The Islamic Development Bank Institute (IsDB Institute) (https://IsDBInstitute.org/) successfully delivered a three-day bespoke Islamic banking and finance capacity-building program for bankers and financial sector experts from the Republic of Uzbekistan.

Organized with the theme, “Creating Value and Realising Business Opportunities in Islamic Finance”, the program was held in Jeddah, Saudi Arabia, from 11-13 February 2024, in collaboration with the Islamic Business and Finance LLC (Uzbekistan).

The IsDB Institute welcomed 16 participants to the IsDB HQ and delivered 10 sessions, comprising nine technical training sessions on Islamic banking and finance and a panel discussion on embracing digital technologies in Islamic finance.

During the sessions, the participants and speakers extensively discussed how to develop competitive Shari’ah-compliant products for rolling out in the Uzbekistan financial sector.

The training covered key areas that included structuring Islamic banking products, leasing, and retail financing products by the non-banking institutions (e.g. leasing companies, finance companies), modern technology such as blockchain and digital assets in the financial sector, and the role of different stakeholders in unlocking Islamic finance solutions for addressing modern-day economic challenges.

The sessions were delivered by a diverse set of speakers, led by Dr. Sami Al-Suwailem, Acting Director General of the IsDB Institute. The speakers included Dr. Hilal Houssain, Dr. Abozer Mohamed, Mr. Syed Faiq Najeeb, and Mr. Mohamed Naamani from the IsDB Institute.

Two staff from the IsDB Group Entities also supported the delivery of the program, namely Mr. Muhammad Adnan bin Hasan (ICD) and Mr. Lotfi Zairi (ICIEC), along with two external expert trainers, Mr. Hamza Khalid Bawazir, Executive Vice President and Head of Shariah Division, Saudi National Bank (SNB), and Dr. Farrukh Habib, Co-Founder and CEO, Alif Technologies (UAE).

The program equipped participants with practical and theoretical knowledge, which will enable them to contribute to the development of the Islamic finance sector in Uzbekistan.