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"Uzbek Leasing International A.O." JSC took part in the training on Islamic finance

On April 30, 2024, the training was held in the building of the Central Bank of the Republic of Uzbekistan in Tashkent on the topic: «Comprehensive review of the principles, products and practices of Islamic finance.»

The event was organized by the European Bank for Reconstruction and Development (EBRD) and the Central Bank of the Republic of Uzbekistan with the participation of experts from the international audit and consulting corporation KPMG.

The purpose of this workshop is to promote and acknowledge awareness of Islamic finance and leasing, insurance (Takaful) and Islamic Bonds (Sukuk) as a sustainable financial solution for Uzbekistan.

The following topics were widely covered by the speakers at the training:

  • Global growth of Islamic banking in the modern era;
  • Definition of Islamic finance and its principles;
  • Types of Islamic financial agreements;
  • Islamic products: Ijara, Murabaha, Takaful, Sukuk;
  • Compliance with Sharia law in Islamic finance, etc.

Currently, Islamic banking and Islamic products are among the most dynamically developing areas of the financial sector. The demand for Islamic banking services and Islamic products is growing rapidly both in the CIS countries and around the world. As you know, Uzbekistan has great potential in Islamic finance, but at the same time, the country has a very low level of penetration of Islamic finance, despite the fact that most of the population are Muslims (about 93%) — the highest figure among the CIS countries.

Uzbekistan has the potential for the development in the field of attracting Islamic financial capital and improving its legislation in this direction. It should be noted that technical, financial and expert support from international financial organizations such as the Islamic Development Bank (IsDB), the European Bank for Reconstruction and Development (EBRD), the KPMG International Audit and Consulting Corporation play the important role in the creation of the Islamic finance sector in Uzbekistan.

By the invitation of the Leasing Association of Uzbekistan, specialists of the leading leasing companies of Uzbekistan participated in the training -«Uzbek Leasing International A.O." JSC, FC «Taiba Finance» LLC, JV «TRUCK ASIA LEASING» LLC, «Mogo Lend» LLC, «West Techno Leasing» LLC, «Zion Fintech» LLC, etc.