AlHuda CIBE Partners with Uzbekistan Banking Association to Promote Islamic Finance

Strategic Collaboration for Islamic Finance Development

The AlHuda Centre of Islamic Banking and Economics (CIBE) has announced a strategic collaboration with the Uzbekistan Banking Association (UBA), aimed at enhancing the development and promotion of Islamic banking within Uzbekistan. This partnership was formalized on April 28, 2026, during a high-level meeting where representatives from both organizations discussed potential joint initiatives to advance Islamic finance in the region.

As Uzbekistan increasingly focuses on incorporating Islamic finance into its financial system, this collaboration is expected to play a crucial role. The discussions highlighted the importance of raising awareness, building capacity, and engaging industry stakeholders to ensure the effective implementation of Islamic banking practices throughout the country and the broader Commonwealth of Independent States (CIS) region.

Both organizations have committed to working together as ‘Industry Partners’ to facilitate the practical application of Shariah-compliant financial solutions. Their cooperation will encompass advisory and consultancy services, educational programs, research and development, and the organization of various conferences and workshops aimed at increasing awareness of Islamic finance.

Upcoming Initiatives and Forums

To kick off their collaboration, AlHuda CIBE and UBA will jointly host a complimentary webinar titled ‘Islamic Finance in CIS: From Awareness to Implementation’ on May 7, 2026. This event will feature prominent speakers and experts from the CIS region, who will address market opportunities, regulatory frameworks, and effective implementation strategies for Islamic finance.

In addition to the webinar, both organizations announced the 5th CIS Islamic Banking and Finance Forum, scheduled for July 2026. This forum will serve as a vital platform for dialogue, knowledge sharing, and regional cooperation, further solidifying the partnership’s commitment to advancing Islamic finance in Uzbekistan.

Muhammad Zubair Mughal, CEO of AlHuda CIBE, emphasized the potential for Islamic finance growth in the CIS region, particularly in Uzbekistan. He stated that through this collaboration, they aim to enhance awareness, build institutional capacity, and support the implementation of Islamic financial solutions in line with global best practices.

Commitment to Financial Inclusion

Mr. Babamuradov Takhir, Head of the Department of International Relations at UBA, affirmed the partnership’s significance in exploring new financial opportunities and strengthening Uzbekistan’s banking sector. He noted that collaboration with AlHuda CIBE would facilitate knowledge exchange and promote the introduction of Islamic finance in the country.

Zaib-un-Nisa, Regional Lead for the Islamic Finance Development Division at AlHuda CIBE, reiterated the initiative’s dedication to supporting Uzbekistan and the wider CIS region in developing a robust Islamic finance framework. The collaboration aims to enhance awareness, strengthen institutional readiness, and facilitate the practical implementation of Shariah-compliant financial solutions, contributing to sustainable economic growth and financial inclusion.

Frequently Asked Questions

What is the purpose of the collaboration between AlHuda CIBE and UBA?

The collaboration aims to promote Islamic banking and financial inclusion in Uzbekistan.

When is the webinar on Islamic finance scheduled?

The webinar is scheduled for May 7, 2026.

What is the significance of the 5th CIS Islamic Banking and Finance Forum?

The forum will facilitate dialogue and knowledge sharing on Islamic finance in the region.

Who are the key stakeholders in this collaboration?

Key stakeholders include AlHuda CIBE and the Uzbekistan Banking Association.

How will this partnership impact the banking sector in Uzbekistan?

The partnership will enhance awareness and support the introduction of Islamic finance practices.