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CIS Islamic Banking and Finance Forum auspiciously concluded in Tashkent

CIS Islamic Banking and Finance Forum was successfully concluded in Tashkent-Uzbekistan, yesterday. The purpose of that forum was to promote, strengthen and unite the Islamic Banking and Finance industry of the CIS countries, the theme of the forum was “CIS as new destination for Islamic Finance” which also addressed financial inclusion, fintech, Sukuk, Takaful, Islamic capital markets Islamic Microfinance, potential and opportunities of Islamic finance in CIS countries. Distinguished Speakers and industry experts from well serving organizations related to Islamic banking and finance, Islamic insurance (Takaful), and banking industry participated in the event. The aim of the forum was also to discuss the potential of Islamic finance in CIS countries, Investment avenue’s, FinTech, Sukuk, Takaful and Islamic capital markets by gathering stakeholders under one roof. The forum was organized by AlHuda Centre of Islamic Banking and Economics in partnership with multilateral organization Islamic Corporation for Development of Private Sector (ICD) – Islamic Development Bank (IsDB), Uzbekistan Bank Association.

AlHuda arranged an impressive lineup of speakers from different countries with the revealing sessions on the subject matter to explore more options for Islamic finance industry. Dr. Irfan Yusuf Shami, Ambassador, Embassy of Pakistan, Tashkent, Uzbekistan- the chief guest inaugurated the forum by saying that Islamic finance is the need of the time and Central Asia needs to keep an eye on the potential of Islamic Banking & Finance and what value it can bring to the current system of International Banking & Finance. Investing in Islamic banking and finance will definitely lead to have greater foreign Investments promising enhanced global connectivity, improved job creation, socio-economic development and poverty alleviation. This transcending Islamic financial sector will create genuine global opportunities and as Uzbekistan has its own unique position in Central Asia. He further said that I vigorously endorse Pakistan’s ambassadorial role in promoting meaningful contributions to the advancement of Islamic finance at all levels to pave the way towards a better community with potential to make a difference in this world.

By addressing the event participants, Mr. Pervez Nasim, Chairman & CEO- Ansar Financial and Development Corporation (“AFDC”), Canada discussed about the Islamic banking and financial inclusion. He said that Islamic finance can enhance the financial inclusion through fintech. CIS countries has potential for Islamic banking and finance and can play a pivotal role for its development. To attract the attendees, he talked about how Islamic banking and finance can enhance the living standards of inhabitants and economic justice.

In the forum, delegates from Ansar Financial & Development Corporation- Canada, World Bank Group – IFC, Uzbekistan, International Turnkey Systems – ITS, Kuwait, Sheikh Ahmed Bin Obaid Al Maktoum LLC, Uzbekistan, Annexure Financial Solutions, China, Pakistan Poverty Alleviation Fund, Pakistan, Sohibkor bank, Republic of Tajikistan, Islamic Corporation for the Development of the Private Sector (ICD), Uzbekistan, Mo Bulak Finance LLC, Kyrgyz Republic, Alif Capital – Tajikistan, World Bank Group – IFC, Russia, and many other delegates from 15+ countries participated in it. Forum was continued on 2nd May, 2019 in which Financial Inclusion, Financial Technologies, Sukuk, Shariah Structuring for the development of Islamic finance, Takaful, Sustainability, and Islamic Capital Markets were discussed in the broader perspective. Three organizations named Association of Uzbekistan Lessors, Uzbekistan, Uzbekistan Banking Association, Uzbekistan, and Hi-Tech Bank, Uzbekistan also signed MoUs with AlHuda Center of Islamic Banking and Economics at this prestigious event for the growth and development of Islamic banking and finance industry.

The Forum is followed by Two Days “Post Event Workshop on Islamic Banking, Takaful and Islamic Microfinance” dated for May 3-4, 2019. The Workshop covered a variety of allied topics.

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