Pakistan helps Uzbeks institute Islamic banking

TASHKENT – Pakistani consultants will aid Uzbekistan in instituting Islamic banking practices, CPI Financial reported February 12.

Muhammad Zubair Mughal, CEO of the Lahore-based AlHuda Centre of Islamic Banking and Economics (AlHuda CIBE), recently conferred with Ikram Ibragimov, board chairman of the Tashkent-based Hamkor Bank.

"We are happy to announce that AlHuda CIBE Pakistan will be our advisor for Islamic banking," Ibragimov said, according to CPI Financial. AlHuda CIBE will consult, advise on Sharia law and help develop personnel, he said.

Uzbekistan will provide a vast market for Islamic banking, Mughal said, adding it was an honour for AlHuda CIBE to help introduce Islamic banking to the country. Starting this week, a three-member AlHuda CIBE team will train Hamkor Bank staff in Islamic banking practices, he said.