On June 16, 2025, the 4th CIS Islamic Banking and Finance Forum commenced in Tashkent, organized by AlHuda Center of Islamic Banking and Economics (CIBE). The event features prominent experts and representatives from the Islamic finance sector.
Opening of the Forum and Keynote Speech
The forum was inaugurated by H.E. Mr. Ahmed Farooq, Ambassador of the Islamic Republic of Pakistan to Uzbekistan. He emphasized the growing significance of Islamic finance as an 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.
Islamic Banking and Finance Awards
The awards ceremony at the forum was a key highlight recognizing outstanding contributions and innovations in Islamic finance. Awards were presented to various companies, including: - Best Shariah Advisor Award - Nurinvest from Uzbekistan, received by Mr. Muhamad Nezir Khan. - Best Shariah-Compliant Digital Product Award - Royal Bullion Capital Trading LLC from UAE. - Best Islamic SME Financing Solution Award - FC 'TAIBA Finance' LLC from Uzbekistan.
Future of Islamic Finance in CIS Countries
Experts noted that the CIS countries represent a promising region for the growth of Islamic finance. Many leading countries in the region are enacting laws supporting the growth of the Islamic financial sector. These initiatives could attract foreign direct investment, particularly from Gulf nations.
The forum highlighted the active development and significance of the Islamic financial sector in the CIS. With continued support for such initiatives, further growth and strengthening of this sector is expected.
