Islamic Finance and BNPL: What the New Financing Market for Individuals and SMEs Could Look Like

As part of the main programme of FINOBOD. Tashkent International FinTech Forum 2026, a session titled “Islamic Banking, BNPL and the Evolution of Lending Models for Individuals and SMEs” will take place.

Islamic finance is increasingly being considered a viable alternative to conventional lending. At the same time, the key challenge for the market today is to move from general discussion to the creation of clear, technology-driven and competitive products for individuals and businesses.

The session will focus on the practical application of Murabaha, Ijara, Musharaka and Mudaraba, the development of digital instalment solutions and BNPL, as well as new financing models for small and medium-sized businesses based on real transactions, equipment, inventories, contracts and transaction data.

Experts will discuss whether BNPL can be integrated into the Islamic financial system and become a digital form of Murabaha, what requirements are needed for Shariah compliance and supervision, how tax neutrality can be ensured for such transactions, and how a sustainable funding model can be built.

Particular attention will be paid to the economics of Islamic financial products: customer cost, risk allocation, access to capital, consumer protection and the sustainability of the business model. Participants will also consider the prospects for creating a common Islamic finance market, developing shared standards and attracting international capital to projects in the region.

Confirmed speakers

The discussion will feature:

• Ahmed Arsaev — Russian finance expert, Deputy Director General for Finance at the Sheikh Zayed Fund for Entrepreneurship and Innovation Support, Chechen Republic;
• Alkhazur Tazbaev — Shariah Expert at the Sheikh Zayed Fund for Entrepreneurship and Innovation Support, Chechen Republic;
• Magomed Tashtamirov — Vice-Rector for Research and Innovation, Head of the Department of Finance, Credit and Antimonopoly Regulation at A. A. Kadyrov Chechen State University, Candidate of Economic Sciences, expert in Islamic finance;
• Nargis Dustmatova — Chairperson of the FinTech Association of Uzbekistan, Director of FinExtra Group.

A practical outcome of the discussion will be a clearer understanding of which Islamic finance instruments are already ready for scaling and digitalisation, and which still require further development of the regulatory, tax and Shariah infrastructure.