of Uzbekistan to the UAE, emphasizing the importance of international cooperation and strategic partnerships. 

The cooperation between AlHuda CIBE and SQB include initiatives to provide advisory services for structuring and issuing Sukuk, facilitate Shariah advisory and certification services, foster knowledge exchange and professional development through collaborative programs, and engage with international financial institutions to support innovative Shariah-compliant projects.

In a statement following the signing, Mr. Shukhrat Yakubov, Deputy Chairman of the Board of SQB, expressed his interest for the new partnership, highlighting the importance of establishing collaborative efforts in Islamic finance to support Uzbekistan’s growing financial sector. He stated, "This partnership with AlHuda CIBE marks a key step in our efforts to introduce Islamic finance principles in Uzbekistan. We are excited to explore opportunities for Sukuk issuance, Shariah advisory services, and other Islamic banking practices that will contribute to the development of our financial sector."

Mr. Muhammad Zubair, Managing Director of AlHuda CIBE, emphasized the significance of the MOU, particularly in terms of enhancing the adoption of Shariah-compliant financial products in Central Asia. He remarked, "This MOU solidifies AlHuda CIBE commitment to promoting Islamic banking in emerging markets. By collaborating with SQB, we aim to bring forward tailored advisory services that will support Uzbekistan financial institutions in launching Shariah-compliant products, including Sukuk. We are confident that this partnership will pave the way for new opportunities for both our organizations."

The agreement also reflects the growing interest of Uzbekistan in leveraging Islamic finance as a tool for economic growth and diversification. SQB's active engagement with key stakeholders, including regulatory bodies and multinational financial institutions, demonstrates its commitment to achieving this vision. The ceremony concluded with both parties expressing their shared enthusiasm for a long-term partnership aimed at achieving mutual goals while setting a new benchmark in Islamic banking and finance.