The MoU was signed on the sidelines of the 20206 IsDB Group Annual Meetings, held from 16-19 June in Baku, Azerbaijan. The partnership seeks to leverage the complementary strengths of both organizations to promote excellence in Islamic finance education and professional development in Tanzania, while contributing to the broader objectives of sustainable and inclusive economic development beyond IsDB Member Countries.

As Tanzania is not an IsDB Member Country, the MoU allows the IsDBI and CIFCA to explore cooperation on a range of human capital programs that serve the Muslim community and contribute to the progress of the Tanzanian economy at large.

CIFCA plays an important role in accelerating financial inclusion and driving the development of Shariah-compliant financial systems across Tanzania. Endorsed by the Government of Tanzania as an Islamic finance advisory body, CIFCA collaborates with key entities like the Bank of Tanzania and the Capital Markets and Securities Authority. It facilitated the launch of landmark projects, including the checking and certification of major public Sukuk listings on the Dar es Salaam Stock Exchange. Furthermore, CIFCA also offers professional certifications and training programs to build local academic and professional capacity.

Speaking on the occasion, Dr. Sami Al-Suwailem, Acting Director General of IsDB Institute, emphasized the importance of investing in talent and knowledge as key enablers of a vibrant Islamic finance ecosystem. He said, “Human capital remains one of the most critical pillars for the sustainable growth of Islamic finance. Through this partnership, we look forward to working closely with CIFCA to promote knowledge, professional excellence, and innovation that can enhance the developmental impact of Islamic finance.”

Aref Mbarak Nahdi, Chairman of CIFCA, highlighted the significance of the collaboration in fostering globally recognized professional standards and competencies within the industry. “This partnership reflects our shared commitment to nurturing future leaders and practitioners who can contribute meaningfully to the continued advancement of Islamic finance and its role in addressing contemporary economic and social challenges,” he noted.

The collaboration aligns with the strategic priorities of both institutions to support the development of robust, ethical, and inclusive financial systems grounded in the principles and values of Islamic finance.

As Islamic finance continues to expand across diverse markets, the partnership is expected to contribute to the development of skilled professionals, enhanced institutional capacity, and greater knowledge exchange that will ultimately strengthen the industry’s ability to serve society and promote sustainable prosperity.

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Held at the Baku Convention Center, the session brought together senior representatives from Azerbaijani public- and private-sector stakeholders, export credit agencies, multilateral development banks, commercial banks, insurers, investors, government entities, State-Owned Enterprises, and business leaders.

The discussion focused on how risk mitigation can unlock private capital, strengthen investor confidence, and support regional integration across Azerbaijan, ICIEC Member States, and the broader OIC region, in alignment with the Annual Meetings theme, “Regional Integration for Sustainable Prosperity”. Convened in Baku, the session explored how political risk insurance, trade credit insurance, and credit enhancement solutions can help transform opportunities in infrastructure, energy, logistics, ICT, manufacturing, and trade into bankable projects, while supporting Azerbaijan’s expanding role as a regional gateway for investment, connectivity, export-oriented growth, and wider OIC market integration.

The event featured keynote remarks by Mr. Yusif Abdullayev, Executive Director of the Export and Investment Promotion Agency of the Republic of Azerbaijan (AZPROMO), who highlighted Azerbaijan’s growing role as a regional hub for trade, investment, and connectivity.

The panel featured Dr. Khalid Khalafalla, Chief Executive Officer of ICIEC; Mr. Yuichiro Akita, President of the Berne Union; Mr. Sujithav Sarangi, Executive Director, Development and Agency Finance Team, Standard Chartered; and Mr. John Lentaigne, Global Head of Structured Credit and Political Risks, Specialist Risk Group. The discussion was moderated by Mr. Elnur Aliyev, Advisor to the Chairman, KOBIA Azerbaijan.

Speaking during the session, Dr. Khalid Khalafalla said: “Regional prosperity can only deliver its full development impact when trade and investment opportunities are supported by confidence, bankability, and effective risk mitigants. ICIEC’s Shariah-compliant solutions help governments, financial institutions, and investors move from ambition to implementation and execution. Through strong partnerships with public and private sector institutions, ICIEC is helping mobilise capital for strategic sectors, reduce perceived and actual risks, and support sustainable growth across Member States and beyond.“

The discussion underscored that Regional Prosperity requires more than connectivity and project pipelines. It requires a coordinated ecosystem in which governments, financial institutions, insurers, investors, and development partners work together to manage risk, mobilise finance, and deliver tangible development outcomes. The session reinforced ICIEC’s role as a catalyst for trade, investment, and sustainable development through Shariah-compliant risk mitigation solutions, partnership-building, and support for investment-ready projects across Member States.

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The forum was convened on the sidelines of the IsDB Group’s 2026 Annual Meetings, under the high patronage of His Excellency Ilham Aliyev, President of the Republic of Azerbaijan.

The forum highlighted IsDB Group’s activities and initiatives aimed at empowering both public and private sectors in member countries, particularly in the Republic of Azerbaijan.

The discussions focused on prevailing opportunities and challenges facing the business sector and highlighted the Group’s suite of financing instruments, including lines of financing, private sector financing, trade development support, investment insurance, and export credit facilities, among others.

The forum agenda featured a series of dialogue sessions addressing key economic themes and development projects. Participants also attended presentations on trade and investment opportunities. In addition, bilateral meetings between public and private sector institutions (B2B and B2G) facilitated networking, strategic partnerships, experience sharing, and the promotion of successful ventures.

In addition to the dialogue sessions, the forum hosted the Halal Economy Leadership Forum, which brought together policymakers, industry leaders, and experts to discuss emerging opportunities and challenges within the global halal economy. The event also featured the IsDB Group Startups Competition, providing an important platform for innovative entrepreneurs from member countries to showcase their solutions before investors, development institutions, and business leaders. The winners of the competition and the Private Sector Forum Awards were recognized during a dedicated awards ceremony honoring outstanding achievements in entrepreneurship, innovation, investment, trade, and private sector development.

The forum attracted high-level participation from Azerbaijan government officials, presidents and CEOs of local, regional, and international private sector companies, investors, businessmen, chambers of commerce and industry, trade and investment promotion bodies, and regional and international financial and development institutions.

In his speech, H.E. Mikayil Jabbarov, Minister of Economy of the Republic of Azerbaijan and Chairman of the Board of Governors of the Islamic Development Bank (IsDB), stated: “Azerbaijan highly values its partnership with the Islamic Development Bank Group and remains committed to deepening trade, business, and investment cooperation with member countries. Leveraging its strategic location at the crossroads of Europe and Asia, modern transport infrastructure, and ongoing economic diversification efforts, Azerbaijan serves as an important platform for regional connectivity and sustainable growth. By combining the country’s investment potential with the IsDB Group’s financial capabilities, global expertise, and extensive network, we can unlock new opportunities for impactful projects that advance economic development and deliver long-term benefits across the region.”

In his opening remarks, His Excellency Dr. Muhammad Al Jasser, Chairman of the Islamic Development Bank Group, welcomed all participants to the forum. He stated: “At the Islamic Development Bank Group, we firmly believe that the private sector is not a supporting actor in development — it is the lead actor. Our role is clear: to remove obstacles, reduce risks, and open doors. We will continue to stand as a committed partner—mobilizing finance, mitigating risk, and enabling trade and investment that drive inclusive, resilient, and sustainable growth”

During the CEO’s session, Dr. Khalid Yousif Khalafalla, CEO of the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) and Acting CEO of the Islamic Corporation for the Development of the Private Sector (ICD), stated: “The Private Sector Forum witnessed a distinguished cohort of partners from both public and private sectors. Sustainability and development constitute the core focus of our mission, as we strive to unify the efforts of our private sector partners and other financing agencies to bridge the sustainable financing gap, provide co-financing opportunities, and develop innovative solutions to address the challenges of sustainable development. In this context, from the ICD side, we are proud of our role in private sector development by providing effective financing solutions to financial institutions and large corporations, as well as facilitating access to suitable financing for small and medium enterprises. We also continue to finance infrastructure projects that enhance development impact, encourage cross-border investment, support member countries’ exports, and create new job opportunities. In fact, ICD has achieved approximately $7.1 billion in cumulative approvals. Last year, the total financing directed towards SMEs reached USD 661.9 million. ICD supported institutions collectively employed 178,988 staff members.”

He added, “Since its inception and up to the end of 2025, ICIEC has provided cumulative insurance cover exceeding USD 139 billion, including USD 108 billion in support of trade flows and more than USD 31 billion to facilitate foreign investment across its Member States. Of this, intra-OIC trade and investment accounted for more than USD 66 billion, reflecting ICIEC’s role in strengthening economic cooperation among Member Countries. In 2025 alone, ICIEC enabled USD 1.9 billion in Islamic trade and investment finance, supported more than 294,000 jobs, and reached around 6,000 SMEs. Through its Shariah-compliant credit and political risk insurance solutions, ICIEC continues to mobilize capital, reduce risk, and support sustainable development across strategic sectors.”

On his part, Eng. Adeeb Yousuf Al-Aama, CEO of the International Islamic Trade Finance Corporation (ITFC), stated: “The 14^th edition of the Private Sector Forum reaffirmed the vital role of the private sector in fostering economic growth, generating employment, and reducing poverty in member countries. The active participation of the business community greatly enriched discussions and strengthened collaborative efforts to promote economic resilience and business dynamism.”

He added: “Since its inception in 2008, ITFC has extended over US$96 billion in trade financing to OIC member countries, becoming the leading provider of trade solutions in the region. Of this, US$20 billion was allocated to support the private sector and SMEs – combining financial support, technical assistance, and capacity building efforts to help these enterprises access regional and international markets. In 2025 alone, ITFC approved US$9.3 billion in trade finance and disbursed US$7.5 billion across its member countries. Through its operations, the Corporation supported more than 120,000 jobs, provided access to finance for 546 corporates and SMEs, and facilitated US$7.8 billion in intra-OIC trade. These achievements reflect ITFC’s continued commitment to strengthening private sector competitiveness, enhancing trade connectivity, and fostering sustainable economic growth across OIC member countries.”

For more information, please visit the event website (www.isdbg-psf.org).

Organize 14^th Private Sector Forum in Baku, Azerbaijan (16-19 June 2026)

Baku, Azerbaijan, 17 June 2026 – The Islamic Development Bank (IsDB) Group’s affiliated institutions organized the 14^th Private Sector Forum (PSF) from June 16 to 19, 2026, at Baku Convention Center in Baku, the capital city of the Republic of Azerbaijan.

The forum was convened on the sidelines of the IsDB Group’s 2026 Annual Meetings, under the high patronage of His Excellency Ilham Aliyev, President of the Republic of Azerbaijan.

The forum highlighted IsDB Group’s activities and initiatives aimed at empowering both public and private sectors in member countries, particularly in the Republic of Azerbaijan.

The discussions focused on prevailing opportunities and challenges facing the business sector and highlighted the Group’s suite of financing instruments, including lines of financing, private sector financing, trade development support, investment insurance, and export credit facilities, among others.

The forum agenda featured a series of dialogue sessions addressing key economic themes and development projects. Participants also attended presentations on trade and investment opportunities. In addition, bilateral meetings between public and private sector institutions (B2B and B2G) facilitated networking, strategic partnerships, experience sharing, and the promotion of success ventures.

In addition to the dialogue sessions, the forum hosted the Halal Economy Leadership Forum, which brought together policymakers, industry leaders, and experts to discuss emerging opportunities and challenges within the global halal economy. The event also featured the IsDB Group Startups Competition, providing an important platform for innovative entrepreneurs from member countries to showcase their solutions before investors, development institutions, and business leaders. The winners of the competition and the Private Sector Forum Awards were recognized during a dedicated awards ceremony honoring outstanding achievements in entrepreneurship, innovation, investment, trade, and private sector development.

The forum attracted high-level participation from Azerbaijan government officials, presidents and CEOs of local, regional, and international private sector companies, investors, businessmen, chambers of commerce and industry, trade and investment promotion bodies, and regional and international financial and development institutions.

In his speech, H.E. Mikayil Jabbarov, Minister of Economy of the Republic of Azerbaijan and Chairman of the Board of Governors of the Islamic Development Bank (IsDB), stated: “Azerbaijan highly values its partnership with the Islamic Development Bank Group and remains committed to deepening trade, business, and investment cooperation with member countries. Leveraging its strategic location at the crossroads of Europe  and Asia, modern transport infrastructure, and ongoing economic diversification efforts, Azerbaijan serves as an important platform for regional connectivity and sustainable growth. By combining the country’s investment potential with the IsDB Group’s financial capabilities, global expertise, and extensive network, we can unlock new opportunities for impactful projects that advance economic development and deliver long-term benefits across the region.”

In his opening remarks, His Excellency Dr. Muhammad Al Jasser, Chairman of the Islamic Development Bank Group, welcomed all participants to the forum. He stated: “At the Islamic Development Bank Group, we firmly believe that the private sector is not a supporting actor in development — it is the lead actor. Our role is clear: to remove obstacles, reduce risks, and open doors. We will continue to stand as a committed partner—mobilizing finance, mitigating risk, and enabling trade and investment that drive inclusive, resilient, and sustainable growth”

During the CEOs session, Dr. Khalid Yousif Khalafalla, CEO of the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) and Acting CEO of the Islamic Corporation for the Development of the Private Sector (ICD), stated: “The Private Sector Forum witnessed a distinguished cohort of partners from both public and private sectors. Sustainability and development constitute the core focus of our mission, as we strive to unify the efforts of our private sector partners and other financing agencies to bridge the sustainable financing gap, provide co-financing opportunities, and develop innovative solutions to address the challenges of sustainable development. In this context, from ICD side, we are proud of our role in private sector development by providing effective financing solutions to financial institutions and large corporations, as well as facilitating access to suitable financing for small and medium enterprises. We also continue to finance infrastructure projects that enhance development impact, encourage cross-border investment, support member countries’ exports, and create new job opportunities. In fact, ICD has achieved approximately $7.1 billion in cumulative approvals. Last year, the total financing directed towards SMEs reached USD 661.9 million. ICD supported institutions collectively employed 178,988 staff members.”

He added, “Since its inception and up to the end of 2025, ICIEC has provided cumulative insurance cover exceeding USD 139 billion, including USD 108 billion in support of trade flows and more than USD 31 billion to facilitate foreign investment across its Member States. Of this, intra-OIC trade and investment accounted for more than USD 66 billion, reflecting ICIEC’s role in strengthening economic cooperation among Member Countries. In 2025 alone, ICIEC enabled USD 1.9 billion in Islamic trade and investment finance, supported more than 294,000 jobs, and reached around 6,000 SMEs. Through its Shariah-compliant credit and political risk insurance solutions, ICIEC continues to mobilize capital, reduce risk, and support sustainable development across strategic sectors.”

On his part, Eng. Adeeb Yousuf Al-Aama, CEO of the International Islamic Trade Finance Corporation (ITFC), stated: “The 14^th edition of the Private Sector Forum reaffirmed the vital role of the private sector in fostering economic growth, generating employment, and reducing poverty in member countries. The active participation of the business community greatly enriched discussions and strengthened collaborative efforts to promote economic resilience and business dynamism.

He added: “Since its inception in 2008, ITFC has extended over US$96 billion in trade financing to OIC member countries, becoming the leading provider of trade solutions in the region. Of this, US$20 billion was allocated to support private sector and SMEs – combining financial support, technical assistance, and capacity building efforts to help these enterprises access regional and international markets. In 2025 alone, ITFC approved US$9.3 billion in trade finance and disbursed US$7.5 billion across its member countries. Through its operations, the Corporation supported more than 120,000 jobs, provided access to finance for 546 corporates and SMEs, and facilitated US$7.8 billion in intra-OIC trade. These achievements reflect ITFC’s continued commitment to strengthening private sector competitiveness, enhancing trade connectivity, and fostering sustainable economic growth across OIC member countries.”

For more information, please visit the event website (www.isdbg-psf.org).

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The Forum brought together distinguished policymakers, regulators, development practitioners, and industry leaders to explore how Islamic finance can foster sustainable prosperity and address development challenges across Member Countries.

Aligned with the broader Annual Meetings theme, “Regional Integration for Sustainable Prosperity,” the Forum examined how countries and institutions can leverage Islamic finance to deepen regional integration, enhance economic resilience, and promote inclusive growth across IsDB Member Countries.

In his keynote speech, Mr. Taleh Kazimov, Governor of the Central Bank of the Republic of Azerbaijan, reaffirmed Azerbaijan’s commitment to contributing to the future development of the Islamic finance ecosystem, highlighting the country’s role as a reformer and a bridge between regions and markets. He emphasized the importance of a clear strategic vision in shaping future growth and cooperation.

Eng. Adeeb Yousuf Al Aama, Chief Executive Officer of ITFC, in a keynote speech on behalf of the IsDB Group, emphasized that Islamic finance should not be viewed merely as an alternative set of financial contracts or a niche segment of the global financial industry, but rather as a values-driven development paradigm that reconnects finance with the real economy, productive activity, shared prosperity, and social well-being.

In his opening remarks, Dr. Sami Al-Suwailem, Acting Director General of IsDB Institute, highlighted the significant contribution of the IsDB Group to the development of the global Islamic finance industry, now valued at approximately US$ 4-5 trillion. He underscored the importance of innovation in maintaining the leadership of the IsDB Group and ensuring the industry remains relevant and continues to contribute to sustainable development.

Key highlights of the forum included:

• The launch of a new report titled “Islamic Finance in Azerbaijan: Breaking New Ground,” jointly produced by IsDBI and ITFC, along with other flagship publications.
• Announcement of a memorandum of understanding between IsDBI and the Labuan Financial Services Authority to explore the Awqaf Free Zones flagship project.
• Two high-level panel discussions focusing on Islamic finance and development.
• Recognition of top performers in the Applied AI in Islamic Finance Competency Challenge.

The first panel session explored how Islamic finance can help countries overcome structural development challenges and achieve sustainable economic transformation. Speakers included Mr. Shahin Aydin Mahmudzade, Executive Director, Central Bank of Azerbaijan; Mr. Adnan Zaylani, Deputy Governor, Bank Negara Malaysia; Ms. Mihoko Kumamoto, Director, Division for Prosperity, UNITAR; Dr. Bambang Brodjonegoro, Dean, Asian Development Bank Institute; and Dr. Areef Suleman, Chief Economist, IsDB Group. The session was moderated by Mr. Mustafa Adil, Head of Islamic Finance, London Stock Exchange Group.

The second panel session examined practical approaches to mobilizing sustainable finance in support of food and energy security, drawing on insights from Member Countries and partner institutions. Speakers included Mr. Valeh Alasgarov, Chairman of the Board, AFEZ Authority, Azerbaijan; Dr. Mansur Muhtar, Chairman of the Board, Bank of Industry, Nigeria; Professor Emeritus Dato’ Dr. Azmi Omar, President & CEO, INCEIF University; and Mr. Orkhan Vidadi oglu Mammadov, Chairman, Small and Medium Business Development Agency of Azerbaijan (KOBİA). The session was moderated by Mr. Yahya Rehman, Associate Manager, IsDBI.

Winners of the Applied AI in Islamic Finance Competency Challenge were also recognized, as follows: Mr. Emin Jaafar (AlifPay) received first place, followed by Mr. Khalil Ben Mohamed (Ayech) in second place, and Mr. Elchin Huseyn (Mink Platform) in third place.

The Forum identified key priority areas for future collaboration, including scaling innovative Islamic finance instruments, strengthening institutional partnerships, and enhancing capacity development initiatives. It also reinforced the role of the IsDB Institute as a key partner in advancing practical, innovative solutions that support sustainable development and regional integration within the framework of Islamic finance. A video recording of the Forum is available here: https://www.youtube.com/live/nGTPhP7y3lw

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Marking its 20th edition, the forum serves as a flagship platform for high-level dialogue, convening policymakers, regulators, development practitioners, academics, and industry leaders to advance innovation and development in Islamic finance. This year’s forum will focus on strengthening regional integration and unlocking sustainable growth across IsDB member countries through Islamic finance solutions.

The forum will examine how Islamic finance can help address structural development challenges, including “development traps” that constrain inclusive growth and resilience. It will also highlight innovative Islamic social finance mechanisms, particularly Awqaf Free Zones, as tools for mobilizing sustainable resources to support food and energy security.

Key highlights of the forum include keynote speeches, launch of a new report on the prospects of Islamic Finance in Azerbaijan alongside other flagship publications, announcement of a memorandum of understanding between IsDBI and Labuan Financial Services Authority, distinguished panel discussion sessions, and unveiling of top achievers in the Applied AI in Islamic Finance Competency Challenge.

H.E. Taleh Kazimov, Governor of the Central Bank of the Republic of Azerbaijan, will deliver the first keynote speech, followed by Eng. Adeeb Yousuf Al Aama, Chief Executive Officer of ITFC, whose speech will be on behalf of the IsDB Group. Dr. Sami Al-Suwailem, Acting Director General of IsDBI, will deliver the welcome remarks.

The first panel session will explore how Islamic finance can help countries overcome development barriers and achieve sustainable economic transformation. The panelists include Mr. Shahin Aydin Mahmudzade, Executive Director, Central Bank of Azerbaijan; Mr. Adnan Zaylani, Deputy Governor, Bank Negara Malaysia; Ms. Mihoko Kumamoto, Director, Division for Prosperity, UNITAR; Dr. Bambang Brodjonegoro, Dean, Asian Development Bank Institute; and Dr. Areef Suleman, Chief Economist, IsDB Group. The session will be moderated by Mr. Mustafa Adil, Head of Islamic Finance, London Stock Exchange Group.

The second panel session will examine innovative approaches to mobilizing Islamic social finance, particularly through Awqaf Free Zones, to address global food and energy challenges. The speakers include Mr. Valeh Alasgarov, Chairman of the Board, AFEZ Authority, Azerbaijan; Dr. Mansur Muhtar, Chairman of the Board, Bank of Industry, Nigeria; Professor Emeritus Dato’ Dr. Azmi Omar, President & CEO, INCEIF University; and Mr. Orkhan Vidadi oglu Mammadov, Chairman, Small and Medium Business Development Agency of Azerbaijan (KOBİA). The session will be moderated by Mr. Yahya Rehman, Associate Manager, IsDBI.

The forum is expected to generate actionable recommendations, strengthen partnerships, promote stakeholder collaboration, and advance innovative, AI-enabled tools to support the growth of Islamic finance globally.

More information about the forum is available on the IsDBI website here.

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Held on the sidelines of the IsDB Group Annual Meetings, the Forum is organized in close collaboration with the Ministry of Economy of the Republic of Azerbaijan and the Export and Investment Promotion Agency of the Republic of Azerbaijan (AZPROMO) under the high patronage of His Excellency Mr. Ilham Aliyev, President of the Republic of Azerbaijan.

Under the theme “Regional Integration for Sustainable Prosperity”, PSF 2026 aims to reinforce the pivotal role of the private sector in fostering sustainable economic growth, enhancing trade and investment flows, and unlocking opportunities for strategic partnerships across IsDB member countries. At a time when enhancing regional value chains and economic resilience has become increasingly important, the Forum will serve as a strategic platform for key stakeholders to explore new business opportunities, exchange knowledge, and foster deeper economic integration among member countries.

PSF 2026 will spotlight emerging opportunities in key sectors such as infrastructure, energy, technology, healthcare, and finance, while promoting cross-border investment and trade.   Through high-level dialogues, B2B and B2G meetings, startup engagement, and knowledge-sharing sessions, the Forum aims to strengthen public-private collaboration, support entrepreneurship and SMEs, and promote innovation-driven growth across member economies.

The event is expected to attract over 1,500 participants, including high-level government officials, Presidents and CEOs of leading local and international companies, multilateral development institutions, chambers of commerce and industry, business associations, investment promotion agencies, investors, entrepreneurs, and financial institutions.

In addition to panel discussions and keynote speeches, PSF 2026 will feature a dedicated exhibition platform where partners can showcase projects, services, and investment opportunities. The Forum will also host a startup competition designed to foster innovation and highlight promising business ideas. Furthermore, for the fourth time, the event will present the IsDB Group Recognition Awards, honoring distinguished organizations and individuals for their contributions to economic development and trade facilitation.

The forum will welcome prominent speakers, including the Chief Executive Officers of the IsDB Group Affiliates, notably Dr. Khalid Khalafalla, CEO of ICIEC and Acting CEO of ICD, and Eng. Adeeb Yousuf Al Aama, CEO of ITFC. Together with industry leaders and experts, they will share insights and best practices aimed at strengthening investment and trade cooperation among IsDB member countries.

For further details, please visit the event’s official website: www.isdbg-psf.org

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The event, held at the IUS Campus in Sarajevo from 18-19 June 2025, was supported by platinum sponsor Kuveyt Türk Katılım Bankası and BH Telecom, which sponsored a key panel on artificial intelligence.

The conference was inaugurated by IUS Rector, Prof. Dr. Ahmet Yıldırım, who highlighted its global significance, stating, “This conference represents a pivotal moment for global collaboration, uniting diverse perspectives to advance ethical finance and sustainable development, aligning with IUS’s commitment to fostering innovation and moral responsibility in economic systems.”

Dr. Sami Al-Suwailem, Acting Director General of IsDBI, delivered a keynote address, articulating a bold vision for Islamic finance. He stated: “Islamic finance offers the blueprint for aligning finance with markets, technology with values, and innovation with sustainability. As the world desperately seeks a new paradigm, we must rise to the challenge and contribute to a better future that we all aspire to. The path ahead will not be easy. But the mission is worth the journey.”

Dr. Ahmet Albayrak, Executive Vice President of Kuveyt Türk Katılım Bankası and Patron of the IUS Center for Islamic Finance, Innovation, and Sustainability, emphasized the importance of uniting global thought leaders to strengthen the moral and digital foundations of economic systems.

One of the highlights of the conference was the participation of three distinguished recipients of the Islamic Development Bank Prize in Islamic Economics:

• Dr. Mehmet Asutay, Professor of Middle Eastern and Islamic Political Economy & Finance, Durham University Business School, UK
• Dr. Mohammad Kabir Hassan, Professor of Economics and Finance, University of New Orleans, USA
• Dr. Habib Ahmed, Sharjah Chair in Islamic Law and Finance, Durham University Business School, UK

These luminaries enriched discussions with their expertise, offering profound insights into the intersection of ethics, innovation, and finance.

Over 160 participants from more than 20 countries, including academics, industry leaders, policymakers, and representatives of international organizations, engaged in dynamic sessions exploring topics such as Islamic fintech, sustainable investment, and the moral foundations of economic systems.

Notable sessions included “Reviving the Moral Foundations of Economic Life,” “Islamic FinTech for Inclusive and Ethical Futures,” and “Green Waqf: Islamic Sustainable Solutions to Climate Change.” A special parallel session, led by Dr. Beebee Salma Sairally, Editor of the International Journal of Islamic Finance and Sustainable Development (a jointly produced journal by IsDBI and INCEIF), provided valuable guidance on publishing in peer-reviewed journals.

The conference is expected to pave the way for Bosnia and Herzegovina to become an intellectual hub for the development of Islamic economics and finance in the region and to contribute to the national and regional sustainable development agenda.

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The awards were announced and presented to the winners during the 19th IsDB Global Forum on Islamic Finance on 20 May 2025 in Algiers, Algeria, on the sidelines of the IsDB Group Annual Meetings.

As the Islamic finance industry evolves to meet the demands of a dynamic global economy, the practical adoption and harmonization of Financial Accounting Standards (FAS) – particularly across jurisdictions – remains a challenge. At the same time, Artificial Intelligence is revolutionizing how financial services are designed, delivered, and governed.

Recognizing this opportunity, IsDBI launched the AI Hackathon to explore how emerging technologies can strengthen the adoption of Islamic finance standards, particularly those issued by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI). The Hackathon focused on developing AI-powered solutions that make these standards easier to implement, more accessible, and globally aligned.

Dr. Sami Al-Suwailem, Acting Director General of IsDBI, presented the awards to the top three winners, namely:

• First Place – Khilan Team
• Second Place – Al Buraq Team
• Third Place – BANKAI Team

The winning projects stood out for their technical excellence, creative design, and potential for real-world application in the Islamic finance ecosystem.

In his comment on this occasion, Dr. Sami Al-Suwailem, stated: “This Hackathon reflects our commitment to advancing the Islamic financial industry using state-of-the-art technologies. We are proud to support the next generation of thinkers and builders shaping the future of Islamic finance through AI.”

The Hackathon is a pioneering initiative dedicated to applying AI in solving key challenges in Islamic financial services. It highlighted the role of AI in enhancing standardization, compliance, and innovation in the US$4+ trillion Islamic finance industry. The competition brought together talented students, developers, researchers, and entrepreneurs from around the world to co-create practical, Shariah-compliant digital solutions.

The Hackathon aligns with IsDBI’s strategic objectives to drive innovation, create value through knowledge-based initiatives, and foster global impact in the Islamic finance sector.

Learn more about the IsDBI Hackathon: https://www.isdbi-hackathon.com/

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This report provides a comprehensive analysis of the current status and prospects of Islamic finance globally and in Central Asia, comprising Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan, and Uzbekistan. The report makes practical recommendations and strategic considerations tailored to the specific dynamics of the region, addressing regulatory harmonisation, capacity building, product innovation, and awareness campaigns. The research demonstrates that the region offers a unique opportunity for the growth of Sharia-compliant financial products and services, due to its rich cultural heritage, significant Muslim population, and rising demand for investments.

The region of Central Asia (Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan, and Uzbekistan) is dynamically changing, and its role in Eurasia and the world needs to be reassessed. The population of Central Asia is 80 million people. This is a 40% increase since 2000. It keeps growing at 2% per year. In 2024, the aggregate GDP of the Central Asia countries was $519 billion. Over the last two decades, it grew nominally at 6.4% on average.  Foreign trade turnover has increased almost ninefold since 2000. Foreign direct investments have increased 17 times. For over 20 years, Central Asia has been growing faster than developing countries on average. 

Sharī‘ah-compliant financing, as a relatively new (more than 30 years old) and fast-growing segment of the global financial system, plays an increasingly important role in the sustainable development of the Central Asian states. All governments of the region are paying special attention to the development of Islamic finance. Islamic finance offers a unique opportunity for Central Asia to promote inclusive growth, financial stability, and sustainability. Overcoming challenges such as regulatory inconsistencies and talent shortages will require coordinated efforts and innovative solutions. By capitalizing on its strategic advantages, the region can position itself as a key player in the global Islamic finance industry.

The region of Central Asia currently has 11 Islamic banks and 11 non-banking financial institutions, as well as Islamic banking windows. Other institutions include takaful operators, microfinancing, investment companies, Ijara or leasing companies, and Islamic FinTechs such as digital banks and wealth management platforms. Islamic capital market instruments such as ṣukūk are developing more slowly than Islamic financial institutions, however.

Islamic finance assets in Central Asia amount to USD 699 million at the beginning of 2024. According to the Islamic Finance Development Report 2024, Kazakhstan ranks 19th in the world in terms of Islamic finance development in 2024 (i.e., above the global average) and leads the Central Asian market.

In the next ten years, there is a perspective for significant growth and development in the Islamic finance industry in the region, driven mainly by the Islamic banking sector and the ṣukūk asset class (Energy, Transport & Logistics, Industry, Food Security, and Social Infrastructure are priority areas of investment). A baseline scenario based on the growth of financial intermediation and an estimate of the change in the share of Islamic finance in the financial sector structure was used to project the increase in Islamic finance assets in the region.

This approach assumes an increase in Islamic banking assets in Central Asia to the level of USD 2.5 billion in 2028 and USD 6.3 billion in 2033. Given the favourable demographics, strong economic growth, and the substantial size of the banking industry in each of the five Central Asian nations, Kazakhstan is expected to be the leader, followed closely by Uzbekistan. The region’s Ṣukūk market is also expected to witness significant expansion: the baseline forecasts suggest that the Ṣukūk market is anticipated to grow to USD 2.05 billion by 2028 and USD 5.6 billion by 2033.

Figure – Islamic Finance Market Outlook for Central Asia

The Islamic finance industry faces challenges such as a lack of standardisation and the need for robust risk management frameworks. For that reason, regulatory harmonisation across Central Asian countries is crucial to attract foreign investment and facilitate cross-border transactions.

The report stresses the need for cooperation of the multilateral financial institutions and International Islamic banks on creating Sharia-compliant products and services tailored to the specific needs of Central Asian markets, including development of “Islamic windows” in conventional financial institutions as a sustainability milestone and innovative solutions for microfinance, agriculture financing, and renewable energy financing. International Islamic banks from more mature Islamic finance jurisdictions, such as the Gulf countries and Southeast Asia, can help build capacity in Central Asian Islamic banking ecosystems and can enable knowledge transfers in Central Asian countries to enhance the levels of Islamic finance technical expertise they can draw upon.

“One of the EDB’s strategic priorities is to become a platform for Islamic finance in Central Asia. The further development of Islamic finance in Central Asia will expand financial inclusion and connect local businesses to the global Islamic market, contributing to regional economic growth. With the Islamic Development Bank Group’s support, EDB has started to develop an “Islamic Window” for financing projects by Sharia principles. The priority areas of investments will be energy, transport, social infrastructure, food security, and industry”, says Nikolai Podguzov, EDB Chairman.

In a message published in the report, Chairman of the IsDB Group, H.E. Dr. Muhammad Al Jasser, said, “The Islamic Development Bank Group is committed to supporting the advancement of Islamic finance in Central Asia and beyond. Our collaboration with Eurasian Development Bank demonstrates how development banks can work together to create inclusive and resilient financial systems.”

The report concludes that Islamic finance holds immense potential to contribute to economic development, financial inclusion, and foster good governance practices in Central Asia. By capitalizing on the region’s unique opportunities and addressing existing challenges through collaborative efforts, Islamic finance can emerge as one more source of sustainable growth and prosperity in the region.

The report “The Future of Islamic Finance in Central Asia” is accessible on the IsDBI website here: https://isdbinstitute.org/product/future-of-islamic-finance-in-central-asia/

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The forum highlighted the IsDB Group’s activities and initiatives aimed at empowering both public and private sectors in member countries, particularly in the People’s Democratic Republic of Algeria. The discussions focused on prevailing opportunities and challenges facing the business sector and highlighted the Group’s suite of financing instruments, including lines of financing, private sector financing, trade development support, investment insurance, and export credit facilities, among others.

The forum agenda featured a series of dialogue sessions and workshops addressing key economic themes and development projects. Participants also attended presentations on trade and investment opportunities. In addition, bilateral meetings between public and private sector institutions (B2B and B2G) facilitated networking, strategic partnerships, experience sharing, and the promotion of successful ventures.

The forum attracted high-level participation from Algerian government officials, presidents and CEOs of local, regional, and international private sector companies, investors, businessmen, chambers of commerce and industry, trade and investment promotion bodies, and regional and international financial and development institutions.

In his opening remarks, His Excellency Dr. Mohammed Al Jasser, President of the Islamic Development Bank Group, welcomed all participants to the forum. He stated: “This forum is not just an annual event, but a renewed strategic platform through which we highlight the innovative tools and services offered by the Islamic Development Bank Group institutions to support investment and trade, and expand partnerships within our member countries, including the beloved Republic of Algeria. This session represents a unique opportunity for investors, businessmen, and CEOs from member countries to open channels of communication, establish partnerships, and forge business relations with their counterparts in the Republic of Algeria.”

In his turn, Dr. Khalid Yousif Khalafalla, CEO of the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) and Acting CEO of the Islamic Corporation for the Development of the Private Sector (ICD), stated, “The Private Sector Forum witnessed a distinguished cohort of partners from both public and private sectors. Sustainability and development constitute the core focus of our mission, as we strive to unify the efforts of our private sector partners and other financing agencies to bridge the sustainable financing gap, provide co-financing opportunities, and develop innovative solutions to address the challenges of sustainable development. In this context, we are proud of our role in private sector development by providing effective financing solutions to financial institutions and large corporations, as well as facilitating access to suitable financing for small and medium enterprises. We also continue to finance infrastructure projects that enhance development impact, encourage cross-border investment, support member countries’ exports, and create new job opportunities.”

He added, “Since its inception and until 2024, the ICIEC provided cumulative insurance coverage exceeding 121 billion USD, including 96 billion USD to support trade flows and more than 25 billion USD to facilitate foreign investments. Leveraging a robust global reinsurance network, the Corporation has mobilized a cumulative reinsurance capacity of 69 billion USD from the private reinsurance market. Through more than 65,000 transactions across vital sectors including agriculture, renewable energy, infrastructure, manufacturing, and healthcare, the Corporation continues to drive significant development impact across  member countries.“

On his part, Eng. Adeeb Al-Aama, CEO of the International Islamic Trade Finance Corporation (ITFC), stated, “The 13th edition of the Private Sector Forum reaffirmed the vital role of the private sector in fostering economic growth, generating employment, and reducing poverty in member countries. The active participation of the business investors greatly enriched discussions and strengthened collaborative efforts to promote economic resilience and business dynamism.”

He added, “Since its launch in 2008, ITFC has extended over 83 billion USD in financing to OIC member countries, becoming the leading provider of trade solutions in the region. Of this, 19 billion USD was allocated to enhance SMEs competitiveness – combining financial support, technical assistance, and capacity building efforts to help these enterprises access regional and international markets.”

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