Tashkent, Uzbekistan – September 2025
Uzbekistan has taken one of the most significant historical steps in the field of Islamic finance by hosting the 20th International Shari’ah Scholars Forum (ISSF2025) on September 17–18, 2025, in Tashkent. This prestigious international event was particularly notable as it was held outside Malaysia for the very first time.
The Forum was organized by INCEIF (International Centre for Education in Islamic Finance) University and its ISRA (International Shari’ah Research Academy for Islamic Finance) Institute, together with Al Muamalat Consulting and the strategic partner – the Central Bank of Uzbekistan. It brought together renowned Shari’ah scholars, policymakers, regulators, and financial sector professionals from different countries.
The theme of this year’s forum was “Implementing Islamic Banking: Towards a Sustainable Financial System”, highlighting Uzbekistan’s firm commitment to building a legal and regulatory framework for Islamic finance. Discussions focused on Shari’ah governance, models for transforming banks into Islamic systems, the Maqasid ash-Shariah approach in product development, and integrating Islamic banking with Islamic social finance.
The Forum featured prominent experts, including:
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Sheikh Prof. Dr. Ali Muhiyaddin al-Qaradaghi – President of the International Union of Muslim Scholars
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Sheikh Dr. Muhamad Nizam Salih Yaquby (Bahrain) – Deputy Chairman of the Shari’ah Board, Islamic Development Bank (IsDB) Group
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Dr. Sami Al-Suvaylim – Acting Director General of the IsDB Institute
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Professor Dr. Said Adekunle Mikail – Member of the Shari’ah Board, IsDB Group
Local financial institutions also played an active role. Hamkorbank and Openbank (Smartbank) were recognized for their cooperation with the IsDB and its entities, while Trust Muamalat LLC was particularly noted for introducing ijara and murabaha services in collaboration with the Islamic Corporation for the Development of the Private Sector (ICD), a member of the IsDB Group.
At the conclusion of the Forum, decisions were adopted aimed at harmonizing Shari’ah standards, developing human capital, and strengthening regional cooperation. ISSF2025 showcased Uzbekistan as a key player in Central Asia and as a country making a fresh contribution to the global Islamic finance ecosystem.
The event also saw the active participation of Mr. Khusan Khasanov, Director of Amanah Consultings Group LLC. His involvement highlights the important role of local consulting companies in the development of Islamic finance in Uzbekistan.
Source: ISSF2025 International Shari’ah Scholars Forum
Link: ISSF2025 Brochure (PDF)
