Participants from every Central Asian country, including Turkmenistan, attended the international online conference Colvir Islamic Brunch Live, hosted by Colvir Software Solutions in September 2026. Bank representatives and financial market experts discussed practical aspects of developing Islamic banking, from regulation and staff training to banking processes and IT systems.
The programme featured eight presentations by experts in Islamic finance, technology, Shariah oversight, risk management and human capital. Drawing on examples from Kazakhstan and Uzbekistan, participants explored changes in the regulatory environment, while the experience shared by banks and Colvir informed the discussion of the challenges involved in developing Islamic financial products.
The discussions focused on establishing an Islamic window within a conventional bank. This model involves a dedicated Islamic banking business with its own products, accounting and controls, while sharing selected elements of the bank’s infrastructure. Speakers discussed how to organise these operations and ensure compliance with Islamic finance principles at every stage of a transaction.
Regulation and Practical Banking Experience
Madina Tukulova, CEO of the Association of Islamic Finance and Business of Kazakhstan, outlined the regulatory framework for Islamic windows in Kazakhstan. Her presentation addressed licensing, separate accounting, segregation of funds and independent Shariah oversight.
She also focused on selecting the products with which a bank could begin developing its Islamic banking business.
“There is no need to reinvent the wheel: take an area in which your bank is strong in conventional finance and explore how those products could work in accordance with Islamic finance principles,” said Madina Tukulova.
Aibar Sovet, Head of Islamic Banking at Bank CenterCredit, shared his experience of establishing an Islamic window within a conventional bank. He explained that the work begins with a decision by shareholders and the bank’s willingness to review its processes, sales practices, staff incentives and customer engagement. Both businesses can use shared infrastructure, but the Islamic window needs its own budget, objectives and operating rules.
The speakers also highlighted challenges that extend beyond individual banks, including the development of Islamic liquidity management instruments, specialist training and greater customer awareness of the features of new products.
The Technology Foundation for Islamic Banking
Nastasya Solovey, Director of the Business Analysis Department at Colvir, presented the company’s architectural approach to automating Islamic banking operations. It provides for two models: a standalone system for a fully fledged Islamic bank, and a segregated Islamic banking environment within the existing core banking system of a conventional bank operating an Islamic window.
Under the proposed architecture, the Islamic business’s products, contracts, accounts, transactions and user access rights are segregated from those of the conventional business. Integrations, some customer data, infrastructure and shared services can remain on a single technology platform.
“An Islamic banking environment is not a folder containing Islamic products. It is a set of system-level attributes and rules that extend across the different layers of the core banking system,” Nastasya Solovey emphasised.
The company is also working on a mechanism for configuring a family of Islamic financial products with different contractual workflows, accounting rules and controls. One of the principles underpinning this approach is adherence to the required sequence of operations: the system must verify that the necessary conditions have been met before allowing a transaction to proceed to the next stage. The segregation of financial flows must be maintained throughout, from products and contracts to accounting and reporting.
Shariah Oversight and Risk Management
Adilbek Ryskulov, Executive Member of the Council on the Principles of Islamic Finance at Zaman Bank, discussed how to prepare a product for automation. He recommended starting with a single product specification document setting out the contractual structure, the subject matter of the transaction, the asset transfer process, the allocation of risks, settlement arrangements and procedures for handling exceptional scenarios. This document provides a common reference for business, legal, accounting, operations and IT teams.
He stressed the importance of involving Shariah experts from the outset of product development. If the transaction terms require the bank to acquire the asset first, the next operation must remain unavailable until ownership has been confirmed. The system must also retain an audit trail of actions, documents and approvals for subsequent audit.
Timur Mussin, Chief Risk & IT Officer and Member of the Management Board at Al Safi Bank, examined Islamic financial products from a risk management perspective. He noted that the assessment must cover the customer’s ability to meet their financial obligations, the asset, the contractual structure, the sequence in which rights are transferred and all material parties to the transaction. Sanctions screening must be repeated whenever the supplier, asset, jurisdictions involved or payment chain changes.
Kuandyk Urazbayev, Islamic Banking Product Owner at Halyk Bank and a Certified Shariah Adviser and Auditor, focused on the economic substance of Islamic finance. He explained that compliance with Islamic principles must be maintained throughout the product lifecycle: during development, approval, execution and subsequent audit. National legal requirements, the product’s financial viability and customer rights must also be taken into account.
Staff Training and Customer Trust
Madina Bilalova, Founder and Chair of the HR Business Partners Association and the BUSINESS HOLISTIC Alliance, explored the role of human capital in the development of Islamic banking.
“IT infrastructure creates opportunities, but people build trust,” she said.
Her presentation focused on team readiness and changes to corporate culture and incentive structures. Employees need to understand the economic rationale of an Islamic financial product and be able to explain the transaction terms, the allocation of risks and each party’s obligations to customers. The quality of these interactions influences trust in the bank and long-term customer relationships.
Prospects for the Islamic Capital Market
Daiana Nakupova, Managing Partner at HAQ Consulting and an expert in Islamic finance and capital markets, discussed the prospects for developing the sukuk market in Kazakhstan. These Islamic financial instruments could provide an additional source of long-term financing for infrastructure and real assets, while expanding access to international capital.
She identified several prerequisites: a clear legal structure, legal safeguards for the assets and obligations associated with an issuance, and tax treatment comparable to that of conventional financing instruments. Training for specialists and market participants should progress alongside the development of the regulatory framework.
Continuing the Professional Dialogue
Colvir Islamic Brunch Live was the second Islamic banking event organised by Colvir in 2026. The conference gave participants from Central Asian countries an opportunity to learn how banks, consultants and technology providers approach the launch of Islamic banking operations, and to consider the regulatory, product and technology challenges together. ///nCa, 6 October 2026 (in cooperation with Colvir Software Solutions)