The Association of Islamic Finance and Business Kazakhstan, the Association of Islamic Finance of the Kyrgyz Republic, and the Association of Islamic Finance and Takaful of Uzbekistan signed a Memorandum of Understanding to establish a Regional Islamic Finance Alliance. The signing took place on 21 May in Astana as part of the Islamic Finance and Business Forum 2026.
The document provides for the establishment of a regional cooperation platform to develop Islamic finance in Central Asia. The initiative will bring together professional associations from the three countries to coordinate joint projects, exchange expertise and promote the region as a promising destination for Islamic capital.
Within the framework of the Alliance, the parties intend to cooperate in key areas, including knowledge exchange and professional capacity building, joint research and analytical materials, promotion of Islamic finance at national and regional levels, and engagement with financial institutions, regulators, investors and international organisations.
Particular attention will be given to the development of educational initiatives, the organisation of joint events, the creation of thematic working groups, and participation in international platforms to represent the region's common interests. The Association of Islamic Finance and Business Kazakhstan will serve as the Coordination Secretariat of the Alliance.
The signing of the Memorandum became one of the practical outcomes of the Islamic Finance and Business Forum 2026 and marked a new stage of cooperation between professional associations of Kazakhstan, Kyrgyzstan and Uzbekistan.
The establishment of the Regional Alliance will enable Central Asian countries to build a more coordinated agenda in Islamic finance, strengthen expert capacity, develop the professional community and create a clearer infrastructure for investors, businesses and financial institutions.