Colvir’s event brought together a distinguished professional community, uniting participants at both strategic and operational levels. Guests included senior executives from banks, international organizations, industry associations and fintech companies, as well as experts in Sharia compliance, legal support and banking technologies. This composition of the audience made it possible to discuss Islamic banking comprehensively — from the regulatory and business agenda to technological implementation.
Opening the event, Colvir representatives noted that in 2026 Islamic banking in the region is definitively moving from the conceptual stage into practical implementation. New legislative initiatives, the regulator’s proactive position and growing interest from banks are creating a foundation for the systematic development of the industry.
Denis Yudin, Director of Business Development at Colvir Software Solutions, also emphasized the practical focus of the meeting. The company noted that the topic of Islamic banking was the result of several years of study, accumulated expertise and joint work with partners, while the brunch itself was designed as a platform for open discussion of the issues currently facing banks, the regulator, Sharia experts and technology teams.
The business program of the brunch was built around the key aspects of Islamic banking development.
Madina Tukulova, Head of Islamic Finance at the Astana International Financial Centre, presented an overview of the development of Islamic finance in Kazakhstan and globally. Her presentation demonstrated the historical logic behind the industry’s evolution: from early forms of trade partnership and trust-based financing to the emergence of modern Islamic banks, international AAOIFI standards, the Islamic capital market, sukuk and digital financial services. It was separately noted that Islamic finance is based on a connection to real assets, risk sharing and transaction transparency, which makes it a sustainable alternative for different categories of clients.
A significant part of the presentation was devoted to the Kazakhstani market. Madina Tukulova recalled that Kazakhstan has been consistently developing this area since the 1990s: from joining the Islamic Development Bank and adopting legislation on Islamic finance to launching the Astana International Financial Centre and the emergence of Islamic banks, leasing companies, funds and capital market instruments. An important milestone was the legislative approval of Islamic windows, which enables conventional banks to launch Islamic products without establishing a separate Islamic bank.
The speaker also presented data on demand for Islamic financial services and showed that this is not merely a niche product, but a significant potential market segment. According to a study by the AIFC and the Islamic Development Bank, Kazakhstan has a notable demand for Islamic deposits, mortgages and consumer financing. At the same time, market development requires not only a product line, but also mature infrastructure: Sharia boards, specialized consulting, regulation, tax adjustments, professional training and improved financial literacy among the population.
One of the highlights of the event was the presentation by Javid Isayev, Head of the Savings Center at Bank CenterCredit. The speaker presented a practical case study on building an Islamic finance track within Bank CenterCredit. He explained that work in this area began with a specific client request for financial instruments that would allow clients to invest and hold funds in accordance with Sharia principles. During the project preparation, the bank’s team studied audience needs, held meetings with potential clients and concluded that, for a significant part of the market, Islamic finance is not only about a product line, but also about trust, values and a distinct communication model.
The presentation showed the journey from the first investment solutions to the formation of a full-fledged Islamic framework within a conventional bank. Bank CenterCredit considered several implementation options — from obtaining a fatwa for a specific product to operating through the AIFC, an Islamic window or establishing a separate bank. The priority approach selected was a phased model for developing an Islamic window, involving a separate product architecture, Sharia control, segregation of cash flows, transparency of operations and ongoing compliance with Sharia requirements.
Special emphasis was placed on the fact that BCC’s new application is conceived not merely as a set of financial products, but as an entire digital ecosystem built around the everyday needs of a Muslim audience. The application is expected to combine Islamic financial services, lifestyle features and partner offers: accounts and cards, payments, transfers, currency exchange, prayer times, Qibla direction, a zakat calculator, Quran reading, as well as services related to Umrah, Hajj, halal infrastructure and a partner program. This approach demonstrates a shift from the point launch of an Islamic product to the creation of a comprehensive engagement model for a new audience.
Colvir presented the perspective of a technology partner on the development of Islamic banking and gave a detailed overview of the IT architecture of Islamic solutions — from concept to operating model. The presentation emphasized that Islamic banking cannot be viewed only as a set of new product templates in a banking system. Its implementation affects core banking, accounting, reporting, liquidity management, Sharia compliance control and the logic of interaction between the bank’s assets, liabilities and income.
The isolation of the Islamic framework within the bank was identified as the key architectural principle. This means the need for separate accounting of transactions, dedicated accounts for clients, income, expenses and settlements, a separate product line, additional analytics, new reporting data marts and a transparent connection between attracted funds and their placement. At the same time, a separate framework does not necessarily mean installing a second system: segregation can be implemented through the correct configuration of accounts, departments, attributes, analytics, business processes and control procedures within a unified technology platform.
Colvir also presented the current technology base, which can already be used as a foundation for pilot launches and further scaling. The system supports basic scenarios, including commodity Murabaha, Wakala and an overnight deposit product developed as part of the project with Zaman Bank. At the same time, the company emphasized that the pre-project stage is especially important for Islamic banking: the bank needs to define in advance the Islamic window model, product rollout sequence, Sharia board requirements, accounting logic, integrations, reporting and risk management approach.
Ksenia Zemskova-Larina, Fintech Partner at red_mad_robot asia, complemented the discussion with a client and product perspective, focusing on how to translate the principles of Islamic finance into convenient and in-demand digital services. The presentation noted that compliance with Sharia norms is a mandatory foundation, but in itself does not guarantee client choice. Banks need to answer practical questions: which audience the product is being launched for, what pain point it addresses, what the client journey will look like and how an Islamic product can compete with familiar digital banking services.
Particular attention was paid to trust as a key condition for launching Islamic fintech. Based on red_mad_robot asia’s experience, for strictly and moderately religious audiences, it is important not only what the product is called, but also how transparently it is structured, the reputation of the Sharia board, clear communication, educational work and confirmation that the bank truly follows the declared principles. The speaker also noted the role of family, recommendations and trusted circles in financial decision-making: such products are often discussed not individually, but within the family or with mentors, which means that standard marketing is not enough to promote them.
The practical part of the presentation proposed a sequence for launching Islamic products. According to red_mad_robot asia, a bank does not always need to start with a card: at the first stage of building trust, deposit and investment products, such as Wakala, may be more understandable, as they allow the bank to attract funds from clients who previously did not see acceptable banking instruments for themselves. The next areas may include auto installment financing based on Murabaha, commodity Murabaha and BNPL models, as well as mortgage solutions and a lifestyle ecosystem, including halal mode, partner offers and everyday services.
Shamil Aubakirov, Manager at the Financial Institutions Lending Directorate of the Eurasian Development Bank, presented a regional view of the prospects for Islamic finance in Central Asia. The speaker said that in 2025 the EDB introduced an Islamic window in pilot format and implemented its first project with the Kazakhstani logistics company Istkomtrans for approximately USD 12 million. For the bank, this area is viewed not as a separate product, but as a comprehensive transformation requiring new internal procedures, policies and Islamic contracts.
The presentation revealed the role of Central Asia as a promising region for the growth of Islamic finance. The EDB links this potential to the size of the population, cultural characteristics, the need to develop financial systems and the transition of countries in the region from discussion to practical legislative decisions. Particular attention was given to changes in Kazakhstan that allow second-tier banks to launch Islamic windows, as well as to the law on Islamic banking in Uzbekistan, which creates an additional foundation for market development.
Among the key challenges, the EDB highlighted limited public awareness of Islamic finance principles, a shortage of trained specialists and the need to harmonize the regulatory framework at the regional level. At the same time, growth opportunities are linked to digital channels, partnerships with institutions from countries with more mature markets, the involvement of international Islamic organizations and the development of sukuk instruments. In the base-case scenario presented in the report, Islamic financial assets in Central Asia may grow to USD 2.5 billion by 2028 and USD 6.3 billion by 2033.
The final part of the brunch was an open discussion involving representatives of banks, associations, Sharia experts and technology companies. Participants discussed practical barriers to the development of Islamic products: insufficient applied understanding of product models, cost and unit economics issues, the complexity of transaction support, the need to educate the market and banks’ need for a clear technology implementation strategy.
A separate discussion block was devoted to the role of the regulator, Sharia boards and standards. Participants spoke about the need to develop legislation on Ijarah for individuals, clarify tax and accounting aspects, formulate requirements for Sharia compliance and audit, and improve the professional training of specialists. It was emphasized that an Islamic window effectively operates Ееas a “bank within a bank,” which makes independence, separate accounting, transparent reporting and control by the Sharia board critically important.
The technology part of the discussion addressed issues related to core banking systems, data marts, reporting, correspondent accounts, risk management, liquidity placement, sukuk and collateral. Colvir representatives emphasized that a banking system is a tool that can support Islamic products provided that processes, accounting, analytics and Sharia controls are properly configured. The most realistic approach identified was joint pre-project work between the bank, the technology partner and specialized experts, allowing the architecture of the Islamic framework to be defined in advance and helping to avoid costly rework at the implementation stage.
Following the discussion, participants agreed that the further development of the industry requires synchronized efforts from all parties — banks, the regulator, Sharia experts, industry associations and technology companies — as well as a transition to practical steps in implementing Islamic products.
Colvir confirmed its readiness to act as a technology partner for banks at all stages — from the preliminary elaboration of Islamic banking architecture to solution implementation and project support.
The event concluded with informal networking among participants, allowing the professional dialogue to continue and strengthening industry connections. To continue the conversation about Islamic banking in Central Asia, bank representatives can fill out a short form and discover new opportunities in the world of Islamic finance.
