Kazakhstan, Kyrgyzstan, and Uzbekistan Associations Establish Regional Alliance to Advance Islamic Finance in Central Asia
On May 21, the second Islamic Finance and Business Forum 2026 took place at the Astana International Financial Centre (AIFC), bringing together representatives of government agencies, the AIFC, financial institutions, businesses, Shariah experts and international market participants.
During the forum, the Kazakhstan Association of Islamic Finance and Business (AIFB), the Islamic Finance Association of Kyrgyzstan and the Islamic Finance and Takaful Association of Uzbekistan agreed to establish a regional alliance for the development of Islamic finance in Central Asia. The initiative aims to strengthen shared expertise, promote the region’s investment opportunities and enhance cooperation among market participants.
The forum also presented both existing Islamic financial and investment solutions and new instruments being prepared for launch in Kazakhstan’s market. Participants discussed Islamic leasing, investment platforms, Islamic windows, digital solutions, mechanisms for structuring transactions, and opportunities to use AIFC instruments to attract capital. Special attention was given to legislative changes aimed at creating a more transparent and accessible market environment.
“Today, Islamic finance in Kazakhstan is moving from the discussion phase to practical implementation. Further market development requires not only legislative reforms, but also accessible tools, expertise and trust from businesses and investors. The forum served as a platform for this open and practical dialogue”, said Madina Tukulova, Head of Islamic Finance at the AIFC Authority and CEO of the Kazakhstan Association of Islamic Finance and Business.
An important part of the program was the presentation of a study on Central Asia’s investment potential, prepared by AIFC Insights, the AIFC’s analytical centre, jointly with Uzbekistan’s Institute for Advanced International Studies (IAIS). The report presented Central Asia as a promising destination for international capital and emphasized the importance of a unified regional investment agenda.
According to the study, Central Asian countries have attracted over $220.5 billion in foreign direct investment over recent decades, of which $151.3 billion went to Kazakhstan. In 2024 alone, the European Bank for Reconstruction and Development (EBRD) invested €2.26 billion in the region through 121 projects.
The business program concluded with a panel session where experts from the Middle East, the United Kingdom and Pakistan discussed which solutions could be applicable to Kazakhstan, how to strengthen cooperation between investors, regulators, and market participants, and how to enhance the country’s positioning within the global Islamic finance ecosystem.
“The forum demonstrated that Islamic finance is becoming part of the region’s broader investment agenda. It is no longer only a financial sector issue, but also a topic for businesses, investors, fintech companies, and consultants. The clearer the market communicates about these instruments, the faster trust in them is established”, emphasized Ainura Umayeva, CEO of the communications agency TIDAM.
The forum was organized by the Kazakhstan Association of Islamic Finance and Business (AIFB), the Astana International Financial Centre (AIFC), and the communications agency Tidam. The event’s practical focus was strengthened by partners representing various segments of the financial, investment, and technology sectors. The international trading platform ITS served as the official partner. Other partners included Alif, Kazakhstan Ijara Company, Tabys Pro powered by Teniz, Colvir software solutions, Al Safi Bank, Ailat, Money, Proji and BCC Invest.
Islamic Finance and Business Forum 2026 confirmed growing interest in Islamic finance among businesses, investors, and financial institutions, and served as a platform for discussing practical steps toward building the region’s investment and financial market infrastructure.
Media Contacts:
TIDAM Communications Agency
Nurbota Talgatbek
+7 707 610 36 22
AIFC Press Office
Ainur Isabayeva, Press Secretary
E-mail: [email protected]
