AlHuda Centre of Islamic Banking and Economics (AlHuda CIBE), UAE, successfully concluded the 5th CIS Islamic Banking & Finance Forum 2026, held on 9 July 2026 at the Hyatt Regency Tashkent, Uzbekistan. The international forum brought together policymakers, regulators, diplomats, central bankers, Islamic financial institutions, Takaful operators, FinTech companies, investors, Shariah scholars, academia and industry leaders from across the Commonwealth of Independent States (CIS) region and beyond to discuss the future direction of Islamic finance and its growing role in regional economic development.
The forum was officially inaugurated with a welcome address by Mr. Muhammad Zubair Mughal, CEO of AlHuda CIBE, who underscored the growing potential of the CIS region as an emerging hub for Islamic finance. He emphasized that enhanced collaboration among governments, regulators, financial institutions, investors, and development partners is vital to developing a resilient Islamic finance ecosystem capable of fostering sustainable economic growth and greater financial inclusion.
The inaugural session was honored by the participation of distinguished diplomatic representatives and senior officials, including Mr. Daniel Rakove, Economic and Commercial Unit Chief, United States Embassy; Mr. Elhadi Tarmant, Economics Affairs Diplomat, Embassy of Algeria; Ms. Diana Maksyutovna Aynetdinova, Counsellor, Embassy of Russia; Mr. Arhan Shah Anuar, Counsellor, Embassy of Malaysia; Mr. Fariz Mammadov, Counsellor, Embassy of Azerbaijan; Mr. Lee Valeriy Alexandrovich, Head of the Capital Market Ecosystem and Regulatory Innovation Unit, National Agency for Prospective Projects of the Republic of Uzbekistan; and Mr. Zafarjon Mustafaev, Chairman, Leasing Association of Uzbekistan.
Their esteemed participation reflected the growing international recognition of Uzbekistan and the wider CIS region as emerging hubs for Islamic finance, ethical investment, and sustainable economic development.
The first technical session examined the development of a robust Islamic finance ecosystem across the CIS region through policy, regulation, education and market innovation. Distinguished speakers including Mr. Azamat Abdullayev, Mr. Hondamir Nausratkhujaev, Mr. Alexey Soluyanov, Mr. Muzaffar Husniddinov, and Ms. Nargiz Shiraliyeva shared valuable insights on Islamic banking models, AAOIFI standards, regulatory developments and human capital, highlighting the region’s growing commitment to advancing Islamic finance.
A high-level panel discussion on “The Strategic Role of the Islamic Finance and Takaful Industry in Attracting Foreign Investment” brought together prominent industry leaders, including Mr. Maksud Sabirov Abdugafurovich, Ms. Ifedayo Ogunshola, Mr. Nuriddin Lafizov, Mr. Semyon Artamonov, and Mr. Umid Khudayberdiev. The discussion emphasized the role of Islamic finance, Takaful and financial innovation in attracting investment, supporting SMEs, strengthening regional cooperation and promoting sustainable economic growth across the CIS region.
The forum’s innovation session showcased how emerging technologies are transforming Islamic finance. Mr. Ikeh Titus Adakole, Mr. Alijon Ravshanov, Mr. Sherzod Abdulkasimov, and Mr. Arman Akhanov highlighted the growing role of Islamic FinTech, blockchain, digital compliance and technology-driven financial solutions in expanding financial inclusion and supporting sustainable infrastructure development.
The concluding technical session focused on expanding Islamic finance as a catalyst for sustainable economic development. Presentations by Mr. Abdulmannan Abdulloh, Ms. Iroda Norova, Ms. Madina Bilalova, Mr. Hayotjon Azimov, Mr. Baxtiyor Shodiyev, and Mr. Shabyrov Nurlan emphasized ethics, Shariah governance, education financing, institutional development, sustainable funding models and the growing contribution of the Takaful industry to inclusive economic growth.
In his closing remarks, Mr. Muhammad Zubair Mughal reaffirmed AlHuda CIBE’s commitment to supporting governments, regulators and financial institutions through research, consultancy, professional education and international collaboration.
“The growing participation of policymakers, regulators, financial institutions and international experts demonstrates the increasing momentum of Islamic finance across the CIS region. By strengthening partnerships, enhancing regulatory frameworks and embracing innovation, the region is well positioned to become one of the world’s most dynamic emerging Islamic finance markets.”
The forum concluded with the presentation of participation certificates to speakers and delegates, reaffirming AlHuda CIBE’s continued commitment to fostering dialogue, knowledge sharing and strategic cooperation among regional and international stakeholders. The event further strengthened partnerships across the Islamic finance industry and reinforced the collective commitment to promoting sustainable economic development through inclusive financial solutions.
The success of the forum was made possible through the valued support of its sponsors, supporting partners, and media partners. Mac & Ro Capital FZC, UAE as the Gold Sponsor, O Gold served as the Technology Sponsor, and Open Space Financial Services Ltd., Nigeria as the Exhibition Sponsor. AlHuda CIBE extends its sincere appreciation to all sponsors, partners, and media collaborators whose continued support contributed significantly to the forum’s success, providing an exceptional platform for knowledge sharing, strategic networking, and the advancement of Islamic banking and finance across the CIS region and beyond.
About AlHuda CIBE:
AlHuda Centre of Islamic Banking & Economics (AlHuda CIBE), UAE, is a globally recognized advisory, consultancy, education, and capacity-building institution dedicated to the development of Islamic banking, Islamic finance, Takaful, Sukuk, Islamic microfinance, and the Halal industry. Through its consultancy services, professional training programs, international conferences, research, publications and Shariah advisory, AlHuda CIBE has been contributing to the growth of the Islamic finance industry in more than 104 countries. The organization remains committed to promoting ethical and sustainable financial solutions through knowledge sharing, innovation, and strategic partnerships. For further Details about AlHuda CIBE, please visit: www.alhudacibe.com
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