Malaysia's Shoraka expands Islamic fintech into Uzbekistan via strategic partnership

Shoraka Advisory Services, a Malaysian fintech firm, has entered a strategic partnership with Raqama Ltd., an Uzbekistan-based company, to bolster the development and adoption of innovative Islamic financial technology solutions in the Central Asian nation. This collaboration unites Shoraka's comprehensive fintech capabilities and regional expertise with Raqama's strong local presence and market knowledge.

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Among the areas this collaboration seeks to explore is the development of Islamic finance solutions in Uzbekistan, including the introduction of Sharia-compliant financial products and services.

Datuk Hasnul Ismar Mohd Hasnul Ismail, Group CEO of Shoraka, stated that the joint venture is uniquely positioned to accelerate the deployment of secure, scalable, and Sharia-compliant financial solutions. "Among the areas this collaboration seeks to explore is the development of Islamic finance solutions in Uzbekistan, including the introduction of Sharia-compliant financial products and services," he said. He added that the partnership aims to broaden the range of available financial offerings and support the evolving market needs.

"Today's announcement also marks a significant step for Shoraka, enabling us to further expand our efforts to support a more inclusive and value-based digital financial ecosystem, grounded in the principles of Islamic finance," Ismail noted. He expressed hope that Shoraka can work closely with its partner to explore practical fintech solutions that cater to the growing interest in Islamic finance within Uzbekistan and the broader region.

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Today's announcement also marks a significant step for Shoraka, enabling us to further expand our efforts to support a more inclusive and value-based digital financial ecosystem, grounded in the principles of Islamic finance.

Saidbek Saidkarimov, Director of Raqama Ltd., shared his enthusiasm for the partnership, stating, "This collaboration will not only strengthen our fintech landscape but also support the increasing demand for Islamic finance in our market." The joint venture will prioritize innovation, regulatory compliance, and strategic alliances to ensure sustainable growth and long-term impact. During a visit to the region, Shoraka representatives also met with Deputy Minister Rustam Karimjanov of the Ministry of Digital Technologies of the Republic of Uzbekistan to discuss the development of innovative financial platforms.

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This collaboration will not only strengthen our fintech landscape but also support the increasing demand for Islamic finance in our market.