The Two Days Specialized Training Workshop on Islamic Banking, Takaful & Islamic Microfinance organized by AlHuda Centre of Islamic Banking and Economics was successfully concluded at AMFOT, Tajikistan under the “CIS Islamic Banking and Finance Road Show” on August 1-2, 2019. The purpose of the training was to promote, strengthen and unite the organizations for Islamic Finance and Microfinance. Besides the promotion of Islamic Banking and Finance, the purpose of the road show is also to acknowledge the need of giving hype to the system beyond any political and religious refrains. Specialized training workshops on various relevant topics will also strengthen the level of knowledge of industry professional which will help the awareness among general public of the nations.
The participants from National (Central) Bank of Tajikistan, Sohibkor Bank, Amonat Bank, CJSC MDO ‘HUMO”, Alif Sarmoya, Micro Credit Fund ‘IMON’, CJSC MDO ‘HUMO”, LLC “Farovon-1” and Crowe ACG LLC attended the training. The world well know trainer and consultant of Islamic finance, Mr. Muhammad Zubair Mughal conducted the training. During the training, the concepts, product development and product innovation of Islamic finance was discussed.
Mr. Zubair said that many new Islamic Finance markets are seen to be emerging on the horizon in the world including Commonwealth Independent States (CIS) countries. He said that Islamic banking and finance industry initiative was taken very late in Commonwealth Independent States (CIS) countries but its growth indicate that CIS countries are the emerging Islamic banking and finance markets. The most important factor of the growth of Islamic banking and finance industry in CIS countries is the Islamic Development Bank’s support whereas, ICD – IsDB also has huge investment portfolio for Islamic banking and Islamic leasing avenues in CIS.
The demand of Islamic banking and finance products is increasing. He is hopeful that the volume of Islamic finance industry will increase by 100% in next five years which also will strengthen global Islamic finance industry. The main reason is the increasing tendency of Russia towards Islamic Banking & Finance; the countries in central Asia are closer to Russia in Banking & Finance despite its having been separated from USSR.
The National Bank of Tajikistan is aggressively working on Islamic banking and finance framework for the development and the promotion of Islamic finance industry. The bank is very supportive to implement the Islamic finance initiatives in the country by regulating the Islamic finance laws. The population of Tajikistan is around nine (9) million and 99% of population is Muslim. This indicator is supportive for the growth of Islamic finance industry.
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 provide state-of-the-art Advisory Consultancy and Education through various well-recognized modes viz. Islamic Financial Product Development, Shariah Advisory, Trainings Workshops, and Islamic Microfinance and Takaful Consultancies etc. side by side through our distinguished, generally acceptable and known Publications in Islamic Banking and Finance.
We are dedicated to serving the community as a unique institution, advisory and capacity building for the last twelve years. The prime goal has always been to remain stick to the commitments providing Services not only in UAE/Pakistan but all over the world. We have so far served in more than 35 Countries for the development of Islamic Banking and Finance industry. For further Details about AlHuda CIBE, please visit: www.alhudacibe.com
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