Colvir Software Solutions has become an associate member of the Association of Islamic Finance and Business (AIFB). The Association brings together Islamic finance market participants, business representatives, and industry experts. It is registered at the Astana International Financial Centre and works to create conditions for the development of Islamic finance in Kazakhstan. Its key areas of activity include engagement with regulators, preparation of proposals to improve legislation, professional training, knowledge sharing, and international cooperation.
Colvir’s participation in AIFB continues the company’s work in Islamic banking automation. The company is developing this area across several levels:
- Technology solutions. Colvir develops an architecture for Islamic banks and Islamic windows within conventional banks, integrated into the company’s existing core banking system. The solution provides for the separation of products, accounts, and transactions; separate accounting and reporting; access management; and system controls to ensure compliance with Islamic finance requirements throughout the transaction lifecycle.
- Practical work with banks. The company develops the functionality of Islamic products based on its experience of automating Zaman Bank. Together with banks and industry experts, Colvir is working on the Islamic window model, product logic, and requirements for accounting, integrations, and transaction controls.
- Professional dialogue. In 2026, Colvir hosted the Colvir Islamic Banking Brunch in Almaty and the international online meeting, Colvir Islamic Brunch Live. The events brought together representatives of banks, industry organizations, and experts to discuss regulation, Shariah compliance, risks, and IT architecture.
- Materials for banking teams. Colvir has prepared an Islamic banking guide covering regulation, products, accounting, risks, and technology. It also includes a roadmap for launching an Islamic window and a library of useful resources.
- Expert consultations. The company is developing formats for closed reviews of banking cases and Ask the Expert consultations, involving specialists in Shariah compliance, IT architecture, and financial modeling.
On 7 October 2026, Colvir representatives took part in the AIFB members’ meeting in Almaty. Participants discussed the Association’s performance and priorities for joint work in the coming year.
AIFB’s plans for 2027 include improving regulation and removing barriers to market development, addressing issues related to Islamic windows and the Islamic capital market, developing educational programs and professional certification, organizing industry events, and expanding international partnerships. Colvir plans to actively participate in these initiatives, share its automation expertise, and help address the technological challenges banks face when launching Islamic products.
Colvir Software Solutions thanks AIFB for its trust and the opportunity to contribute to this shared work. Together with the Association and its members, the company will continue to develop Islamic banking, support knowledge sharing, and help banks implement new financial solutions.