AlHuda Centre of Islamic Banking and Economics (CIBE) has entered into a landmark Cooperation Agreement with JSCB “Uzbek Industrial and Construction Bank” (Sanoatqurilishbank, SQB), marking a significant step towards fostering collaboration in Islamic banking and finance between the two entities.
The cooperation between AlHuda CIBE and SQB includes initiatives to provide advisory services for structuring and issuing Sukuk, facilitate Shariah advisory and certification services, foster knowledge exchange and professional development through collaborative programs, and engage with international financial institutions to support innovative Shariah-compliant projects.
Shukhrat Yakubov, Deputy Chairman of the Board of SQB, expressed his interest for the new partnership, highlighting the importance of establishing collaborative efforts in Islamic finance to support Uzbekistan’s growing financial sector.
Yakubov stated that, “This partnership with AlHuda CIBE marks a key step in our efforts to introduce Islamic finance principles in Uzbekistan. We are excited to explore opportunities for Sukuk issuance, Shariah advisory services, and other Islamic banking practices that will contribute to the development of our financial sector.”
“This MoU solidifies AlHuda CIBE commitment to promoting Islamic banking in emerging markets. By collaborating with SQB, we aim to bring forward tailored advisory services that will support Uzbekistan financial institutions in launching Sharia-compliant products, including Sukuk. We are confident that this partnership will pave the way for new opportunities for both our organizations,” Muhammad Zubair, Managing Director of AlHuda CIBE, noted.
The agreement also reflects the growing interest of Uzbekistan in leveraging Islamic finance as a tool for economic growth and diversification. SQB’s active engagement with key stakeholders, including regulatory bodies and multinational financial institutions, demonstrates its commitment to achieving this vision, as per the statement.
