The National Bank of the Republic of Tajikistan reported that Deputy Chairman Sirojiddin Ikromi met a delegation from the Islamic Financial Services Board led by Deputy Secretary-General Abdullah Haron to discuss the development of Islamic finance in Tajikistan. The talks focused on strengthening the legal and regulatory framework for Islamic finance and expanding bilateral cooperation on the regulation and supervision of insurance services, with particular attention to training and the introduction of Islamic insurance, or takaful. The discussion highlighted takaful as a key unresolved area in Tajikistan's Islamic finance agenda. The central bank noted that it has been a member of the Islamic Financial Services Board since 2010 and that conditions for the development of Islamic banking have been in place in Tajikistan since 2014. It linked the development, regulation and supervision of Islamic insurance organizations to lower financial and business risks across the economy and to financial market stability. The bank also framed the broader Islamic finance agenda as supporting access to formal financial services, improvements in financial system infrastructure, a reduction in the shadow economy and stronger foreign investment inflows. The Islamic Financial Services Board delegation expressed readiness to continue cooperation and pursue joint projects to support the development of Islamic finance in Tajikistan.

Original source Back to tracker