AAOIFI and Boursa National sign MOU to work together to develop Islamic finance in the CIS region

The Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), headquartered in the Kingdom of Bahrain, and Boursa National, a Kuwaiti-Uzbek consulting company, signed a Memorandum of Understanding to collaborate and help develop Islamic finance industry in Uzbekistan and in the wider CIS region.

Under the agreement, both institutions aim to work in the areas of common interest that support the growth of Islamic finance industry in Uzbekistan and the region. This includes conducting joint capacity-building programmes related to AAOIFI standards in Uzbekistan, as well as host events and activities to enhance awareness of Islamic finance within the local market for the benefit of various stakeholders including, professionals working in regulatory and supervisory institutions, banks and financial institutions, academia and Shari’ah scholars and others.

The MoU inked in the Kingdom of Bahrain outlined AAOIFI’s continuous endeavour to offering assistance to the CIS region and its industry participants, which now includes Boursa National.

Boursa National is fully committed to realising this objective, aligning with the company’s core mission of providing expert guidance and strategic solutions to investors from Gulf and Arab nations who are actively exploring investment prospects in Uzbekistan. With a profound understanding of the unique culture and economic dynamics of emerging markets, specifically Uzbekistan, Boursa National is pledged to fostering successful business ventures and developing mutually beneficial partnerships. The company is unwavering in its commitment to nurturing successful business ventures and cultivating mutually advantageous partnerships.

On the occasion of signing the MOU, Mr. Omar Mustafa Ansari, Secretary-General of AAOIFI stated, “We sincerely hope that through this collaboration we jointly work to spread awareness of Shari’ah compliant financial solutions in Uzbekistan and the CIS region, as well as equip market participants to enhance their understanding and knowledge, absorb the growing demand of Islamic finance products and services and serve them accordingly”.

Dr. Salah AlOthman, Co-founder, and chairman of Boursa National, remarked, “Our team at Boursa National is excited about the opportunities this partnership will bring. We look forward to working closely with AAOIFI to promote Islamic finance and attract investments to Uzbekistan. We regard this partnership as a promising avenue to elevate Islamic finance and establish an enticing investment climate for investors, and fully committed to exerting our utmost efforts to realize shared objectives and cultivate a productive collaboration between both parties.”

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