ASTANA, Kazakhstan, May 22. Kyrgyzstan, Kazakhstan, and Uzbekistan have established a regional alliance to develop Islamic finance in Central Asia, Trend reports via the Astana International Financial Centre (AIFC).
The multilateral agreement was signed by sector associations from the three nations during the 2nd Islamic Finance and Business Forum 2026 in Astana.
The new regional alliance comprises the Islamic Finance Association of Kyrgyzstan, the Islamic Finance and Business Association of Kazakhstan, and the Islamic Finance and Takaful Association of Uzbekistan. The collaborative framework is designed to build joint technical expertise, promote the region's cross-border investment opportunities, and enhance networking among market players.
The forum, hosted by the AIFC in partnership with the AIFB and Tidam communications agency, brought together state regulators, financial institutions, Shari'ah scholars, and international investors. The event featured presentations of emerging financial instruments, including Islamic leasing, digital investment platforms, and dedicated transaction structuring mechanisms. The participants also reviewed necessary regulatory amendments aimed at standardizing the legal framework to make the Central Asian Islamic finance market more transparent for corporate entities and institutional investors.
