Challenges impede Islamic finance growth in Central Asia
Central Asian countries harbour several opportunities for a burgeoning Islamic finance landscape, that could increase investment as well as diversify sources of financing.
These opportunities include evolving favourable legislation and a tech savvy, predominately Muslim population base across the region.
"Islamic finance will also enable financing on a Sharia compliant basis," says Najib Al Aswad, director at advisory firm Islamic Finance Advisory & Assurance Services (IFAAS).
“Islamic finance will also benefit CIS (Commonwealth of Independent States) economies in terms of facilitating international trade. A lot of CIS countries trade with Muslim-majority nations, in addition to Russia and China.”
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Hassan Jivraj