IsDB Institute Bolsters Shariah-Compliant Crypto Capabilities in Uzbekistan

NAIROBI (CoinChapter.com) — The Islamic Development Bank Institute, or IsDB Institute, concluded a three-day program on Islamic finance in collaboration with Islamic Business and Finance LLC, Uzbekistan, aimed at enhancing Shariah-compliant finance knowledge among Uzbek bankers and financial experts, fostering economic growth opportunities.

Building Expertise in Islamic Finance IsDB Institute

The program’s theme, “Creating Value and Realizing Business Opportunities in Islamic Finance,” underscored the importance of Islamic finance in fostering economic growth and development.

With sixteen participants in attendance, the sessions delved into various aspects of Islamic banking and finance, focusing on developing competitive Shariah-compliant products for the Uzbekistan financial sector.

The sessions focused on Shariah-compliant product structuring, leasing, retail financing, and digital adoption in Islamic finance, featuring experts from IsDB Institute, ICD, and ICIEC.

Dr. Sami Al-Suwailem, Acting Director General of the IsDB Institute, led the program alongside speakers Dr. Hilal Houssain, Dr. Abozer Mohamed, Mr. Syed Faiq Najeeb, and Mr. Mohamed Naamani. Two external Islamic finance experts, Mr. Hamza Khalid Bawazir of Saudi National Bank and Dr. Farrukh Habib of Alif Technologies, also conducted specialized sessions.

The program equipped participants with theoretical and practical skills for Islamic finance development in Uzbekistan, fostering collaboration and innovation through the IsDB Institute’s diverse expertise.

Uzbekistan Eyes Islamic Finance Amid Economic Reforms

Uzbekistan has steadily opened and modernized its economy after years of isolation. Under President Shavkat Mirziyoyev, the government has courted foreign investment and developed the private sector. The banking and financial industries specifically now target improved services and products.

In 2024, Uzbekistan is embarking on a year of efficiency and cost reduction across state-owned enterprises and the economic sector.

President Mirziyoyev has set a minimum 6% GDP growth target and $20 billion in reduced production costs economy-wide. Managers will be evaluated on performance indicators tied to achieving mandated added value and cost-cutting goals.

Uzbekistan, with a population of 35.6 million and a 2022 GDP of $80.4 billion, is at a critical point. In September 2023, the government launched the National Development Strategy until 2030 for economic and social advancement, per a World Bank report.

With the Islamic finance industry expected to reach $3.5 trillion by 2024, the IsDB Institute’s capacity-building initiatives are key to preparing professionals for this growing sector. These programs enhance the Islamic finance ecosystem through partnerships and knowledge sharing, highlighting the IsDB Institute’s dedication to global education and sustainable industry growth.