The Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), headquartered in Bahrain, and Boursa National, a Kuwaiti-Uzbek consulting company, signed a Memorandum of Understanding to help develop the Islamic finance industry in Uzbekistan and the wider CIS region, according to a statement.

Boursa National is fully committed to realizing this objective, aligning with the company’s core mission of providing expert guidance and strategic solutions to investors from Gulf and Arab nations actively exploring investment prospects in Uzbekistan, the statement added.

Under the agreement, both institutions aim to work in the areas of common interest that support the growth of the Islamic finance industry in Uzbekistan and the Commonwealth of Independent States (CIS).

This includes conducting joint capacity-building programs related to AAOIFI standards in Uzbekistan, as well as hosting events and activities to enhance awareness of Islamic finance within the local market for the benefit of various stakeholders including, professionals working in regulatory and supervisory institutions, banks, and financial institutions, academia, and Shari’ah scholars and others.

The MoU inked in the Kingdom of Bahrain outlined AAOIFI’s continuous endeavor to offer assistance to the CIS region and its industry participants, which now includes Boursa National.

With a profound understanding of emerging markets’ unique culture and economic dynamics, specifically Uzbekistan, Boursa National is pledged to foster successful business ventures and develop mutually beneficial partnerships. 

On the occasion of signing the MOU, Omar Mustafa Ansari, Secretary-General of AAOIFI said, “We sincerely hope that through this collaboration we jointly work to spread awareness of Shari’ah compliant financial solutions in Uzbekistan and the CIS region, as well as equip market participants to enhance their understanding and knowledge, absorb the growing demand of Islamic finance products and services and serve them accordingly”.

Salah AlOthman, Co-founder, and chairman of Boursa National, remarked, “Our team at Boursa National is excited about the opportunities this partnership will bring. We look forward to working closely with AAOIFI to promote Islamic finance and attract investments to Uzbekistan. We regard this partnership as a promising avenue to elevate Islamic finance and establish an enticing investment climate for investors. We are fully committed to exerting our utmost efforts to realize shared objectives and cultivate a productive collaboration between both parties.”