Islamic Finance and Business Forum at AIFC Gathers Industry Leaders from Central Asia and the CIS

On 19 May 2025, the Astana International Financial Centre (AIFC) hosted the Islamic Finance and Business Forum – a significant regional event that convened over 200 participants from Kazakhstan, Central Asia, and the Commonwealth of Independent States (CIS). The forum was organised by the Association of Islamic Finance and Business (AIFB) and the communications agency TIDAM, with the support of the AIFC and in partnership with Zaman Bank, Al Safi Bank, ITS, and Alif (Uzbekistan). 

Discussions centred on the evolution and transformation of Islamic finance in the region, the impact of digitalisation, the halal economy, and the advancement of women’s leadership. In particular, the speakers discussed the prospects for Islamic finance both in the region and globally, sharing their experiences in implementing Islamic banking within their respective markets. Special attention was also given to the role of women in the Islamic finance industry, the challenges they face in overcoming professional barriers, and the successful initiatives aimed at promoting gender inclusion in the sector. 

Additionally, the experts discussed the use of digital technologies to promote Islamic finance products, with one of the focus areas being the development of Islamic start-ups. 

As part of the forum, a memorandum was signed between the AIFC Authority and Silk Way Alem (a representative of Kazakhstani business in Nigeria and co-founder of the Nigeria–Kazakhstan Business Council). The document aims to develop Islamic banking and promote the AIFC as an international hub for Islamic financial institutions from African countries. It also focuses on coordinating business visits and investment dialogue, as well as organising joint events and facilitating the exchange of expertise. 

Also, during the event, memoranda of understanding were signed between the AIFB and the Association of Islamic Property Developers of Kazakhstan, the AIFB and Compliance Hub, as well as ITS and the Zakat Charity Fund. These agreements cover a wide range of initiatives, including the integration of halal standards in construction, the promotion of a compliance culture, the exchange of expertise, and other collaborative efforts. 

For the first time in Kazakhstan, the international WOMANi Awards ceremony was held, at which Cambridge IFA (Great Britain) recognised women who have made a significant contribution to the development of the Islamic economy and business in Central Asia and the CIS. Honourees included representatives of the AIFC Authority and the Astana Financial Services Authority (AFSA), as well as delegates from central banks, financial institutions, and businesses in Central Asia and Russia. 

Thus, the WOMANi Significancica award was presented to Assel Mukazhanova, Chief Executive Officer of the Astana International Exchange (AIX). This prestigious accolade recognises a woman whose significant achievements and impactful contributions have made a lasting mark, bringing about positive change and progress in her field. 

Madina Tukulova, Head of Islamic Finance at the AIFC, and Kuralay Yeldesbay, Senior Associate at the Prudential Division of the Astana Financial Services Authority (AFSA), were recognised in the WOMANi Influencer category for their support of positive change in the industry through advocacy and social impact initiatives. 

The winner of the WOMANi Professional category was Ainur Zhumatova, Head of the AIFC Expat Centre, and Madina Tukulova, Head of Islamic Finance at the AIFC Authority, was recognised in the WOMANi Kazakhstan category. 

Madina Tukulova, Head of Islamic Finance at the AIFC Authority, commented: “The AIFC is committed not only to being part of the global Islamic finance landscape but to actively shaping the agenda through infrastructure solutions, partnerships, and a professional community. This forum marks a significant milestone in deepening regional integration and unlocking new avenues for growth in Islamic finance.” 

Ainura Umaeva, CEO of the Strategic Communications and Business Consulting Agency TIDAM, emphasised that the forum reflected the changes taking place in the industry: “We are witnessing how the Islamic economy is expanding across various sectors, from investments to lifestyle. This forum has demonstrated that this movement has a promising future: one that is technological, ethical, and inclusive.” 

The Islamic Finance and Business Forum underscored the AIFC’s growing role as a regional hub for Islamic finance, set out new directions for collaboration, and laid the groundwork for large-scale initiatives. The signed agreements, expert-led discussions, and high level of engagement demonstrated that Islamic finance is not only in demand across the region, but is also becoming a tool for sustainable and ethical development both nationally and regionally. 

Background Information:     

The Astana International Financial Centre (AIFC) is an independent jurisdiction offering a favourable legal and regulatory environment, as well as developed infrastructure for starting and conducting business, attracting investment, creating jobs, and fostering economic development in Kazakhstan. www.aifc.kz 

The Association of Finance and Business of Kazakhstan is a non-profit organisation registered with the Astana International Financial Centre. Its primary objective is to promote the development of Islamic business and finance principles within the country. The Association brings together professionals, entrepreneurs, academics, and other stakeholders from across the Islamic finance and business sectors. www.aifb.kz 

Tidam, a strategic communications and business consultancy agency established in Kazakhstan in 2004, operates across the markets of Central Asia, the Caucasus, and the Gulf countries. From 2006 to 2016, the agency served as the exclusive partner of the international network Ogilvy PR in Kazakhstan and Uzbekistan. Over more than two decades of operation, Tidam has delivered large-scale communication campaigns and reputation management projects for prominent brands including UN Women, Huawei Technologies, P&G, Mars, Nestlé, Visa, and others. www.tidam.co