A New Destination for Islamic Finance Industry

Commonwealth of Independent States(CIS) was created in December 1991. In the adopted Declaration the participants of the Commonwealth declared their interaction on the basis of sovereign equality.

At present the CIS unites: Azerbaijan, Armenia, Belarus, Georgia, Kazakhstan, Kyrgyzstan, Moldova, Russia, Tajikistan, Turkmenistan, Uzbekistan and Ukraine.

In September 1993 the Heads of the CIS States signed an Agreement on the creation of Economic Union to form common economic space grounded on free movement of goods, services, labor force, capital; to elaborate coordinated monetary, tax, price, customs, external economic policy; to bring together methods of regulating economic activity and create favorable conditions for the development of direct production relations.

In order to facilitate further integration the Agreement on deepening of integration in economic and humanitarian field of four countries (Belarus, Kazakhstan, Kyrgyzstan, Russia) and Agreement on creation of Commonwealth of Sovereign Republics (Belarus and Russia) with creation of corresponding coordinating bodies were signed in 1995. In February 1999 by the decision of the Interstate Council of four countries (Belarus, Kazakhstan, Kyrgyzstan, Russia) the Republic of Tajikistan was recognized as participant of the customs union enjoying full rights.

In October 2000 the Heads of five countries (Belarus, Kazakhstan, Kyrgyzstan, Russia, Tajikistan) signed an Agreement on  creation of Eurasian Economic Community. At present Armenia, Moldova and Ukraine have the status of the observer under EAEC. In October 2005 Uzbekistan made the statement to join this organization.

In September 2003 four countries – Belarus, Kazakhstan, Russia and Ukraine signed an Agreement on Formation of CES (Common Economic Space).

The region has significant potential for Islamic banking and finance industry in CIS is rather untapped. Islamic banking and its products are likely to be most popular in the CIS countries comprising the highest
concentration of Muslims. Islamic banking is also expected to become attractive in countries with significant population of Muslim business persons.

Moving forward, expansion of Islamic banking and finance industry in CIS region is expected to bring the favorable turns in trade progress and business interactions with the Middle East. Islamic banking and finance can potentially play a part in facilitating more trade opportunities between CIS, Middle East and rest of the world with the involvement of more global and Islamic banks of both regions.

The aim of this forum is to explore the untapped market of CIS countries and to adopt the latest trends, challenges and opportunities in Islamic banking and finance industry in the region.

This conference will provide you with practical insights into:

  • Global efforts and achievements in Islamic Banking and Takaful
  • This effective platform will demonstrate the flexibility of Islamic financial markets during the current financial crisis.

AlHuda CIBE is going to organize 2nd CIS – Islamic Banking and Finance Forum on 21st October, 2021 with Two Days Post Event Workshop on Islamic Banking, Takaful and Islamic Microfinance on 22nd – 23rd October, 2021 at Hyatt Regency Tashkent – Uzbekistan.

For more details please visit: https://alhudacibe.com/cis2021/

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