On May 2, 2019, the Forum on Islamic Banking and Finance in the CIS for the first time began its work in Tashkent.
The event was organized by the AlHuda Center for Islamic Banking and Economics (CIBE) with the support of the Association of Banks of Uzbekistan (ABU), the Islamic Corporation for the Development of the Private Sector (ICDPS), the International Sharia Research Academy (ISRA) and Uzbekistan Lessors Association (ULA).
Currently, the relevance of the matter of Islamic banking for the development of the economy of our country is increasing. The purpose of this forum is to promote and recognize the awareness of Islamic finance and insurance as a sustainable financial solution for the CIS countries, especially Uzbekistan. Thus, during the forum, the features of the functioning of Islamic banks were examined, the main Islamic financing tools were highlighted, key stages in the development of Islamic banking in the world were analyzed and the problems hindering its full implementation were highlighted, and recommendations aimed at developing Islamic tools within the CIS countries were outlined.
It should be noted that one of the main points of discussion at this event for Uzbekistan is assessment of the development of Islamic banking as an alternative financing tool and the possibility of its application in the conditions of our country.
Also, within the framework of the forum, a memorandum of cooperation was signed between the Uzbekistan Lessors Association (ULA) and AlHuda CIBE.
In the continuation of the forum, from 3 to 4 May this year, a two-day seminar on «Islamic banking, insurance, Islamic microfinance and SUKUK» will be held.