FOREIGN NEWS 05
May-June. 2025 | @ Halal
FOREIGN NEWS 05
Islamic finance momentum in CIS region
THE 4th Commonwealth of Independent States( CIS) Islamic B a n k i n g a n d Finance Forum, organised by AlHuda Centre of Islamic Banking and Economics( CIBE), recently took place at the Hyatt Regency Tashkent.
This high-profile event welcomed leading policymakers, scholars, and industry players to explore emerging opportunities and trends in Islamic finance across Central Asia.
The forum was inaugurated by Pakistan’ s Ambassador to Uzbekistan, Ahmed Farooq. In his keynote address, he emphasised the increasing global significance of Islamic finance as a transparent, inclusive, and ethical alternative to conventional banking.
“ Islamic finance, with its principles of risk-sharing, transparency, and asset-backing, is not just a religious obligation but a viable economic model that promotes financial justice,” he stated.
Farooq noted Pakistan’ s strong performance in the sector, with Islamic banking now comprising nearly 20 per cent of the nation’ s total banking assets.
Key topics discussed included
Tanmiah forms key US partnerships
TANMIAH Food Company, one of the Middle East’ s leading poultry and halal protein producers, has signed two key Memoranda of Understanding( MoUs) with Griffith Foods and Poulta Inc. during the recent Saudi-United States( US) Investment Forum held in Riyadh.
The agreements mark a significant step in Tanmiah’ s commitment to advancing food innovation, sustainability, and digital transformation in line with Saudi Vision 2030.
The MoU with Griffith Foods outlines plans to develop a halal research, development, and production facility in Saudi Arabia. The focus will be on producing sauces, seasonings, and spice blends tailored to local tastes and preferences.
This initiative aims to boost regional manufacturing and establish Saudi Arabia as a hub for the production of ethical and innovative halal
Islamic FinTech, Sukuk, Takaful, and Ijarah. Muhammad Zubair Mughal, Chief Executive Officer( CEO) of AlHuda CIBE, spoke on the organisation’ s two-decade commitment to Islamic finance development, especially in banking, capital markets, and financial technology.
“ For the past 20 years, AlHuda CIBE has been at the forefront of developing Islamic banking, Takaful, and Fintech solutions. Our work in Sukuk and capital markets has laid the foundation for sustainable growth in the CIS region,” Zubair said.
Distinguished speakers, including Nuriddin Lafizov( Alif Uzbekistan), Dr Tamara
STRATEGIC PARTNERSHIP: Tanmiah formalises MoUs with Griffith to advance halal innovation and Agri-tech transformation in Saudi Arabia.
ingredients.
At the same time, Tanmiah has partnered with Poulta Inc., a US-based agricultural technology company, to accelerate the digitalisation of its poultry operations. The collaboration will introduce technologies such as the Internet of Things, big data, cloud computing, and artificial intelligence to enhance automation, animal welfare, and
REGIONAL COLLABORATION: Leaders and experts convene at the 4th CIS Islamic Banking and Finance Forum in Tashkent.
Alqolaghassi( Capital Investment Holding Group), and Ravi Kiran Madiki( Royal Bullion Capital), shared forward-looking insights on regional financial innovation. Engaging panel discussions further examined ways to strengthen Shariah-compliant finance in the CIS region.
The forum also introduced the CIS Islamic Banking and Finance Awards 2025, recognising excellence in areas such as Sukuk issuance, microfinance, and FinTech.
Supported by prominent sponsors and financial associations from across the region, and with strong media backing, the event reaffirmed Central Asia’ s growing role in the global Islamic finance ecosystem.
operational efficiency.
The agreement also includes the formation of a joint venture, an agri-tech research and development centre to support broader transformation across the regional livestock sector.
Tanmiah’ s Chairman, His Excellency Amr Al-Dabbagh, stated that these collaborations are part of the company’ s long-term vision to position Saudi Arabia as a leader in global halal food innovation.
Group Chief Executive Officer( CEO) Zulfiqar Hamadani emphasised that innovation and sustainability go hand in hand. He noted that these agreements will support Tanmiah’ s mission to deliver high-quality halal products through intelligent, data-driven operations.
These strategic partnerships reflect Tanmiah’ s ongoing efforts to blend global expertise with local capability and contribute to a more sustainable and technologically advanced halal food ecosystem.
Bank Nizwa launches exclusive Islamic banking offers
EMPOWERING PROFESSIONALS: A healthcare professional benefits from Bank Nizwa’ s tailored Shariacompliant banking solutions designed to support key sectors in Oman.
BANK Nizwa, Oman’ s leading Islamic bank, has introduced a tailored Sharia-compliant retail bundle for professionals in the education and healthcare sectors. This initiative highlights the bank’ s commitment to supporting those who contribute significantly to society, offering them personalised financial solutions that align with Islamic values.
The bundle includes a Salary Account with access to savings plan, Mudaraba-based investments, and preferential profit rates on financing products. Customers will also receive a Gold Credit Card with a waived first-year fee and exclusive merchant discounts. In line with its ethical finance principles, the bundle further includes Takaful coverage for domestic helpers.
Speaking on the initiative, Mohamed Al Ghassani, Chief Retail Banking Officer, stated that the bank aims to empower professionals with value-driven services rooted in Islamic principles.
This offering reflects Bank Nizwa’ s ongoing efforts to promote the growth of halal financial services while supporting the lifestyle needs and aspirations of key sectors in Oman.-