Press Release
AlHuda CIBE and Uzbekistan Banking Association (UBA) Collaborate to Advance Islamic Finance Growth in Uzbekistan
(May 04, 2026 – Dubai, UAE): The AlHuda Centre of Islamic Banking and Economics (CIBE), a globally recognized Advisory, Consultancy, and Capacity-Building Firm specializing in Islamic Banking and Finance, has entered into a Strategic Collaboration with the Uzbekistan Banking Association (UBA), the leading body representing the banking sector in Uzbekistan. This mutual cooperation was formalized on April 28, 2026, to strengthen collaboration in the development and promotion of Islamic banking and financial inclusion across the Republic of Uzbekistan.
In line with Uzbekistan’s growing focus on introducing Islamic finance within its financial system, representatives from both organizations recently held a high-level meeting to explore opportunities for joint initiatives. The discussions emphasized the importance of awareness, capacity building, and industry engagement to support the effective implementation of Islamic banking and finance in the country and the wider CIS region.
Through this collaboration, both organizations have agreed to work closely as “Industry Partners” to promote awareness and practical implementation of Shariah-compliant financial solutions. The cooperation will focus on Advisory and Consultancy, Education and Training, Research & Development, as well as the organization of joint conferences, workshops, and awareness programs.
As an initial step under this partnership, both parties will jointly organize a complimentary webinar titled: “Islamic Finance in CIS: From Awareness to Implementation”, scheduled for May 7, 2026. The webinar will bring together prominent speakers and experts from across the CIS region to share insights on market opportunities, regulatory frameworks, and implementation strategies.
Further strengthening their joint efforts, both organizations also announced the upcoming 5th CIS Islamic Banking and Finance Forum, planned for July 2026, which will serve as a key platform for dialogue, knowledge sharing, and regional cooperation.
Muhammad Zubair Mughal, Chief Executive Officer of AlHuda CIBE, stated:
“The CIS region holds significant potential for the growth of Islamic finance, and Uzbekistan is taking promising steps toward its development.
Through this collaboration, we aim to enhance awareness, build institutional capacity, and support the practical implementation of Islamic financial solutions in line with global best practices.”
Mr. Babamuradov Takhir, Head of the Department of International Relations at the Association of Banks of Uzbekistan, added: “This cooperation reflects our commitment to exploring new financial opportunities and strengthening the banking sector in Uzbekistan. By working together with AlHuda CIBE, we aim to promote awareness, facilitate knowledge exchange, and support the introduction of Islamic finance in the country.”
Zaib-un-Nisa, Regional Lead – Islamic Finance Development Division (CIS Countries) at AlHuda Centre of Islamic Banking and Economics (CIBE) stated that “This initiative demonstrates our continued dedication to supporting Uzbekistan and the wider CIS region in developing a well-structured Islamic finance framework. Through strategic collaboration with key stakeholders, we aim to enhance awareness, strengthen institutional readiness, and facilitate practical implementation of Shariah-compliant financial solutions that contribute to sustainable economic growth and financial inclusion.
Through continued joint efforts, both organizations aim to accelerate awareness, strengthen capacity, and support the long-term development of Islamic finance in emerging markets
About the Uzbekistan Banking Association (UBA),
The Association of Banks of Uzbekistan is the leading professional association representing the interests of commercial banks and financial institutions in the Republic of Uzbekistan. It plays a key role in the development of the national banking system, policy coordination, international cooperation, and the introduction of modern financial practices, including Islamic banking. For more details visit https://uba.uz/
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 104 Countries for the development of Islamic Banking and Finance industry. For further Details about AlHuda CIBE, please visit: www.alhudacibe.com.
For Media Contact:
Ms. Shaguftta Perveen
Manager Communications,
info@alhudacibe.com
Call: +971 52 865 5523
