Developing Regulatory & Supervisory Framework for Islamic Finance in Tajikistan

The project “Development of Islamic Finance Sector in Tajikistan with Focus on the Regulatory and Supervisory Framework” involves ISRA Consulting working with the Central Bank of Tajikistan to establish a strong foundation for Islamic finance in the country. The key objectives include:

1. Developing Legal, Regulatory, Supervisory, and Shariah Frameworks: This entails creating comprehensive guidelines and regulations that govern Islamic Banking and Takaful (Islamic insurance). The aim is to foster the growth of Islamic financial institutions and facilitate the issuance of Sukuk (Islamic bonds).
2. Recommending Appropriate Accounting Treatments: The project will identify and recommend suitable accounting practices for Islamic financial institutions and instruments. This includes highlighting differences between these recommended standards and the current accounting standards in Tajikistan, ensuring compatibility and smooth integration into the existing financial system.

Overall, the project aims to create a conducive environment for Islamic finance to thrive in Tajikistan, offering an alternative financial system that adheres to Shariah principles.