Tajikistan has officially launched its first investment firm operating under Islamic banking principles, aimed at promoting long-term infrastructure development for both retail and institutional investors, says press release issued by Birzhevoi Broker LLC.
At a recent mid-year meeting of licensed securities market participants, the company Birzhevoi Broker LLC received four key licenses from the Ministry of Finance of the Republic of Tajikistan.
These include:
- A brokerage license for executing securities transactions on behalf of clients;
- A dealer license for trading on the company’s own account;
- A depository license for the custody and accounting of securities;
- A license for trust asset management.
A formal licensing ceremony was held on July 31 at the Ministry of Finance, attended by regulatory officials, financial industry representatives, and stakeholders from Islamic finance institutions. The event marked a significant milestone in the development of the country's investment sector.
“We believe this project will create new opportunities for both domestic and international investors, contributing to the sustainable growth of Tajikistan’s capital markets and broader economy,” said Ms. Nigina Abdurahmonzoda, Director of the Securities and Special Registration Agency at the Ministry of Finance.
The launch of the company's investment and brokerage services is expected soon. The strategy includes giving clients access to markets in the U.S., UAE, and Saudi Arabia, while also building a proprietary investment platform based on Islamic finance standards set by the AAOIFI (Accounting and Auditing Organization for Islamic Financial Institutions).
The initiative was founded by Mr. Abduvoris Qalandarov, a UAE-based Tajik national and certified Islamic finance expert (CSAA, AAOIFI). Qalandarov previously founded the first private brokerage firm in Tatarstan (Russia) and has international experience in financial hubs such as Abu Dhabi Global Market (ADGM). He is also a partner in several Gulf-region venture capital funds.
“Securing these four core licenses is the first step toward building a transparent and ethical investment ecosystem,” Qalandarov said. “We are creating a platform that will connect global markets with clients from Central Asia and the Islamic world.”
The main principles of Islamic finance are that: Wealth must be generated from legitimate trade and asset-based investment (the use of money for the purposes of making money is expressly forbidden). Investment should also have a social and an ethical benefit to wider society beyond pure return.
