The 4th Commonwealth of Independent States (CIS) Islamic Banking and Finance Forum, organised by AlHuda Centre of Islamic Banking and Economics (CIBE), recently took place at the Hyatt Regency Tashkent.
This high-profile event welcomed leading policymakers, scholars, and industry players to explore emerging opportunities and trends in Islamic finance across Central Asia.
The forum was inaugurated by Pakistan’s Ambassador to Uzbekistan, Ahmed Farooq. In his keynote address, he emphasised the increasing global significance of Islamic finance as a transparent, inclusive, and ethical alternative to conventional banking.
“Islamic finance, with its principles of risk-sharing, transparency, and asset-backing, is not just a religious obligation but a viable economic model that promotes financial justice,” he stated.
Farooq noted Pakistan’s strong performance in the sector, with Islamic banking now comprising nearly 20 per cent of the nation’s total banking assets.
Key topics discussed included Islamic FinTech, Sukuk, Takaful, and Ijarah. Muhammad Zubair Mughal, Chief Executive Officer (CEO) of AlHuda CIBE, spoke on the organisation’s two-decade commitment to Islamic finance development, especially in banking, capital markets, and financial technology.
“For the past 20 years, AlHuda CIBE has been at the forefront of developing Islamic banking, Takaful, and Fintech solutions. Our work in Sukuk and capital markets has laid the foundation for sustainable growth in the CIS region,” Zubair said.
Distinguished speakers, including Nuriddin Lafizov (Alif Uzbekistan), Dr Tamara Alqolaghassi (Capital Investment Holding Group), and Ravi Kiran Madiki (Royal Bullion Capital), shared forward-looking insights on regional financial innovation. Engaging panel discussions further examined ways to strengthen Shariah-compliant finance in the CIS region.
The forum also introduced the CIS Islamic Banking and Finance Awards 2025, recognising excellence in areas such as Sukuk issuance, microfinance, and FinTech.
Supported by prominent sponsors and financial associations from across the region, and with strong media backing, the event reaffirmed Central Asia’s growing role in the global Islamic finance ecosystem.
