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An innovative approach to Islamic banking and finance

Update date: 25 March 2023, 10:30
An innovative approach to Islamic banking and finance
17 Mar 2023

From March 14 to 16, 2023, the Third CIS Islamic Banking and Finance Forum was held in the capital of the country, organized by the Center of Islamic Banking and Economics «AlHuda» with the support of the Association of Banks of Uzbekistan and the Leasing Association of Uzbekistan.

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The event was organized with the aim of exploring the untapped Islamic banking and finance market in the CIS countries, promoting and recognizing awareness of Islamic finance and leasing, insurance (takaful) and Islamic bonds (sukuk).

During the forum, it was noted that today Islamic banking is one of the most dynamically developing areas of the financial sector. Therefore, the demand for Islamic banking services is growing rapidly in the CIS countries and around the world. It should be noted that Uzbekistan has great potential in Islamic finance.

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At the forum, it was considered such issues as Islamic banking, challenges and opportunities in Islamic finance, global development and the future potential of Islamic finance and others.

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Also, within the framework of the event, was organized a two-day training seminar on the topic: «Innovative approach to Islamic banking and finance».

The participants of the seminar — representatives of state bodies, organizations and commercial banks, including the Financial Services Center of PJSB «Trustbank» reviewed the types and nature of Islamic finance products, their differences and similarities with traditional banking services, also a work to introduce Islamic finance in our country and other issues.

— The development of financial instruments of Islamic finance is a new direction in our country, which provides more opportunities for economic interaction with new partners, — said Director of «Trust Muamalat» LLC Muhammadfayoz Ibadov. — «Trust Muamalat» LLC of «Trustbank», is engaged in the study and implementation of Sharia-compliant financial products. It is worth noting that the successful long-term cooperation of «Trustbank» with the Islamic Development Bank (IDB) group allows «Trust Muamalat» LLC to attract financing lines of IDB corporations. This, in turn, stimulates the financing of projects of individuals, small and medium-sized businesses, the expansion of their activities and the creation of new jobs.

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It should be noted that following the results of the Annual Meeting of the Board of Governors of the Islamic Development Bank in Tashkent, held in September 2021, was signed an agreement with the international Islamic consulting company IFAAS (UK) to develop legislation for the introduction of Islamic banking in the country.

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