Press Release
The Caribbean is Emerging Destination of Islamic Finance: Zubair Mughal
(18th June, 2026, Dubai, UAE): AlHuda Centre of Islamic Banking and Economics (AlHuda CIBE), a globally recognized institution in the promotion and development of Islamic banking and finance, has initiated a landmark engagement to advance Shariah-compliant financial solutions across the Caribbean region. Mr. Muhammad Zubair Mughal, Chief Executive Officer of AlHuda CIBE, recently concluded an extensive North America and Caribbean tour, visiting Trinidad and Tobago, Barbados, and Saint Vincent and the Grenadines. The purpose of the visit was to assess the existing state of Islamic finance, identify growth opportunities, and build strategic relationships with financial professionals, regulatory authorities, and development organizations across these nations.
The Caribbean, generally comprising 33 entities, has historically functioned within a conventional banking framework. At a time when global Islamic finance assets climbed to USD 5.3 trillion in 2025 — growing 14.9% year-on-year and on track to surpass USD 6 trillion by end of 2026 — the Caribbean remains largely untouched by this expansion. Fragmented Shariah-compliant products serve mainly Muslim diaspora communities, with no Caribbean government yet having enacted comprehensive Islamic banking legislation. Awareness of instruments such as Murabaha, Musharakah, Ijarah, and Sukuk remains low among policymakers and financial professionals, constraining the sector’s potential to contribute to regional economic development.
Despite the limited current presence, the Caribbean offers significant untapped potential for Islamic finance. The region’s Muslim population — accounting for approximately 5% in Trinidad and Tobago and up to 13% in Guyana — alongside rising demand for ethical financial alternatives, and the infrastructure financing needs of 29 Caribbean small island developing states (ECLAC), create a highly receptive environment. Global Sukuk issuances surpassed USD 264 billion in 2025 and continued expanding through 2026, driven by sovereign borrowing and infrastructure needs — an instrument Caribbean nations are well-positioned to leverage. Islamic microfinance, meanwhile, can drive financial inclusion for small businesses and underserved communities. Takaful holds strong potential to address insurance gaps, and the region's halal economy sectors — including tourism, agriculture, and food production — offer natural entry points for Shariah-compliant financial products. Additionally, the Caribbean's climate resilience agenda aligns well with green Islamic finance instruments, opening doors for collaboration with Gulf Cooperation Council (GCC) investors and the Islamic Development Bank (IsDB).
During the tour of North America and the Caribbean, Mr. Zubair Mughal held strategic meetings with central bank officials, banking professionals, economic policymakers, and development organizations across the three visited nations. These engagements explored the feasibility of introducing Islamic banking windows and standalone Islamic financial institutions, and helped identify sector-specific opportunities for Shariah-compliant product deployment.
AlHuda CIBE’s strategic roadmap for the region focuses on four key pillars: regulatory advocacy and policy dialogue to develop enabling frameworks for Islamic finance; capacity building through specialized training and professional certification programs; industry promotion through conferences, media campaigns, and public awareness initiatives; and international collaboration with global Islamic finance bodies, GCC institutions, and multilateral development partners to channel Shariah-compliant investment into the Caribbean.
Mr. Muhammad Zubair Mughal, Chief Executive Officer of AlHuda CIBE, stated that the Caribbean holds extraordinary potential for Islamic finance, yet remains largely unexplored by the global industry. He noted that during his visits to Trinidad and Tobago, Barbados, and Saint Vincent and the Grenadines, the openness of financial institutions, government bodies, and business communities was deeply encouraging. He emphasized that Islamic finance offers ethical, inclusive, and sustainable solutions perfectly suited to address Caribbean challenges such as financial exclusion, infrastructure financing, and SME growth, adding that the Caribbean Islamic Banking and Finance Forum 2026 are AlHuda CIBE’s concrete commitment to turning this vision into reality.
As a direct outcome of this engagement, AlHuda CIBE has announced the Caribbean Islamic Banking and Finance workshop, to be held on June 24 and 25, 2026 in Trinidad and Tobago, under the theme "Bridging Global Islamic Finance with Caribbean Opportunities." The Workshop will bring together central bank governors, finance ministers, Islamic banking experts, international investors, and financial professionals from across the Caribbean and the global Islamic finance community. It will serve as a premier platform for policy dialogue, knowledge exchange, and the forging of strategic partnerships that can accelerate the development of Islamic finance across the region.
About AlHuda CIBE:
AlHuda Centre of Islamic Banking and Economics (AlHuda CIBE) is a leading institution dedicated to the development of Islamic banking and finance worldwide. Since 2005, AlHuda CIBE has contributed to Islamic finance awareness, capacity building, and policy development across more than 50 countries. Its services span Advisory and Consultancy, Research and Development, Education and Capacity Building, Shariah Advisory, and Publications and Events, supported by specialized sub-brands including the Takaful Consultancy Wing, CEIMF, Sukuk Advisory, Halal Research Council (HRC), and AlHuda Centre of Modest Fashion (CMF). For further Details about AlHuda CIBE, please visit: www.alhudacibe.com.
For Media Contact:
Ms. Shaguftta Perveen
Manager Communications,
info@alhudacibe.com
Call: +971 52 865 5523
