Central Asian States Launch Islamic Finance Alliance

Tashkent, Uzbekistan (UzDaily.com) — The Islamic finance associations of Kazakhstan, Kyrgyzstan and Uzbekistan have signed a memorandum of understanding on the creation of a Regional Alliance of Islamic Finance. The signing took place on 21 May 2026 in Astana during the Islamic Finance and Business Forum 2026.

The document provides for the establishment of a regional cooperation platform aimed at developing Islamic finance in Central Asia and strengthening interaction between the professional associations of the three countries.

Under the alliance, the parties plan to coordinate joint projects, exchange expert knowledge and promote the region as a promising destination for attracting Islamic capital.

The sides intend to develop cooperation in the areas of knowledge exchange and professional training, joint research and analytical materials, promotion of Islamic finance at national and regional levels, as well as engagement with financial institutions, regulators, investors and international organizations.

Particular attention will be given to educational initiatives, joint events, the creation of working groups and participation in international platforms to represent the region’s common interests.

The Kazakhstan Association of Islamic Finance and Business has been designated as the coordinating secretariat of the new alliance. The signing of the memorandum became one of the key outcomes of the forum and marked a new stage of cooperation between Central Asian countries in the field of Islamic finance.