Mr.Khusan Khasanov attended the opening of the 4th CIS Islamic Banking and Finance Forum on June 16, 2025 in Hyatt Regency hotel in Tashkent. During his opening remarks he mentioned about IF industry growth in 2023, especially:
- Total Islamic finance assets reached US$4.9 trillion, up 11% from 2022.
- Islamic banking assets grew by 12% to US$3.6 trillion.
- Notable growth rates were observed in Afghanistan, Iraq, and Bahrain.
- Takaful sector grew by 1% to US$86 billion, facing challenges from conventional insurance.
- Sukuk issuance surpassed US$200 billion in 2023, with a 9% increase in outstanding amounts to US$863 billion.
- Islamic funds grew by 16% to US$254 billion, driven by positive investor sentiment.
- Malaysia, Saudi Arabia, and the UAE are the top three countries in the IFDI rankings.
- Other notable countries include Indonesia and Pakistan, which also show strong development.
He also emphasized about IF development in Central Asia countries. With reported total Islamic finance assets of USD 699 million in 2024, or 0.01% of total global assets, Central Asian nations still make a modest contribution to the industry. The region of Central Asia currently has 18 Islamic banks and 14 non-banking financial institutions, as well as Islamic banking windows. 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.
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.
