Deposit Guarantee Agency of Uzbekistan participated in international events in Kuala Lumpur
From 5 to 8 May 2026, a delegation of the Deposit Guarantee Agency of Uzbekistan (DGA) visited Kuala Lumpur, Malaysia — a visit that combined high-level international engagement with concrete steps toward institutional development in both conventional and Islamic finance.
DGA Uzbekistan's Executive Director Ulugbek Khamdamov delivered remarks at the IADI APRC CEO Dialogue, addressing the theme "What Keeps the CEO Awake at Night?" — reflecting on the critical importance of formalised coordination frameworks among financial safety-net participants, drawing on DGA Uzbekistan's own experience and calling for regional joint crisis simulation exercises among APRC members. His remarks resonated with the broader conference theme of building resilient, future-ready financial safety nets through shared commitment — not just goodwill.
24th IADI APRC Annual Meeting & International Conference
DGA Uzbekistan participated in the 24th Annual Meeting and International Conference of the IADI Asia-Pacific Regional Committee (APRC), hosted by PIDM and bringing together deposit insurers and resolution authorities from over 20 jurisdictions.
Under the theme "Convergence in a Fragmented World" discussions focused on strengthening crisis preparedness, leveraging the revised IADI Core Principles, and harnessing digitalisation and emerging technologies to better protect depositors in a complex global environment.
A highlight of the programme was a Hackathon — an interactive, hands-on session in which all members of the DGA Uzbekistan delegation participated across different groups. The exercise challenged participants to develop ideas for an Early Warning System (EWS) from the perspective of a deposit insurer — focusing on how timely detection of stress signals can help prevent bank runs before they escalate. This format of collaborative problem-solving brought together diverse institutional perspectives and proved to be one of the most engaging and practical elements of the conference.
The conference also created invaluable networking opportunities that translated into concrete outcomes:
Our delegation had the honour of meeting Mr. Phang Hong Lim, Senior Director of Toronto Centre, and discussing capacity-building programmes specifically tailored for deposit insurers — a conversation that opens promising pathways for professional development for DGA Uzbekistan's team.
During the networking events, we connected with officials of the Indonesia Deposit Insurance Corporation (LPS) and held substantive discussions on the modalities of future cooperation — including the possibility of signing a Memorandum of Understanding between our two institutions. Bilateral engagement was established with deposit guarantee institutions from over 20 participating countries, further expanding DGA's international network.
Full-Day Bilateral Meeting with PIDM — Islamic Deposit Insurance
On 8 May, our delegation held a dedicated full-day knowledge-sharing session at PIDM's headquarters, hosted by Executive Vice President Ms. Afiza Abdullah and her team.
Topics covered included PIDM's Islamic Deposit Insurance System (IDIS), its Shariah governance framework, premium administration, failure resolution and payout mechanisms, IT infrastructure, and the innovative approach of seeding Islamic deposit insurance through conventional funds.
The depth of expertise and openness with which PIDM's specialists shared their knowledge was truly remarkable. The discussions were so productive that several topics — including IT system architecture, the Integrated Reimbursement System, and the seed funding of Islamic deposit insurance through conventional funds — will be continued through dedicated follow-up videoconferences.
To further strengthen cooperation and continue future bilateral experience-sharing meetings, OKA invited the PIDM delegation to Uzbekistan. According to the plans, the parties will meet in one of Uzbekistan’s ancient historic cities and sign an official Memorandum of Understanding. This will further reinforce the strong and meaningful cooperation that is being established between the two organizations.
Visit to INCEIF University & ISRA Consulting
Our delegation visited INCEIF University — leading institution in Islamic finance education — and met with colleagues from ISRA Consulting, a premier Shariah advisory body.
The visit centered on exploring potential cooperation in capacity building and professional education in Islamic finance. With recent legislative amendments creating the foundation for Islamic banking in Uzbekistan and a population of nearly 38 million presenting significant market potential, the country stands on the cusp of meaningful growth in this sector. DGA sees INCEIF and ISRA Consulting as valued potential partners in preparing Uzbekistan's financial sector for this transition — through certification programmes, dual banking curricula, and joint training initiatives.
Meeting with the Islamic Financial Services Board (IFSB)
A particularly significant highlight of our visit was a meeting with the Islamic Financial Services Board (IFSB) — the international standard-setting body for the Islamic financial services industry — and its Secretary General, Dr. Ghiath Shabsigh, at IFSB's offices within Bank Negara Malaysia (the Central Bank of Malaysia).
This high-level meeting was held in the spirit of Uzbekistan's evolving Islamic finance landscape. Key topics discussed included:
The possibility of DGA Uzbekistan joining IFSB as a member institution — a step that would formally integrate Uzbekistan's deposit guarantee system into the global Islamic financial services standards community. Establishing peer learning and cooperation mechanisms among deposit insurers that are navigating the early stages of Islamic banking development — an area where shared experience is invaluable. Understanding how IFSB's international standards and technical guidance can support DGA as Uzbekistan's Islamic banking sector grows
At this pivotal moment for Uzbekistan's financial sector, engaging with IFSB represents a forward-looking commitment — ensuring that as Islamic banking develops in our country, it does so in line with internationally recognised standards and best practices from the very beginning.
This visit to Kuala Lumpur was among the most substantive international engagements in DGA Uzbekistan's recent history — spanning conference participation, institution-to-institution knowledge exchange on Islamic deposit insurance, academic and capacity-building partnerships, and outreach to the global Islamic finance standards community.
We are grateful to PIDM, INCEIF, ISRA Consulting, and IFSB for their exceptional hospitality and openness to collaboration. Kuala Lumpur proved to be not just a conference destination, but a gateway to lasting partnerships.
