Kazakhstan and Uzbekistan Share Experiences in Islamic Finance Development

Participants from various Central Asian countries, including Turkmenistan, attended the Colvir Islamic Brunch Live conference in September 2026. The conference featured discussions on the practical aspects of developing Islamic banking, covering topics such as regulation, staff training, and IT systems. Drawing on examples from Kazakhstan and Uzbekistan, participants explored changes in the regulatory environment and the development of Islamic financial products. Madina Tukulova, CEO of the Association of Islamic Finance and Business of Kazakhstan, outlined the regulatory framework for Islamic windows in Kazakhstan, focusing on licensing, separate accounting, segregation of funds, and independent Shariah oversight.

The discussions focused on how to organize Islamic banking operations and ensure compliance with Islamic finance principles at every stage of a transaction. The conference explored the viability of establishing an Islamic window within a conventional bank, which involves a dedicated business with its own products, accounting, and controls.

Kazakhstan and Uzbekistan held talks on expanding stock market cooperation and financial integration in Central Asia.