Islamic financing is one of the fastest growing segments of the financial services industry worldwide. After the fall of Soviet Union and unification of Central Asian countries with other Muslim countries and Organization, the demand of Islamic Banking & finance products increases rapidly. To fulfill that demand, the governments of Muslim majority Central Asian countries, Kazakhstan, Uzbekistan, Azerbaijan, Turkmenistan, Kyrgyzstan and Tajikistan start introducing Halal banking and finance.
Now a days the interest of Central Asian countries in Islamic finance is associated with different factors, the foremost of which was the desire to attract foreign direct investment from the Middle East and Southeast Asia and a certain demand for financial products in accordance with Shariah law by local Muslims.
To facilitate and fulfill the growing demand of Islamic Finance products in Central Asian countries, AlHuda Center of Islamic Banking & Finance (CIBE) which provides Advisory & Consulting, Training, Education and Research & Development services in Islamic Finance, started its activities from Uzbekistan in 2013 by providing training to Hamkor bank of Uzbekistan. To facilitate the local markets of central Asian countries, AlHuda CIBE developed a network of its strategic partners by collaborating with all financial association of Uzbekistan, Tajikistan, Azerbaijan and Kazakhstan.
During 2018 AlHuda CIBE with the support of IsDB has designed Islamic microfinance products including accounting system and reporting standards, financing guidelines, monitoring of operations for the Ministry of Education, Govt. of Tajikistan.
To explore and create clear pathways to Islamic financial and economic solutions in CIS, AlHuda CIBE has organized successfully a “CIS Islamic Banking and Finance Forum “on 2nd May, 2019 in Tashkent, Uzbekistan. During this forum, CEO of AlHuda CIBE Muhammad Zubair said that we are working in CIS countries from last ten years by facilitating its financial industry with Islamic Finance knowledge and are very much optimistic to have a bright future of Islamic Finance there. After this successful event, AlHuda CIBE organized a CIS Islamic Banking & Finance road show in all Central Asian countries.
Hi-Tech Bank launched First Islamic Banking product in Uzbekistan in August, 2019 by the Support of AlHuda CIBE. In March, 2020 AlHuda CIBE has certified ASR Leasing, the first Ijarah Company in Tajikistan. ASR Leasing has introduced first of its kind products in Tajikistan.
In order to enhance the knowledge of people in CIS, AlHuda CIBE also launched its online diploma course in Islamic Finance in Russian language for all CIS countries.
Even during the Pandemic, AlHuda CIBE continues its efforts and organized many free webinars and online trainings to develop and enhance the knowledge of people in Islamic Finance.
In May, 2020 it conducted Shariah Audit of 1st Ijarah Company “Taiba Leasing” which was established by ICD-IDB in Uzbekistan and recently AlHuda CIBE sign an agreement with “Apex Insurance Uzbekistan” to design 1st Islamic Window to offer Takaful products in Uzbekistan.
AlHuda CIBE also signs an agreement with “Orient leasing” to design Islamic leasing (Ijarah) products for them to fulfill their clients demand in Uzbekistan.
In the current virus crisis situation, forecasts remain a bit muted, but in general, a strong rebound of growth in Islamic banking finance is seen to be on the cards after the coronavirus pandemic will eventually have decreased and AlHuda CIBE will continue its efforts to increase that growth globally.
About AlHuda CIBE: AlHuda Center of Islamic Banking and Economics (CIBE) is a well-recognized name in Islamic banking and finance industry for research and provide state-of-the-art Advisory Consultancy and Education through various well-recognized modes viz. Islamic Financial Product Development, Shariah Advisory, Trainings Workshops, and Islamic Microfinance and Takaful Consultancies etc. side by side through our distinguished, generally acceptable and known Publications in Islamic Banking and Finance.
We are dedicated to serving the community as a unique institution, advisory and capacity building for the last twelve years. The prime goal has always been to remain stick to the commitments providing Services not only in UAE/Pakistan but all over the world. We have so far served in more than 35 Countries for the development of Islamic Banking and Finance industry.