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 political entities, has historically functioned within a conventional banking framework. At a time when global Islamic finance assets climbed to USD 5.2 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 — 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).

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.

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.          

About AlHuda CIBE:

AlHuda Center of Islamic Banking and Economics (CIBE) is a well-recognized name in Islamic banking and finance industry for research and provide state-of-the-art Advisory Consultancy and Education through various well-recognized modes viz. Islamic Financial Product Development, Shariah Advisory, Trainings Workshops and Islamic Microfinance and Takaful Consultancies etc. side by side through our distinguished, generally acceptable and known Publications in Islamic Banking and Finance.

We are dedicated to serving the community as a unique institution, advisory and capacity building for the last twelve years. The prime goal has always been to remain stick to the commitments providing Services not only in UAE/Pakistan but all over the world. We have so far served in more than 104 Countries for the development of Islamic Banking and Finance industry. For further Details about AlHuda CIBE, please visit: www.alhudacibe.com

For Media Contact:
Ms. Shaguftta Perveen
Manager Communications,
info@alhudacibe.com