The 4th CIS Islamic Banking and Finance Forum, organized by AlHuda Center of Islamic Banking and Economics (CIBE), commenced on 16th June, 2025 at the Hyatt Regency, in Tashkent. The event brought together prominent figures from the Islamic finance sector, including policymakers, industry leaders, and scholars, to discuss the latest trends and opportunities in Shariah-compliant finance.
The forum was inaugurated by the Chief Guest, H.E. Mr. Ahmed Farooq, Ambassador of the Islamic Republic of Pakistan to Uzbekistan. In his keynote address, he emphasized the growing importance of Islamic finance as an ethical and inclusive alternative to conventional banking and finance. “Islamic finance, with its principles of risk-sharing, transparency, and asset-backing, is not just a religious obligation but a viable economic model that promotes financial justice,” he stated. He also highlighted Pakistan’s success in Islamic banking, where the sector now accounts for nearly 20% of the country’s total banking assets, offering valuable lessons for emerging markets like Uzbekistan.
While discussing the CIS Islamic Banking & Finance Awards, the organizer of the awards and CEO of AlHuda CIBE, Mr. Muhammad Zubair Mughal, remarked that Islamic banking and finance is witnessing remarkable global growth, with the industry’s total volume exceeding USD 2.6 trillion. He further noted that the Commonwealth Independent States (CIS) represent a highly promising region for the expansion of Islamic finance. According to credible sources, many CIS countries are enacting or planning to implement dedicated Islamic finance laws to support the accurate and sustainable growth of the sector. This forward-looking approach not only facilitates the adoption of Shariah-compliant financial systems but also creates opportunities for Foreign Direct Investment (FDI), particularly from the Gulf region, and contributes significantly to poverty alleviation and socio-economic development.
The awards ceremony was a key highlight of the forum, recognizing outstanding contributions and innovations in Islamic finance across the CIS region and beyond. The awards were distributed by H.E. Mr. Ahmed Farooq.
The Best Shariah Advisor Award was presented to Nurinvest from Uzbekistan, received by Mr. Muhamad Nezir Khan, who serves as their Shariah Advisor. The Best Shariah-Compliant Digital Product Award was claimed by Royal Bullion Capital Trading LLC from the UAE, with the award received by Mr. Ravi Kiran Madiki, Chief Executive Officer. In the category of SME support, FC ‘TAIBA Finance’ LLC from Uzbekistan was honored with the Best Islamic SME Financing Solution Award, accepted by Mr. Kadirov Bakhodir Sadikovich, CEO of the firm.
Eco Islamic Bank from Kyrgyzstan received the Best Islamic Bank Award, accepted by Mr. Gadhiev Abdulmadzhid, while AutoSoft Dynamics from Pakistan was recognized as the Best Technology Solution Provider for Islamic Finance, with Mr. Waleed Ahmed, Chief Commercial Officer, receiving the award.
In the rapidly evolving fintech space, the Islamic FinTech Excellence Award was awarded to Alif Uzbekistan, received by its CEO, Mr. Nuriddin Lafizov. Meanwhile, AMANA SUG’URTA JSC from Uzbekistan received recognition for its Outstanding Contribution to the Takaful Industry, with the award accepted by Mr. Umid Khudayberdiev, Chairman of the Board.
Capital Investment Holding Group from the USA was honored with the Best Islamic FinTech Award, which was received on behalf of Dr. Tamara Alqolaghassi, President of the organization, by Ms. Shehla from AlHuda CIBE. Similarly, the Best Takaful Operation in CIS Award was presented to Apex Takaful – Islamic Window from Uzbekistan, with Mr. Maksud Sabirov Abdugafurovich, Director, accepting the recognition.
For advancing human capital in the industry, Al Muamalat Consulting from Uzbekistan received the Outstanding Contribution to Islamic Finance Talent Development Award, which was accepted by Mr. Iskandar Tursunov, CEO. The Best Trade Firm for the Development of Ijarah Industry Award was presented to the Leasing Association of Uzbekistan, with its Chairman, Mr. Zafarjon Mustafaev, receiving the accolade.
Lastly, Masryef Advisory from Malaysia was also presented with an Islamic FinTech Excellence Award, accepted on behalf of Mr. Khairil Anuar Mohd Noor, Director of Masryef Advisory, by Ms. Shehla from AlHuda CIBE.
The awards served not only to honor individual and institutional excellence but also to inspire continued innovation, regulatory progress, and international cooperation in building a strong and inclusive Islamic financial ecosystem in the CIS region and 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 provides state-of-the-art Advisory Consultancy and Education through various well-recognized modes viz. Islamic Financial Product Development, Shariah Advisory, Training Workshops, and Islamic Microfinance and Takaful Consultancies etc. side by side through our distinguished, generally acceptable and known Publications in Islamic Banking and Finance.
