Center of Islamic Banking and Economics

Press Release

AlHuda CIBE signed MOU with Uzbekistan Lessors Association to promote Islamic Leasing

(May 24, 2019 (Dubai)): Uzbekistan Lessor Association (ULA) signed a Memorandum of Understanding
(MoU) with AlHuda Center of Islamic Banking and Economics (CIBE), to implement promote Islamic
leasing business in the country with the help of its association members.

According to this Memorandum of Understanding both organizations will draw a strategy to promote
Islamic leasing business enabling environment and to organize trainings and capacity building programs
in the country. The main purpose of the great initiative is to mold the expertise, scholastic ideas and
international best practices according to the international standards into reality. MoU signing ceremony
was held in the headquarter of Uzbekistan Lessor Association (ULA), Tashkent – Uzbekistan that was
signed by Mr. Muhammad Zubair Mughal, Chief Executive Officer, AlHuda CIBE and Mr. Zafar B.
Mustafaev, General Director, Association of Uzbekistan Lessors, Uzbekistan.

On this occasion, Mr. Zafar B. Mustafaev, stated: Islamic leasing along with Islamic Banking, is also
growing with rapid pace in CIS countries and particularly in Uzbekistan where it has enough potential.
He added that AlHuda CIBE’s entry in CIS is a constructive initiative which will strengthen the diversified
Research, Trainings and Shariah advisory in Islamic Finance industry in CIS countries.

The MoU will nurture the Islamic finance industry with a new service.

AlHuda Center of Islamic Banking and Economics

Head Office: P.O Box. 120867, Dubai - U.A.E, Ph: 00971 55 938 99 00
Pakistan Office: 98A Sunflower Society, J1 Johar Town, Lahore – + 92 (0)42 - 35913096 – 8
Email: info@alhudacibe.com Web: www.alhudacibe.com
 Center of Islamic Banking and Economics

Muhammad Zubair Mughal, said that these moments are very rejoicing when AlHuda CIBE and ULA
enter in joint collaboration, we will pool our expertise and resources to achieve the optimum goal of
promotion of Islamic leasing and finance in Uzbekistan specially and CIS countries. This step will surely
benefit Islamic leasing and finance in the financial industry. He further added that we will not only be
confined to the only agreement rather this relation will be extended to other stakeholders of Islamic
finance industry.

He added that according to this MoU, both organizations will work together for the improvement of the
legal framework governing leasing services in the Republic of Uzbekistan, development of soci-economic
public policy regarding the Islamic leasing business in Uzbekistan. He further said that both organizations
will also work to strengthen the abilities of Islamic leasing in Uzbekistan, and to provide technical and
Shariah advisory, research, trainings and other related services. He said that AlHuda CIBE is keeping an
eye on Islamic leasing of CIS countries and AlHuda CIBE and ULA will mutually conduct training
workshops on Islamic leasing and finance by mutual consent.

About AlHuda CIBE: AlHuda Center of Islamic Banking and Economics (CIBE) is a well-recognized name
in Islamic banking and finance industry for research and provide state-of-the-art Advisory Consultancy
and Education through various well-recognized modes viz. Islamic Financial Product Development,
Shariah Advisory, Trainings Workshops, and Islamic Microfinance and Takaful Consultancies etc. side by
side through our distinguished, generally acceptable and known Publications in Islamic Banking and
Finance.

We are dedicated to serving the community as a unique institution, advisory and capacity building for
the last twelve years. The prime goal has always been to remain stick to the commitments providing
Services not only in UAE/Pakistan but all over the world. We have so far served in more than 35
Countries for the development of Islamic Banking and Finance industry. For further Details about AlHuda
CIBE, please visit: www.alhudacibe.com

For Media Contact:

Ms. Shaguftta Perveen

Manager Communications,
info@alhudacibe.com
Call: +92 42 35913096 - 98

AlHuda Center of Islamic Banking and Economics

Head Office: P.O Box. 120867, Dubai - U.A.E, Ph: 00971 55 938 99 00
Pakistan Office: 98A Sunflower Society, J1 Johar Town, Lahore – + 92 (0)42 - 35913096 – 8
Email: info@alhudacibe.com Web: www.alhudacibe.com