ITFC and Tajikistan Conclude Workshops to Advance Islamic Trade Finance Knowledge

The workshops represent a significant milestone in ITFC’s mission to strengthen Islamic finance capabilities in member countries.

From July 15 to 19, 2024, the International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IsDB) Group, in collaboration with the Ministry of Economic Development and Trade of Tajikistan, successfully held two comprehensive workshops in Dushanbe. These workshops aimed to enhance participants' knowledge and skills in Islamic finance and its applications.

The workshops represent a significant milestone in ITFC's mission to strengthen Islamic finance capabilities in member countries. Despite Tajikistan's early adoption of an Islamic finance regulatory framework, a 2024 S&P report highlights that limited understanding of Islamic finance principles remains a major barrier to the sector's growth in the region. Addressing this knowledge gap was a primary focus of the sessions.

Participants explored a broad range of Islamic financial products and services during the training, which aimed to deepen their understanding of Islamic trade finance and its distinctive features. The workshops were designed to empower participants with the skills needed to promote and develop Islamic finance in Tajikistan.

Dilshod Sharifi, Head of the International Economic Department at the Ministry of Economic Development and Trade, remarked, "Islamic finance has gained significant traction globally, providing opportunities for financial stability, ethical investment, and inclusive growth. Tajikistan stands to benefit greatly from these principles, and we appreciate ITFC's continued support and impactful projects in our country."

Key outcomes of the workshops included increased awareness of Islamic trade finance principles and ITFC's integrated trade solutions among government institutions and financial entities. Additionally, the sessions helped promote ITFC's private sector financing products within Tajikistan.

Jarilkasin Ilyasov, Manager of Integrated Trade Solutions at ITFC, stated, "ITFC recognizes the substantial growth potential for Islamic trade finance in Tajikistan and is committed to supporting the country in enhancing its Islamic finance capabilities to drive economic and trade development."

The workshops were attended by over 40 participants from financial institutions, the Central Bank of Tajikistan, government entities, and state-owned enterprises. Tajikistan has been selected to benefit from ITFC's Integrated Trade Solutions, with these capacity-building efforts complementing the corporation's trade financing activities. The growing Islamic finance industry in Tajikistan has significant potential to rapidly develop and address the financing needs of the private sector, including SMEs.