Gulf Asia Shariah Compliant Investments Association
GASCIA
Association Registration Number: T12SS0024D
Registered under The Registry of Societies (ROS) a unit of the Singapore Ministry of Home Affairs
Our vision
Gulf Asia Shariah Compliant Investments Association (GASCIA) is a neutral, non-profit, non-governmental and non-religious organization registered with the Registrar of Societies under Singapore Ministry of Home Affairs in February 2012 with the objective to facilitate and promote the awareness and understanding of Islamic finance and encourage Islamic Finance market participants, particularly from the Gulf and Asia.
Gascia stands up for Islamic finance and business interests, by understanding business concerns, advocating to the government with the aims of achieving greater mutual understanding and practical solutions. This win-win approach benefits policymakers and the businesses which will sustain Asia’s growing economy.
Gascia promotes Islamic financial development and broadens inclusion by expanding the range and reach of Islamic financial products, improve access and foster the inclusion of those deprived of Islamic financial services as Islamic finance emphasizes partnership-style financing, which could be useful in improving access to finance for the poor and small businesses. We will also help improve agricultural finance, contributing to improved food security. In this regard, help meet the needs of those who don’t currently use conventional finance because of religious reasons. Of the 1.9 billion Muslims in the world, only 15% use banks. Gascia hope to help reduce the overall gap in access to finance, since non-Muslims are not prohibited from using Islamic financial services. This will then improve the sustainable development of Islamic finance to offer benefits for economic growth, reducing poverty and fostering shared prosperity.
Gascia aims to contribute by broadening availability of Islamic financial services foster social inclusion and increased market penetration, strengthening prudential regulation and market development then relays to greater global financial stability and stronger growth in Asia.
On 22 Sep 2025 6pm Singapore time, Gascia has successfully launched the world’s first Islamic ERT also known as Economic Rights Token named Gitcoin (Gascia Islamic Token) which is also world’s first China focused token and Singapore’s first Islamic token through the issuance of 100,000,000 ERC20 tokens at usd10 cents each and currently trading at coinstore exchange.
The purpose for Gascia to launch the token is to raise capital to be deployed into China projects partnering Chinese provincial-owned enterprises and to establish a fully licensed Shariah-compliant digital bank in Labuan, Malaysia to collaborate with Chinese financial institutions to offer Islamic products to Chinese Muslims. Token holders will be entitled to benefits arising from these projects;
China Project One (Yunnan Province)
Gascia has signed an agreement to work with Yunnan provincial government to co-invest into Yunnan Horticulture where the Yunnan Provincial Party Committee and the Provincial Government focusing on key industries of grain, tea, flowers, vegetables (including edible fungi), fruits, nuts, coffee, Chinese medicinal materials, sugar, and natural rubber in Yunnan Province, as well as comprehensive and regional investments such as under-forest economy and dry hot valley development, and agricultural science and technology and other high-quality agricultural social service projects and other specific sub-segments. Guide and drive social capital to jointly expand the scale of equity investment in agricultural projects in Yunnan Province and support the high-quality development of plateau characteristic agriculture in Yunnan Province. Yunnan provincial government will provide funding by investing half of the total investment amount and Gascia will have a board seat in the investment committee.
China Project Two (Ningxia and Sichuan Province)
Signed two agreements to work with Ningxia and Sichuan provincial government and develop a Middle-East Strategic investment consortium to facilitate direct investments, advisory, treasury and capital markets services to create an mutually beneficial integration of Middle-Eastern and international investors into the local Ningxia and Sichuan economy by structuring Shariah, safe and profitable investment opportunities. The primary focus will be on offering Shariah-compliant financial products to investors with a corresponding mandate, forging strategic partnerships with adept service providers experienced in collaborating with State-Owned Enterprises (SOEs) and Government-affiliated entities in Ningxia and Sichuan, thereby contributing to the provinces’ expansion and fostering mutually beneficial relationships in the international financial landscape. Ningxia is well-positioned to attract Islamic interest due to its Muslim population and close proximity to Xinjiang, Lanzhou and Qinghai with also high Muslim population.
China Project Three (Xinjiang Province)
Formed a Strategic Alliance with Aksu Silk Road Barter Research Institute (“Aksu”) a thinktank based in Xinjiang province of China to combine both entities to promote Islamic finance in China and have identified a horticulture project in Uzbekistan.
China Project Four (Lanzhou Province)
Gascia visited Lanzhou with the invitation of vice-Mayor Duan and met Bank of Lanzhou, Lanzhou Rail, Lanzhou Development Group and Lanzhou Ecological Innovation City Development Group in Lanzhou and exchanged many ideas on Lanzhou business opportunities that can tap into Islamic finance instruments.
Malaysia Project Five (Labuan)
To raise equity capital and funds will be used to establish and launch a fully licensed Shariah-compliant digital bank in Labuan, Malaysia. This new Islamic digital bank will be working closely with China’s financial institutions to launch Islamic products to their 30 million Muslims where capital raised will support licensing, regulatory compliance, platform development, staff onboarding, operational rollout aligned with Islamic finance principles and balance sheet lending.
The China’s Strategy: East-West bridge, fostering economic ties between vibrant Middle Eastern economies and China's burgeoning potential;
1. Attract Investment: Cultivate partnerships, facilitating Middle Eastern and international investments into promising China investment opportunities.
2. Wealth Management: Solutions are aligned to the five IWM pillars – Wealth Creation, Accumulation, Preservation, Purification and Distribution
3. Shariah Solutions: Provide tailored financial products to meet unique investment mandates.
4. Strategic Partners: Collaborate with experienced service providers, ensuring seamless project execution and confidence.
5. Market Intelligence: Serve as a trusted source of insights, empowering Middle Eastern and international investors to navigate China’s opportunities
6. Cultural Bridge: Foster understanding and collaboration, building long-term relationships for sustainable economic cooperation.
The Middle East Strategic Investments is to unlock possibilities, catalyzing a transformative economic partnership between China, Middle East and international space.
Gitcoin’s projects will be managed by Gascia management committee equipped with rich experience and vast expertise in Islamic finance, project management and business operations, led by the President who had successfully transacted over SGD3 billion worth of Islamic transactions and the Secretary who is a Shariah Secretariat conducting Islamic finance courses and working closely with scholars. The President has been promoting Islamic finance in China since 2015 and had established a strong network of government and business contacts keen on exploring the use of Islamic finance as another option for their capital needs.
Overview of Gitcoin
1. Economic Rights and Profit-Sharing Model
The offering provides access to benefits derived from GASCIA's Shariah-compliant projects in China and Asia, with token holders having rights to governance and platform participation, rather than financial returns or dividends.
2. Token Highlights and Structure
Each token will be issued at an initial price of USD 0.10, with a total token supply capped at 100,000,000 and an initial circulating supply cap set at 30,000,000 tokens. Any unsold tokens may be burned or retained for future development and funding needs.
3. Governance and Profit Distribution
Token holders will have access to benefits and services derived from GASCIA’s Shariah-compliant projects, including governance participation in key decisions, but will not receive dividends or profit distributions directly tied to the project's earnings.
4. Token Allocation and Transparency
60% of tokens will be allocated to the treasury, specifically reserved for funding GASCIA’s Shariah-compliant projects, including development, partnerships, and operational costs. 20% of tokens allocated to the management committee will be subject to a 12-month cliff, with monthly vesting over the subsequent 36 months.
5. Legal Compliance and Auditing
The token governance structure will be aligned with Singaporean regulatory standards and GCC Shariah principles. Annual audits will be conducted by a reputable auditing
6. Charity Commitment and Financial Obligations
10% of annual earnings will be donated to selected charitable organizations, as determined by GASCIA and with input from token holders. The donation will not affect the distribution of token holder benefits.
Islamic finance basics
Islamic finance is equity-based, asset-backed, ethical, sustainable, environmentally- and socially-responsible finance. It promotes risk sharing, connects the financial sector with the real economy, and emphasizes financial inclusion and social welfare.
The following key principles guide Islamic Finance: i) Prohibition of interest on transactions (riba); ii) Financing must be linked to real assets (materiality); iii) Engagement in immoral or ethically problematic businesses not allowed (e.g., arms manufacturing or alcohol production); iv) Returns must be linked to risks. Islamic finance will greatly enhance on reducing poverty, expanding access to finance, developing the financial sector, and building financial sector stability and resilience;
1. The sustainable development of Islamic finance offers benefits for economic growth, reducing poverty and fostering shared prosperity. Islamic finance can significantly contribute to economic development, given its direct link to physical assets and the real economy. The use of profit- and loss-sharing arrangements encourages the provision of financial support to productive enterprises that can increase output and generate jobs. The emphasis on tangible assets ensures that the industry supports only transactions that serve a real purpose, thus discouraging financial speculation.
2. Islamic finance helps promote financial sector development and broadens financial inclusion. By expanding the range and reach of financial products, Islamic finance could help improve financial access and foster the inclusion of those deprived of financial services. Islamic finance emphasizes partnership-style financing, which could be useful in improving access to finance for the poor and small businesses. It could also help improve agricultural finance, contributing to improved food security. In this regard, Islamic finance can help meet the needs of those who don’t currently use conventional finance because of religious reasons. It can help reduce the overall gap in access to finance, since non-Muslims aren’t prohibited from using Islamic financial services.
3. It helps strengthen financial stability. As the 2008 global financial crisis ravaged financial systems around the world, Islamic financial institutions were relatively untouched, protected by their fundamental operating principles of risk-sharing and the avoidance of leverage and speculative financial products.
Despite its recent years of rapid growth, Islamic finance is still in its early stages of development and can be a valuable tool for global financial inclusion for several reasons. Firstly, it provides access to financial services for individuals and communities that may have been excluded or underserved by conventional financial systems, Islamic finance institutions offer products like microfinance, cooperative financing, and ethical investments, which cater to the needs of underserved populations. Secondly, Islamic finance promotes financial stability by discouraging speculative practices and excessive risk-taking. Its emphasis on asset-backed transactions and risk-sharing mechanisms helps mitigate systemic risks, contributing to the stability of financial markets and reducing the likelihood of financial crisis.
The following key principles guide Islamic Finance: i) Prohibition of interest on transactions (riba); ii) Financing must be linked to real assets (materiality); iii) Engagement in immoral or ethically problematic businesses not allowed (e.g., arms manufacturing or alcohol production); iv) Returns must be linked to risks. Islamic finance will greatly enhance on reducing poverty, expanding access to finance, developing the financial sector, and building financial sector stability and resilience;
1. The sustainable development of Islamic finance offers benefits for economic growth, reducing poverty and fostering shared prosperity. Islamic finance can significantly contribute to economic development, given its direct link to physical assets and the real economy. The use of profit- and loss-sharing arrangements encourages the provision of financial support to productive enterprises that can increase output and generate jobs. The emphasis on tangible assets ensures that the industry supports only transactions that serve a real purpose, thus discouraging financial speculation.
2. Islamic finance helps promote financial sector development and broadens financial inclusion. By expanding the range and reach of financial products, Islamic finance could help improve financial access and foster the inclusion of those deprived of financial services. Islamic finance emphasizes partnership-style financing, which could be useful in improving access to finance for the poor and small businesses. It could also help improve agricultural finance, contributing to improved food security. In this regard, Islamic finance can help meet the needs of those who don’t currently use conventional finance because of religious reasons. It can help reduce the overall gap in access to finance, since non-Muslims aren’t prohibited from using Islamic financial services.
3. It helps strengthen financial stability. As the 2008 global financial crisis ravaged financial systems around the world, Islamic financial institutions were relatively untouched, protected by their fundamental operating principles of risk-sharing and the avoidance of leverage and speculative financial products.
Despite its recent years of rapid growth, Islamic finance is still in its early stages of development and can be a valuable tool for global financial inclusion for several reasons. Firstly, it provides access to financial services for individuals and communities that may have been excluded or underserved by conventional financial systems, Islamic finance institutions offer products like microfinance, cooperative financing, and ethical investments, which cater to the needs of underserved populations. Secondly, Islamic finance promotes financial stability by discouraging speculative practices and excessive risk-taking. Its emphasis on asset-backed transactions and risk-sharing mechanisms helps mitigate systemic risks, contributing to the stability of financial markets and reducing the likelihood of financial crisis.
The Islamic finance landscape
The Islamic finance industry continued to grow in 2022, expanding a further 11% to USD4.5 trillion. The industry has grown 69% over the past five years and 163% over the past ten, according to the Islamic Finance Development Report 2023 (IFDI 2023), produced by the Islamic Corporation for the Development of Private Sector (ICD), and the London Stock Exchange Group (LSEG). Growth is being chiefly driven by Islamic banking, which accounted for around 72% of total Islamic finance industry assets in 2022, followed by Sukuk. The main Islamic finance markets are to be found within the GCC, Southeast Asia and South Asia. The UAE is the world’s fourth largest Islamic finance market.
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Islamic finance assets by regions
The ecosystem of Islamic finance
The growing appeal of Islamic finance
- In 2022, Islamic finance assets amounted to US$24.5 trillion, the highest recorded growth for the industry since the global financial crisis. The prospects look positive: by 2027, this is set to rise to US$6.667 trillion. While Muslim countries have turned to Shariah financing to fund their thirst for capital, another underlying reason for its popularity is that Shariah financing is beginning to broaden its appeal among non-Muslim countries.
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As more awareness and knowledge of Islamic finance starts to build up in non-Muslim countries, we expect to see steady growth in Islamic finance assets and expansion in Shariah-compliant investment products and services to cater to the rising demand.
Today, Islamic finance is a multi-trillion dollar industry that is no longer operating on the fringes of global financial markets. In the coming years, Shariah compliant assets are expected to keep growing, driven by rising interest from investors beyond Muslim economies.
Gascia and Aksu
Press release - February 2023
Aksu Silk Road Barter Research Institute (“Aksu”) and Gascia signed a MOU to collaborate on activities related to Islamic finance and promote Islamic finance in China. Collaborations include research & development, including product innovation, support in the adoption of Islamic finance, banking, and investment, education and training, commentaries and resource center and any other relevant activities for mutual benefit.
Aksu is a thinktank based in Xinjiang province of China that uses non-state-owned assets, organizes voluntarily, and engages in non-profit social service activities. The Institute pursues the philosophy of professional research, public welfare services, and market-oriented operations. Aksu comprises of first-class experts and scholars from all walks of life who are concerned about the economic and social development of the "Belt and Road", and strives to build a high-quality "thinktank". The institute currently has close to a hundred members comprise of professors, doctors, doctoral supervisors, industry experts and entrepreneurs as researchers, with profound education and rich experience
The world's first barter trade research institution, Aksu Silk Road Barter Research Institute (formerly Silk Road Aksu Barter Trade Research), launched a brand summit. The founding conference of the institute and the first Tomur Summit were held in Aksu, a major city on the Silk Road, from August 25 to 27, 2017. The organizers are the Aksu Municipal Government and the Silk Road Aksu Barter Trade Research Institute. 26 experts and scholars, 34 corporate representatives, 10 media representatives, and relevant leaders of the Aksu Municipal Government attended the first Tomur Summit. The summit is divided into three stages: keynote speeches at the forum, think tank expert seminars, and the release of the "Tomur Peak Declaration". The summit is based on the "Declaration" and is held once a summer in cities around the Tomur Peak of the Tianshan Mountains. It is an international event in response to the country's Belt and Road strategic deployment.
From August 17 to August 19, 2018, the Aksu Municipal Party Committee, the Municipal Government and the Silk Road Aksu Barter Trade Research Institute successfully held the second Tomur Summit. This summit invited more than 50 nationally renowned experts and scholars in the economic and cultural circles and related entrepreneurs to discuss the development trends of the "Belt and Road" economy and culture, the theory and practice of international barter trade, law and other fields. The summit invited domestic first-class experts to give keynote speeches on related topics, and conducted in-depth analysis of the new trends, new problems and new opportunities that have emerged. At the same time, relevant monographs and collections were formed, and the latest research results were released.Against the backdrop of major changes in global scientific and technological development, my country's social and economic development is facing both a major strategic opportunity period and the rise of global trade protectionism. The Sino-US trade war has entered a critical period. In such an international and domestic environment, the Second Tomur Summit, hosted by the Aksu Municipal Government and the Silk Road Aksu Barter Trade Research Institute, has very important strategic significance for studying and exploring the new development of new trade in the context of the new era.
Gascia name in China is known as (加西亚投资协会) which literally means (Add West Asia Investment Association) ---End---
Aksu is a thinktank based in Xinjiang province of China that uses non-state-owned assets, organizes voluntarily, and engages in non-profit social service activities. The Institute pursues the philosophy of professional research, public welfare services, and market-oriented operations. Aksu comprises of first-class experts and scholars from all walks of life who are concerned about the economic and social development of the "Belt and Road", and strives to build a high-quality "thinktank". The institute currently has close to a hundred members comprise of professors, doctors, doctoral supervisors, industry experts and entrepreneurs as researchers, with profound education and rich experience
The world's first barter trade research institution, Aksu Silk Road Barter Research Institute (formerly Silk Road Aksu Barter Trade Research), launched a brand summit. The founding conference of the institute and the first Tomur Summit were held in Aksu, a major city on the Silk Road, from August 25 to 27, 2017. The organizers are the Aksu Municipal Government and the Silk Road Aksu Barter Trade Research Institute. 26 experts and scholars, 34 corporate representatives, 10 media representatives, and relevant leaders of the Aksu Municipal Government attended the first Tomur Summit. The summit is divided into three stages: keynote speeches at the forum, think tank expert seminars, and the release of the "Tomur Peak Declaration". The summit is based on the "Declaration" and is held once a summer in cities around the Tomur Peak of the Tianshan Mountains. It is an international event in response to the country's Belt and Road strategic deployment.
From August 17 to August 19, 2018, the Aksu Municipal Party Committee, the Municipal Government and the Silk Road Aksu Barter Trade Research Institute successfully held the second Tomur Summit. This summit invited more than 50 nationally renowned experts and scholars in the economic and cultural circles and related entrepreneurs to discuss the development trends of the "Belt and Road" economy and culture, the theory and practice of international barter trade, law and other fields. The summit invited domestic first-class experts to give keynote speeches on related topics, and conducted in-depth analysis of the new trends, new problems and new opportunities that have emerged. At the same time, relevant monographs and collections were formed, and the latest research results were released.Against the backdrop of major changes in global scientific and technological development, my country's social and economic development is facing both a major strategic opportunity period and the rise of global trade protectionism. The Sino-US trade war has entered a critical period. In such an international and domestic environment, the Second Tomur Summit, hosted by the Aksu Municipal Government and the Silk Road Aksu Barter Trade Research Institute, has very important strategic significance for studying and exploring the new development of new trade in the context of the new era.
Gascia name in China is known as (加西亚投资协会) which literally means (Add West Asia Investment Association) ---End---
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Gascia in Lanzhou China
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President presenting a memento to Lanzhou vice-Mayor Mr Duan
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President presenting a memento to Bank of Lanzhou President Mr Pan
Press release - January 2024Gulf Asia Shariah Compliant Investments Association (Gascia) led by President Bobby Tay and Secretary Raj visited the city of Lanzhou by the invitation of China's Lanzhou City government to exchange ideas on Islamic Finance on 3 to 6 January 2024. Besides meeting the Lanzhou city government, Gascia also met up with the following Lanzhou government owned companies such as Bank of Lanzhou, Lanzhou Rail, Lanzhou Development Group and Lanzhou Ecological Innovation City Development Group, Gascia also visited many projects that Lanzhou city government is currently working on.Gascia updated the Lanzhou city government on how Islamic finance has now grown into a multi-trillion dollar industry that is no longer operating on the fringes of global financial markets, emerging as an effective tool for financing development worldwide, including in non-Muslim countries. Major financial markets are discovering solid evidence that Islamic finance has already been mainstreamed within the global financial system and that it has the potential to help address the challenges of ending poverty and boosting shared prosperity. Bobby also shared his Islamic finance experience with his successful execution of over SGD3 billion worth of Islamic transactions in Singapore, Gascia believes Lanzhou is a great starting point for Islamic finance to blossom in China with its high Hui Muslim population and surrounded by provinces also high on Muslim population.
Bobby concluded, “Gascia or 加西亚投资协会 in China which literally means (Add West Asia Investment Association) is deeply honoured to have vice-Mayor Duan to invite, host us and enlighten us on Lanzhou city economy and business opportunities. We exchanged many ideas with his team on Lanzhou business opportunities tapping into Islamic finance instruments. We learnt a lot about Lanzhou city economy and business climate during this trip and seemsIslamic finance can play a strong role in boasting the economy in Lanzhou city. We also shared the potential of Islamic banking products that Lanzhou can offer to the Muslims community and how Gascia can link up Islamic banks globally to collaborate with the government and banks in Lanzhou. I also explained that some Lanzhou assets classes are Shariah by nature and can be structured easily to be capitalised into the international capital markets as Islamic investment products may it be equity or debt for Islamic and international investors. We have also agreed on some assets class and have started to work on to be structured into Islamic products where we are planning to IPO these Islamic products intoestablished exchanges in Asia like SGX or HKSE.
From the beginning of this year, Saudi Arabia, UAE, Egypt, Iran and Ethiopia have joined the current five BRICS members, the expanded group would combine 10 countries with a population of some 3.7 billion people covering 25% of global GDP, the enlarged BRICS bloc will see the inclusion of three of the world’s largest oil exporters: Saudi Arabia, the UAE andIran, together with Egypt making a historic progress of four Islamic nations joining BRICS. The potential for Islamic finance to flourish together with the growing BRICS+ will be very huge and in the coming years, I strongly believe that Shariah-compliant assets to keep growing, driven by rising interest from investors beyond Muslim economies.” ---End---
Bobby concluded, “Gascia or 加西亚投资协会 in China which literally means (Add West Asia Investment Association) is deeply honoured to have vice-Mayor Duan to invite, host us and enlighten us on Lanzhou city economy and business opportunities. We exchanged many ideas with his team on Lanzhou business opportunities tapping into Islamic finance instruments. We learnt a lot about Lanzhou city economy and business climate during this trip and seemsIslamic finance can play a strong role in boasting the economy in Lanzhou city. We also shared the potential of Islamic banking products that Lanzhou can offer to the Muslims community and how Gascia can link up Islamic banks globally to collaborate with the government and banks in Lanzhou. I also explained that some Lanzhou assets classes are Shariah by nature and can be structured easily to be capitalised into the international capital markets as Islamic investment products may it be equity or debt for Islamic and international investors. We have also agreed on some assets class and have started to work on to be structured into Islamic products where we are planning to IPO these Islamic products intoestablished exchanges in Asia like SGX or HKSE.
From the beginning of this year, Saudi Arabia, UAE, Egypt, Iran and Ethiopia have joined the current five BRICS members, the expanded group would combine 10 countries with a population of some 3.7 billion people covering 25% of global GDP, the enlarged BRICS bloc will see the inclusion of three of the world’s largest oil exporters: Saudi Arabia, the UAE andIran, together with Egypt making a historic progress of four Islamic nations joining BRICS. The potential for Islamic finance to flourish together with the growing BRICS+ will be very huge and in the coming years, I strongly believe that Shariah-compliant assets to keep growing, driven by rising interest from investors beyond Muslim economies.” ---End---
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Gascia China
Press release - 21 April 2025Gulf Asia Shariah Compliant Investments Association (“Gascia”) and Aksu Silk Road Barter Research Institute (“Aksu”) a thinktank based in Xinjiang province of China signed a strategic alliance agreement to combine both entities to promote Islamic finance in China. Collaborations include research & development, including product innovation, support in the adoption of Islamic finance, banking, and investment, education and training, commentaries and resource center and any other relevant activities for mutual benefit. Aksu is the world's first barter trade research institution formerly known as Silk Road Aksu Barter Trade Research, launched a brand summit. The founding conference of the institute and the first Tomur Summit were held in Aksu, a major city on the Silk Road, from August 25 to 27, 2017. The organizers are the Aksu Municipal Government and the Silk Road Aksu Barter Trade Research Institute with 26 experts and scholars, 34 corporate representatives, 10 media representatives and relevant leaders of the Aksu Municipal Government attended the first Tomur Summit. The summit is divided into three stages: keynote speeches at the forum, think tank expert seminars, and the release of the "Tomur Peak Declaration". The summit is based on the "Declaration" and is held once a summer in cities around the Tomur Peak of the Tianshan Mountains. It is an international event in response to the country's Belt and Road strategic deployment.
Aksu uses non-state-owned assets, organizes voluntarily, and engages in non-profit social service activities. The Institute pursues the philosophy of professional research, public welfare services, and market-oriented operations. Aksu comprises of first-class experts and scholars from all walks of life who are concerned about the economic and social development of the "Belt and Road", and strives to build a high-quality "thinktank". The institute currently has close to a hundred professors, doctors, doctoral supervisors, industry experts and entrepreneurs as researchers, with profound education and rich experience.
Rationale: The development of Islamic finance is conducive to the improvement of China’s financial system and promotion of sound development of the financial industry that will strengthen economic and trade cooperation with the Islamic world, enhance the ability to attract investment, promote the economic development of ethnic minority areas and maintain ethnic unity and harmony.
Especially with the expansion of BRICS+ in which UAE, Egypt, Iran and Ethiopia have joined the five founding members, adding three Muslim nations into the expanded bloc of nine, has seen the collective addition of another three Islamic nations namely Indonesia, Malaysia and Turkiye as partners which will make Islamic finance very appealing for China especially in their exploration of trade and infrastructure financing with these partners. China has the capability and infrastructure to develop Islamic finance with political stability, rapid economic development, rich resources, a vast market and the value of the yuan rising create good conditions for Islamic finance investment. The potential for China and Islamic finance is unlimited as Chinese relationships and Islamic finance along with economic and trade contacts between China and the Islamic countries represented by the Arab region have been recorded in history since the Han Dynasty. Islamic finance will emerge as an effective tool for financing development in China’s trade growth worldwide, including non-Muslim countries. Major financial markets are discovering solid evidence that Islamic finance has already been mainstreamed within the global financial system and that it has the potential to help address the challenges of ending poverty and boosting shared prosperity which will greatly boast China’s grand initiatives such as the One Belt One Road Initiative and BRICS+. The Strategic Alliance will combine both entities to work as one in promoting Islamic finance and exploring the application of Islamic finance and trade in China. Aksu will be branded as Gascia outside China and Aksu members will be known as Gascia members outside China. Aksu will be entitled to use all Gascia resources including Islamic finance branding, network and credentials while Gascia will also be using Aksu financial legislation knowhow, networks and credentials in China. The alliance provides access to a broader pool of talent and expertise, enabling exploration to more complex Islamic opportunities with combined resources and expertise, leveraging synergies to improve performance and achieve greater strategic goals with increased efficiency, cost savings, enhanced innovation and a more unified organization.
There will be 2 co-Chairmen, treasurer and 2 secretaries members to manage the affairs ofGascia China.Co-Chairman: Professor Yu Hai Co-Chairman: Bobby TayTreasurer: Dong MimiSecretary: Raj Mohamad Secretary: Chen Jijun
Commenting on the strategic alliance, Mr Bobby Tay founding President of GASCIA and cofounder of Sabana REIT commented, “Gascia is very excited to enter China via Aksu alliance and with a presence in Xinjiang province of China makes it extra special, China with anestimated 25 million Muslim population and Xinjiang is well positioned to gain traction in Islamic finance with a healthy 12 million population to kick start. We are deeply honoured to merge with Aksu to create a combine entity to work on Islamic finance opportunities in China pulling all resources together as one and start spreading Islamic finance and trade to more governments and businesses in China especially Xinjiang. Gascia is also inheriting so many scholars, academics and professionals and we sincerely welcome them into Gascia.Collectively, we hope this enlarged entity will grow Islamic finance and ensuring that Islamic finance starts taking roots in China.”
Professor Yu Hai who signed the agreement as the Director of Aksu and was also appointed as Gascia China co-chairman concluded: “We are eager to work with Gascia as a team to engage more Chinese corporates on Islamic finance and trade after the success of Lanzhou visit, my fellow universities colleagues from Aksu are equally excited to play more active roles in learning Islamic finance and trade. Aksu can now also leverage on Gascia Islamic finance expertise and networks in the Gulf on top of a credential of SGD3 billions worth of Islamic transactions successfully executed, we are well poised to engage our locals in Xinjiang to exchange ideas on Islamic finance and trade that is suitable in China such as structuring some products that fits their business needs as Aksu is based in Xinjiang province of China with abig Muslim population.” ---End---
Aksu uses non-state-owned assets, organizes voluntarily, and engages in non-profit social service activities. The Institute pursues the philosophy of professional research, public welfare services, and market-oriented operations. Aksu comprises of first-class experts and scholars from all walks of life who are concerned about the economic and social development of the "Belt and Road", and strives to build a high-quality "thinktank". The institute currently has close to a hundred professors, doctors, doctoral supervisors, industry experts and entrepreneurs as researchers, with profound education and rich experience.
Rationale: The development of Islamic finance is conducive to the improvement of China’s financial system and promotion of sound development of the financial industry that will strengthen economic and trade cooperation with the Islamic world, enhance the ability to attract investment, promote the economic development of ethnic minority areas and maintain ethnic unity and harmony.
Especially with the expansion of BRICS+ in which UAE, Egypt, Iran and Ethiopia have joined the five founding members, adding three Muslim nations into the expanded bloc of nine, has seen the collective addition of another three Islamic nations namely Indonesia, Malaysia and Turkiye as partners which will make Islamic finance very appealing for China especially in their exploration of trade and infrastructure financing with these partners. China has the capability and infrastructure to develop Islamic finance with political stability, rapid economic development, rich resources, a vast market and the value of the yuan rising create good conditions for Islamic finance investment. The potential for China and Islamic finance is unlimited as Chinese relationships and Islamic finance along with economic and trade contacts between China and the Islamic countries represented by the Arab region have been recorded in history since the Han Dynasty. Islamic finance will emerge as an effective tool for financing development in China’s trade growth worldwide, including non-Muslim countries. Major financial markets are discovering solid evidence that Islamic finance has already been mainstreamed within the global financial system and that it has the potential to help address the challenges of ending poverty and boosting shared prosperity which will greatly boast China’s grand initiatives such as the One Belt One Road Initiative and BRICS+. The Strategic Alliance will combine both entities to work as one in promoting Islamic finance and exploring the application of Islamic finance and trade in China. Aksu will be branded as Gascia outside China and Aksu members will be known as Gascia members outside China. Aksu will be entitled to use all Gascia resources including Islamic finance branding, network and credentials while Gascia will also be using Aksu financial legislation knowhow, networks and credentials in China. The alliance provides access to a broader pool of talent and expertise, enabling exploration to more complex Islamic opportunities with combined resources and expertise, leveraging synergies to improve performance and achieve greater strategic goals with increased efficiency, cost savings, enhanced innovation and a more unified organization.
There will be 2 co-Chairmen, treasurer and 2 secretaries members to manage the affairs ofGascia China.Co-Chairman: Professor Yu Hai Co-Chairman: Bobby TayTreasurer: Dong MimiSecretary: Raj Mohamad Secretary: Chen Jijun
Commenting on the strategic alliance, Mr Bobby Tay founding President of GASCIA and cofounder of Sabana REIT commented, “Gascia is very excited to enter China via Aksu alliance and with a presence in Xinjiang province of China makes it extra special, China with anestimated 25 million Muslim population and Xinjiang is well positioned to gain traction in Islamic finance with a healthy 12 million population to kick start. We are deeply honoured to merge with Aksu to create a combine entity to work on Islamic finance opportunities in China pulling all resources together as one and start spreading Islamic finance and trade to more governments and businesses in China especially Xinjiang. Gascia is also inheriting so many scholars, academics and professionals and we sincerely welcome them into Gascia.Collectively, we hope this enlarged entity will grow Islamic finance and ensuring that Islamic finance starts taking roots in China.”
Professor Yu Hai who signed the agreement as the Director of Aksu and was also appointed as Gascia China co-chairman concluded: “We are eager to work with Gascia as a team to engage more Chinese corporates on Islamic finance and trade after the success of Lanzhou visit, my fellow universities colleagues from Aksu are equally excited to play more active roles in learning Islamic finance and trade. Aksu can now also leverage on Gascia Islamic finance expertise and networks in the Gulf on top of a credential of SGD3 billions worth of Islamic transactions successfully executed, we are well poised to engage our locals in Xinjiang to exchange ideas on Islamic finance and trade that is suitable in China such as structuring some products that fits their business needs as Aksu is based in Xinjiang province of China with abig Muslim population.” ---End---
Aksu’s members
1. Professor Feng Jiazhen - President of Shaanxi Modern Economic Management Research Institute2. Professor Zhang Hong - President of School of Economics and Management, Xi'an University of Posts and Telecommunications, and President of Western Digital Economy Research Institute3. Professor Feng Gengzhong - President of School of Management, Xi'an Jiaotong University, and Vice President of China Logistics Society4. Dong Qianli – Director, Professor and Doctoral Supervisor of Logistics and Supply Chain Research Institute, Chang'an University5. Dr. Han Wei - Deputy Director of UNESCO Higher Education Innovation Center6. Professor Ge Ju - School of Transportation and Logistics Engineering, Xinjiang Agricultural University7. Professor Wang Yaxing - School of Business, Renmin University of China8. Dean Chen Jijun - Senior Engineer, Jiangsu Green Building Industry Technology Research Institute9. Professor Hao Yuanxiao - School of Economics and Finance, Xi'an Jiaotong University10. He Guoqing - Deputy Director of the Department of Commerce of Xinjiang Uygur Autonomous Region11. Zhang Guozhu - Research Fellow of Shaanxi Cultural Industry Research Institute12. Ma Haixia - Dean and Professor of the School of Law and Business of Xinjiang Normal University13. Professor Wang Weiran - Vice Dean of Business School, Xinjiang Normal University14. Researcher Hu Fengru - Secretary General of EDP Alumni Association, Zhejiang University15. Researcher Yang Jianhua - Shenzhen Branch of Ping An Bank16. Zeng Xianglong - professor and doctoral supervisor at the School of Finance, Shanghai University of Finance and Economics, and founder of the Shanghai Gold Exchange17. Researcher Yue Hua - President of Tianjin Mineral Products Exchange18. Researcher Li Shiru - Director of American Department, School of International Exchange, Northwest University19. Researcher Tao Xianbao - Director of Beijing Shundaolai Planning Center20. Professor Yu Hai - China Western Economic Research Center21. Professor Liu Shuangzhou - Doctoral Supervisor of School of Law, Central University of Finance and Economics22. Professor Pan Guoping - School of Law, Southwest University of Political Science and Law23. Professor Li Yan - School of Environment, Renmin University of China24. Wang Su - National Expert, Director of Xi'an Sui and Tang Hanguangmen Museum25. Researcher Cai Dacheng - China Information Association26. Yan Kun - Yunnan Provincial CPPCC Standing Committee Member, Vice Chairman of Yunnan Provincial CPPCC Theoretical Research Association27. Xiao Kun - SAIC Senior Scientist & Software Application Architect, USA, SAIC Senior Scientist and Software Application Architect28. Professor Wu Xiaoyun - Nankai University Business School Doctoral Supervisor, Director of International Business Research Institute29. Professor Chen Zongsheng - President of China Wealth Economic Research Institute, former deputy secretary of Tianjin People's Government, Director of Aksu Silk Road Barter Research Institute, deputy director of Tianjin Binhai New Area, doctoral supervisor30. Professor Yao Huiqin - PhD Supervisor, School of Economics and Management, Northwest University31. Dr. Wang Fengming - President of Hebei University of Geosciences32. Guo Yongli - Deputy Director of China Mutual Insurance Research Center, Beijing Insurance Research Institute, General Manager of Mutual Insurance Department, Jiangtai Insurance33. Liu Aimei - Deputy Director, Policy Research Office, Party Committee of Xinjiang Autonomous Region34. Professor Qi Baifu - Xi'an University of Finance and Economics35. Li Chang - Deputy Secretary-General, Institute of Cultural and Creative Development, Tsinghua University36. Li Yongmei - Assistant Dean, School of Engineering, Peking University37. Wei Jian - Professor, PhD Supervisor, Vice President, Shandong Development Research Institute, Shandong University38. Professor Dou Erxiang - Department of Financial Engineering and Information, Peking University (founder of the Domain Financial Tower Model)39. Associate Professor Sun Jianping - Director of the EDP Center, School of Management, Zhejiang University, and Founding Chairman of the China EDP Education Alliance40. Dean Zheng Yongjun - President of Zhejiang Modern Business Development Research Institute and Zhejiang International E-Commerce Research Institute41. Deputy Director Zhang Shicheng - Planning Bureau of the National Development Bank42. Dr. Wei Xinjiang - General Assistant of the China Life Financial Insurance Research Center43. Professor Wang Haoxun - School of Computer Science, Zhejiang University44. Mr. Tan Haozhi - painter and cultural tourism planning expert of Xi'an Academy of Fine Arts45. Mr. Xiong Zhigang - Deputy General Manager, Registered Real Estate Appraiser, Registered Land Appraiser, Beijing Renda Real Estate Appraisal Co., Ltd., Beijing Xinhefangde Investment Co., Ltd., Aksu Silk Road Barter Research Institute Management Co., Ltd.46. Professor Chai Huaqi - Doctoral Supervisor, and Director of MBA Center, School of Management, Northwestern Polytechnical University47. Associate Professor Yang Fan - Department of Finance and Management, University of Saskatchewan, Canada48. Mr. Wu Sijin - Founder and CEO of Hangzhou Fuzhumei Technology Co., Ltd., Vice President of Zhejiang Blockchain Technology Application Association49. Liu Yingying - Director of Xi'an Key Laboratory of Commercial Information System Analysis and Application Engineering50. Professor Lei Hongzhen - Doctoral Supervisor, and Dean, School of International Business, Shaanxi Normal University,51. Yuan Weidong - Vice President of Virginia Intermont College52. Mr. Wei Dong - Director of the Industry Promotion Center of the Beijing-Tianjin-Hebei Development Zone Innovation and Development Alliance, Director and General Manager of Guangzhou Shangqi Investment Management Co., Ltd., and Special Researcher of Shaanxi Academy of Social Sciences53. Yang Xia - Chairman of the Guitar Professional Committee of Shaanxi Musicians Association, Principal of Baroque Music School, and famous guitarist54. Wang Yingzi - Member of the Standing Committee of Zhejiang Writers Association55. Zhu Yan - Chinese Traditional Culture Scholar, Buddhist Scholar, Part-time Professor of Peking University Soft Power Graduate Class, Part-time Kunqu Opera Lecturer of China Conservatory of Music56. Xue Baoqin - Chairman of the Shaanxi Provincial Journalists Association, former Executive Deputy Minister of the Propaganda Department of the Shaanxi Provincial Party Committee, Aksu Silk Road Barter Research Institute57. Professor Xu Zhangyong - Deputy Director of the China Western Research Center and Doctoral Supervisor of Northwest University58. Dong Mimi - Chairman of the Overseas Business Development Branch of the Beijing Energy Association59. Li Juan - Deputy Director of the Huashang Academy and Secretary General of the China EDP Education Alliance60. Xin Junwei - Deputy Director and Professor of the Landscape Architecture Design Research Institute of the China Academy of Art61. Chen Zhaojun - Assistant and Professor of the Landscape Architecture Design Research Institute of the China Academy of Art62. Yue Hongzhi - Member of the Shaanxi Provincial Decision-making Advisory Committee, Professor and Doctoral Supervisor63. Kou Yaling - Deputy Director of the Xi'an Qujiang Management Committee, Secretary of the Party Committee and Chairman of the Xi'an Performing Arts Group64. Han Xiuyuan - Researcher of the China Academy of Railway Sciences65. Lu Yi - Professor of Architecture, Zhejiang University66. Zhao Dong - Associate Researcher of the Institute of Culture, Shaanxi Academy of Social Sciences, Director of the Shaanxi Cultural Industry Development Research Center67. Yu Wenliang - Chairman of Zhejiang Huangyue Film and Television Culture Co., Ltd.68. Yun Hong - Director of the Department of Financial Accounting, School of Economics and Management, Chang'an University, Member of the Australian Institute of Certified Public Accountants, Professor, Master Supervisor, Doctor69. Zhang Naixia - Associate Professor and Postgraduate Supervisor of the School of Economics and Management, Chang'an University70. Li Ting - Deputy General Manager of Investment and Operation Department of Sichuan Jinding Industrial and Financial Holdings Co., Ltd., Ph.D. in Finance from Southwestern University of Finance and Economics71. Sun Ming - Ph.D., Teacher at the School of Economics and Management of Chang'an University72. Duan Xinchuan - Vice Chairman of the Cultural Tourism Committee of China Urbanization Promotion Association73. Zhang Lijia - Certified Public Accountant of China, Certified International Accountant, Certified International Trainer
Aksu’s Cooperating institutions
Aksu Municipal People's GovernmentZhongshang Huayin Asset Management Co., Ltd.China Environmental Protection Industry Research InstituteBeijing Energy AssociationJiangsu Green Building Industry Technology Research InstituteAksu Silk Road Barter Trading Co., Ltd.Beijing Shundaolai Planning AgencyZhongshang Huayin (Zhuhai) Investment Management Partnership (Limited Partnership)Shaanxi Modern Economic Management Research InstituteUkrainian Silk Road AllianceMacao Silk Road Cultural Protection FoundationInternational Green Economy AssociationGerman New Silk Road AssociationBeijing Film Academy Industrial ParkShanghai Film and Television Industrial ParkChina Wealth Economic Research InstituteChina Federation of Logistics and PurchasingZhejiang Aid Xinjiang CommandSichuan Institute of Building ScienceZhongrong Zhiying Education InstitutionBeijing Zhejiang Chamber of CommerceYasen Research GroupActionparkWestern Digital Economy Research InstituteChina Logistics SocietyShanghai Haiyang GroupChina EDP AllianceZhejiang Blockchain Application Technology AssociationXinjiang Tigerfish InternationalTriumph International TravelChenxi Aviation Co., Ltd.Quantum Excellence AcceleratorLinghui Technology Co., Ltd.Shanghai BoQian New EnergyNew Silk Road Academy of Cultural and Economic International Exchange
1. Professor Feng Jiazhen - President of Shaanxi Modern Economic Management Research Institute2. Professor Zhang Hong - President of School of Economics and Management, Xi'an University of Posts and Telecommunications, and President of Western Digital Economy Research Institute3. Professor Feng Gengzhong - President of School of Management, Xi'an Jiaotong University, and Vice President of China Logistics Society4. Dong Qianli – Director, Professor and Doctoral Supervisor of Logistics and Supply Chain Research Institute, Chang'an University5. Dr. Han Wei - Deputy Director of UNESCO Higher Education Innovation Center6. Professor Ge Ju - School of Transportation and Logistics Engineering, Xinjiang Agricultural University7. Professor Wang Yaxing - School of Business, Renmin University of China8. Dean Chen Jijun - Senior Engineer, Jiangsu Green Building Industry Technology Research Institute9. Professor Hao Yuanxiao - School of Economics and Finance, Xi'an Jiaotong University10. He Guoqing - Deputy Director of the Department of Commerce of Xinjiang Uygur Autonomous Region11. Zhang Guozhu - Research Fellow of Shaanxi Cultural Industry Research Institute12. Ma Haixia - Dean and Professor of the School of Law and Business of Xinjiang Normal University13. Professor Wang Weiran - Vice Dean of Business School, Xinjiang Normal University14. Researcher Hu Fengru - Secretary General of EDP Alumni Association, Zhejiang University15. Researcher Yang Jianhua - Shenzhen Branch of Ping An Bank16. Zeng Xianglong - professor and doctoral supervisor at the School of Finance, Shanghai University of Finance and Economics, and founder of the Shanghai Gold Exchange17. Researcher Yue Hua - President of Tianjin Mineral Products Exchange18. Researcher Li Shiru - Director of American Department, School of International Exchange, Northwest University19. Researcher Tao Xianbao - Director of Beijing Shundaolai Planning Center20. Professor Yu Hai - China Western Economic Research Center21. Professor Liu Shuangzhou - Doctoral Supervisor of School of Law, Central University of Finance and Economics22. Professor Pan Guoping - School of Law, Southwest University of Political Science and Law23. Professor Li Yan - School of Environment, Renmin University of China24. Wang Su - National Expert, Director of Xi'an Sui and Tang Hanguangmen Museum25. Researcher Cai Dacheng - China Information Association26. Yan Kun - Yunnan Provincial CPPCC Standing Committee Member, Vice Chairman of Yunnan Provincial CPPCC Theoretical Research Association27. Xiao Kun - SAIC Senior Scientist & Software Application Architect, USA, SAIC Senior Scientist and Software Application Architect28. Professor Wu Xiaoyun - Nankai University Business School Doctoral Supervisor, Director of International Business Research Institute29. Professor Chen Zongsheng - President of China Wealth Economic Research Institute, former deputy secretary of Tianjin People's Government, Director of Aksu Silk Road Barter Research Institute, deputy director of Tianjin Binhai New Area, doctoral supervisor30. Professor Yao Huiqin - PhD Supervisor, School of Economics and Management, Northwest University31. Dr. Wang Fengming - President of Hebei University of Geosciences32. Guo Yongli - Deputy Director of China Mutual Insurance Research Center, Beijing Insurance Research Institute, General Manager of Mutual Insurance Department, Jiangtai Insurance33. Liu Aimei - Deputy Director, Policy Research Office, Party Committee of Xinjiang Autonomous Region34. Professor Qi Baifu - Xi'an University of Finance and Economics35. Li Chang - Deputy Secretary-General, Institute of Cultural and Creative Development, Tsinghua University36. Li Yongmei - Assistant Dean, School of Engineering, Peking University37. Wei Jian - Professor, PhD Supervisor, Vice President, Shandong Development Research Institute, Shandong University38. Professor Dou Erxiang - Department of Financial Engineering and Information, Peking University (founder of the Domain Financial Tower Model)39. Associate Professor Sun Jianping - Director of the EDP Center, School of Management, Zhejiang University, and Founding Chairman of the China EDP Education Alliance40. Dean Zheng Yongjun - President of Zhejiang Modern Business Development Research Institute and Zhejiang International E-Commerce Research Institute41. Deputy Director Zhang Shicheng - Planning Bureau of the National Development Bank42. Dr. Wei Xinjiang - General Assistant of the China Life Financial Insurance Research Center43. Professor Wang Haoxun - School of Computer Science, Zhejiang University44. Mr. Tan Haozhi - painter and cultural tourism planning expert of Xi'an Academy of Fine Arts45. Mr. Xiong Zhigang - Deputy General Manager, Registered Real Estate Appraiser, Registered Land Appraiser, Beijing Renda Real Estate Appraisal Co., Ltd., Beijing Xinhefangde Investment Co., Ltd., Aksu Silk Road Barter Research Institute Management Co., Ltd.46. Professor Chai Huaqi - Doctoral Supervisor, and Director of MBA Center, School of Management, Northwestern Polytechnical University47. Associate Professor Yang Fan - Department of Finance and Management, University of Saskatchewan, Canada48. Mr. Wu Sijin - Founder and CEO of Hangzhou Fuzhumei Technology Co., Ltd., Vice President of Zhejiang Blockchain Technology Application Association49. Liu Yingying - Director of Xi'an Key Laboratory of Commercial Information System Analysis and Application Engineering50. Professor Lei Hongzhen - Doctoral Supervisor, and Dean, School of International Business, Shaanxi Normal University,51. Yuan Weidong - Vice President of Virginia Intermont College52. Mr. Wei Dong - Director of the Industry Promotion Center of the Beijing-Tianjin-Hebei Development Zone Innovation and Development Alliance, Director and General Manager of Guangzhou Shangqi Investment Management Co., Ltd., and Special Researcher of Shaanxi Academy of Social Sciences53. Yang Xia - Chairman of the Guitar Professional Committee of Shaanxi Musicians Association, Principal of Baroque Music School, and famous guitarist54. Wang Yingzi - Member of the Standing Committee of Zhejiang Writers Association55. Zhu Yan - Chinese Traditional Culture Scholar, Buddhist Scholar, Part-time Professor of Peking University Soft Power Graduate Class, Part-time Kunqu Opera Lecturer of China Conservatory of Music56. Xue Baoqin - Chairman of the Shaanxi Provincial Journalists Association, former Executive Deputy Minister of the Propaganda Department of the Shaanxi Provincial Party Committee, Aksu Silk Road Barter Research Institute57. Professor Xu Zhangyong - Deputy Director of the China Western Research Center and Doctoral Supervisor of Northwest University58. Dong Mimi - Chairman of the Overseas Business Development Branch of the Beijing Energy Association59. Li Juan - Deputy Director of the Huashang Academy and Secretary General of the China EDP Education Alliance60. Xin Junwei - Deputy Director and Professor of the Landscape Architecture Design Research Institute of the China Academy of Art61. Chen Zhaojun - Assistant and Professor of the Landscape Architecture Design Research Institute of the China Academy of Art62. Yue Hongzhi - Member of the Shaanxi Provincial Decision-making Advisory Committee, Professor and Doctoral Supervisor63. Kou Yaling - Deputy Director of the Xi'an Qujiang Management Committee, Secretary of the Party Committee and Chairman of the Xi'an Performing Arts Group64. Han Xiuyuan - Researcher of the China Academy of Railway Sciences65. Lu Yi - Professor of Architecture, Zhejiang University66. Zhao Dong - Associate Researcher of the Institute of Culture, Shaanxi Academy of Social Sciences, Director of the Shaanxi Cultural Industry Development Research Center67. Yu Wenliang - Chairman of Zhejiang Huangyue Film and Television Culture Co., Ltd.68. Yun Hong - Director of the Department of Financial Accounting, School of Economics and Management, Chang'an University, Member of the Australian Institute of Certified Public Accountants, Professor, Master Supervisor, Doctor69. Zhang Naixia - Associate Professor and Postgraduate Supervisor of the School of Economics and Management, Chang'an University70. Li Ting - Deputy General Manager of Investment and Operation Department of Sichuan Jinding Industrial and Financial Holdings Co., Ltd., Ph.D. in Finance from Southwestern University of Finance and Economics71. Sun Ming - Ph.D., Teacher at the School of Economics and Management of Chang'an University72. Duan Xinchuan - Vice Chairman of the Cultural Tourism Committee of China Urbanization Promotion Association73. Zhang Lijia - Certified Public Accountant of China, Certified International Accountant, Certified International Trainer
Aksu’s Cooperating institutions
Aksu Municipal People's GovernmentZhongshang Huayin Asset Management Co., Ltd.China Environmental Protection Industry Research InstituteBeijing Energy AssociationJiangsu Green Building Industry Technology Research InstituteAksu Silk Road Barter Trading Co., Ltd.Beijing Shundaolai Planning AgencyZhongshang Huayin (Zhuhai) Investment Management Partnership (Limited Partnership)Shaanxi Modern Economic Management Research InstituteUkrainian Silk Road AllianceMacao Silk Road Cultural Protection FoundationInternational Green Economy AssociationGerman New Silk Road AssociationBeijing Film Academy Industrial ParkShanghai Film and Television Industrial ParkChina Wealth Economic Research InstituteChina Federation of Logistics and PurchasingZhejiang Aid Xinjiang CommandSichuan Institute of Building ScienceZhongrong Zhiying Education InstitutionBeijing Zhejiang Chamber of CommerceYasen Research GroupActionparkWestern Digital Economy Research InstituteChina Logistics SocietyShanghai Haiyang GroupChina EDP AllianceZhejiang Blockchain Application Technology AssociationXinjiang Tigerfish InternationalTriumph International TravelChenxi Aviation Co., Ltd.Quantum Excellence AcceleratorLinghui Technology Co., Ltd.Shanghai BoQian New EnergyNew Silk Road Academy of Cultural and Economic International Exchange
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Gascia-Aksu Alliance
Mayor Vosiljon Nazarov of Fergana City presenting a gift to Professor Yu Hai
Press release - May 2025Gascia-Aksu Alliance enters Uzbekistan in response to the national "Belt and Road" development strategy, deepen China-Uzbekistan economic and trade cooperation, and explore cooperation, exchanges and investment opportunities under the framework of the all-weather comprehensive strategic partnership between China and the Republic of Uzbekistan in the new era, a business delegation to Uzbekistan led by Professor Yu Hai, Chairman of the Gascia-Aksu Alliance, Chen Jijun, Secretary and a number of China entrepreneurs headed to Uzbekistan for a 9-day business investigation from May 17 to May 25, 2025. The visit focused on the application of Islamic finance and trade on industries such as agriculture, textiles, real estate, building materials and infrastructure. The delegation successively arrived in Fergana, Kokand, Tashkent, autonomous republic of Karakalpakstan and other regions and cities, and had in-depth exchanges with local government officials, entrepreneurs, and relevant personnel from universities and research institutions. They visited and investigated local typical enterprises, industrial parks, logistics parks, commercial markets and public facilities, and achieved fruitful results.
Due to geopolitics and trade war between USA and China, some China businesses are looking to diversify their exposure into central Asia especially with the uncertainly of US tariffs, some Chinese businesses are looking to setup bases out of China and central Asia seems a good choice. As most central Asia nations are Muslim majority, the potential of Islamic finance seems promising and that is the main reason Professor Yu led a China delegation to Uzbekistan.
1. Establish a multilateral cooperation and exchange mechanismThe delegation held in-depth face-to-face exchanges with the Fergana State Government, the governments of several regions in the Fergana State, the Nukus District Government of the Karakalpakstan Autonomous Republic, etc., expounding the vision and mission of the Gascia-Aksu Alliance, the various works done by the Alliance and the expected cooperation. It was understood and recognized by government officials at all levels, and supported the Gascia-Aksu Alliance to establish local institutions in the local area.
The Fergana Center of the Gascia-Aksu Alliance is the first localized service center of the Gascia-Aksu Alliance, and is a concrete implementation of the cooperation intention between the Gascia-Aksu Alliance and the Fergana State Government for Islamic finance and trade. The Fergana Center of the Gascia-Aksu Alliance will focus on the economic and social development of Fergana, give full play to the advantages of the alliance in talents, technology, resources, etc., and will become a bridge for cooperation and exchanges between China, Singapore, Ukraine and other countries in the future. The establishment of the Fergana Center has also been supported by teaching and research institutions such as Fergana State University and Fergana Technical University. The delegation also reached a preliminary intention with the Nukus District of the Karakalpakstan Autonomous Republic to jointly establish the Nukus Center of the Gascia-Aksu Alliance. The Nukus Center will focus on agricultural mechanization and modernization and become a development platform for multi-party cooperation and exchanges.
2. Exploring the potential of the Central Asian marketThe delegation conducted in-depth investigations on industrial bases, wholesale markets, logistics parks, trade centers and typical enterprises in multiple regions through on-site visits and face-to-face exchanges, and fully understood the status and trend of industrial economic development.
Agriculture: The delegation visited several agricultural industrial bases in Nukus District of Fergana and Karakalpakstan Autonomous Republics, and had in-depth discussions with local governments and scientific research institutions on the current status and trends of agricultural development. They reached consensus on agricultural planting and agricultural machinery cooperation, and planned to establish an agricultural machinery cooperation center in Nukus.Manufacturing: The delegation visited several industrial parks and typical manufacturing enterprises in Fergana and Nukus regions, and had in-depth exchanges with outstanding local entrepreneurs. Based on actual needs, it plans to introduce high-quality Chinese technology and corporate resources to promote multi-party cooperation;Trade and logistics: The delegation investigated wholesale markets, logistics hubs and other trade and logistics facilities in Fergana, Kokand, Tashkent and other regions, conducted in-depth exchanges with relevant entrepreneurs and explored the possibility of further cooperation;Construction and building materials: The delegation visited several cement and other construction material production bases, and deepened their willingness for further cooperation in light of the needs of the China-Kyrgyzstan-Uzbekistan railway construction;Energy: Discuss with local governments and enterprises the supply of photovoltaic power stations, wind power equipment and EPC cooperation models.3. Pragmatically promote the implementation of cooperationDuring the delegation's visits, a number of intention agreements were reached with local governments and entrepreneurs:China-Uzbekistan Trade Center: It is planned to establish a comprehensive industrial service platform in Kokand, Fergana Oblast, integrating cross-border trade, commodity display, light industrial assembly, bonded warehousing, intelligent logistics, trade center, supply chain finance, and halal industry services. The project covers an area of 230 hectares and plans to invest more than US$2 billion;Manufacturing and Processing Park: It is planned to build a processing and manufacturing base with machinery, clothing, chemicals, energy, etc. as the core in Qiva District, Fergana Oblast. The project covers an area of 200 hectares and plans to invest 2 billion US dollars;Cross-border trade and logistics center: It is planned to build a cross-border logistics integrated service facility in Fergana Oblast near the border with Kyrgyzstan, aiming to promote regional cooperation and cross-border trade. The project covers an area of 16 hectares and plans to invest 50 million US dollars.Through local visits, the delegation introduced Gascia-Aksu Alliance basic concepts of Islamic finance and trade to the Uzbek government, scientific research institutions, and enterprises, gained an in-depth understanding of the cooperation demands of the government and enterprises, investigated and analyzed the local market status and development trends, established a preliminary and fruitful communication mechanism and cooperation, and created a solid foundation for future cooperation and exchanges, achieving complete success.
Two-way trade between China and Central Asia hit a record $70 billion last year, with Kazakhstan leading with $31 billion, as China seeks deeper links in its quest for greater food and energy security These countries have large Muslim populations, and are notable for their governments’ commitment and progress in establishing better legal and regulatory infrastructure for Islamic finance. China has poured billions of dollars into Central Asia to ease access to the region's natural gas reserves. Additionally, railroads between Europe and China that pass through Central Asia are an important part of Beijing's flagship infrastructure project, the Belt and Road Initiative. With Central Asia’s 82m population at 80% Muslim, growing trade between China and Central Asia will find Islamic finance very appealing. ---End---
Due to geopolitics and trade war between USA and China, some China businesses are looking to diversify their exposure into central Asia especially with the uncertainly of US tariffs, some Chinese businesses are looking to setup bases out of China and central Asia seems a good choice. As most central Asia nations are Muslim majority, the potential of Islamic finance seems promising and that is the main reason Professor Yu led a China delegation to Uzbekistan.
1. Establish a multilateral cooperation and exchange mechanismThe delegation held in-depth face-to-face exchanges with the Fergana State Government, the governments of several regions in the Fergana State, the Nukus District Government of the Karakalpakstan Autonomous Republic, etc., expounding the vision and mission of the Gascia-Aksu Alliance, the various works done by the Alliance and the expected cooperation. It was understood and recognized by government officials at all levels, and supported the Gascia-Aksu Alliance to establish local institutions in the local area.
The Fergana Center of the Gascia-Aksu Alliance is the first localized service center of the Gascia-Aksu Alliance, and is a concrete implementation of the cooperation intention between the Gascia-Aksu Alliance and the Fergana State Government for Islamic finance and trade. The Fergana Center of the Gascia-Aksu Alliance will focus on the economic and social development of Fergana, give full play to the advantages of the alliance in talents, technology, resources, etc., and will become a bridge for cooperation and exchanges between China, Singapore, Ukraine and other countries in the future. The establishment of the Fergana Center has also been supported by teaching and research institutions such as Fergana State University and Fergana Technical University. The delegation also reached a preliminary intention with the Nukus District of the Karakalpakstan Autonomous Republic to jointly establish the Nukus Center of the Gascia-Aksu Alliance. The Nukus Center will focus on agricultural mechanization and modernization and become a development platform for multi-party cooperation and exchanges.
2. Exploring the potential of the Central Asian marketThe delegation conducted in-depth investigations on industrial bases, wholesale markets, logistics parks, trade centers and typical enterprises in multiple regions through on-site visits and face-to-face exchanges, and fully understood the status and trend of industrial economic development.
Agriculture: The delegation visited several agricultural industrial bases in Nukus District of Fergana and Karakalpakstan Autonomous Republics, and had in-depth discussions with local governments and scientific research institutions on the current status and trends of agricultural development. They reached consensus on agricultural planting and agricultural machinery cooperation, and planned to establish an agricultural machinery cooperation center in Nukus.Manufacturing: The delegation visited several industrial parks and typical manufacturing enterprises in Fergana and Nukus regions, and had in-depth exchanges with outstanding local entrepreneurs. Based on actual needs, it plans to introduce high-quality Chinese technology and corporate resources to promote multi-party cooperation;Trade and logistics: The delegation investigated wholesale markets, logistics hubs and other trade and logistics facilities in Fergana, Kokand, Tashkent and other regions, conducted in-depth exchanges with relevant entrepreneurs and explored the possibility of further cooperation;Construction and building materials: The delegation visited several cement and other construction material production bases, and deepened their willingness for further cooperation in light of the needs of the China-Kyrgyzstan-Uzbekistan railway construction;Energy: Discuss with local governments and enterprises the supply of photovoltaic power stations, wind power equipment and EPC cooperation models.3. Pragmatically promote the implementation of cooperationDuring the delegation's visits, a number of intention agreements were reached with local governments and entrepreneurs:China-Uzbekistan Trade Center: It is planned to establish a comprehensive industrial service platform in Kokand, Fergana Oblast, integrating cross-border trade, commodity display, light industrial assembly, bonded warehousing, intelligent logistics, trade center, supply chain finance, and halal industry services. The project covers an area of 230 hectares and plans to invest more than US$2 billion;Manufacturing and Processing Park: It is planned to build a processing and manufacturing base with machinery, clothing, chemicals, energy, etc. as the core in Qiva District, Fergana Oblast. The project covers an area of 200 hectares and plans to invest 2 billion US dollars;Cross-border trade and logistics center: It is planned to build a cross-border logistics integrated service facility in Fergana Oblast near the border with Kyrgyzstan, aiming to promote regional cooperation and cross-border trade. The project covers an area of 16 hectares and plans to invest 50 million US dollars.Through local visits, the delegation introduced Gascia-Aksu Alliance basic concepts of Islamic finance and trade to the Uzbek government, scientific research institutions, and enterprises, gained an in-depth understanding of the cooperation demands of the government and enterprises, investigated and analyzed the local market status and development trends, established a preliminary and fruitful communication mechanism and cooperation, and created a solid foundation for future cooperation and exchanges, achieving complete success.
Two-way trade between China and Central Asia hit a record $70 billion last year, with Kazakhstan leading with $31 billion, as China seeks deeper links in its quest for greater food and energy security These countries have large Muslim populations, and are notable for their governments’ commitment and progress in establishing better legal and regulatory infrastructure for Islamic finance. China has poured billions of dollars into Central Asia to ease access to the region's natural gas reserves. Additionally, railroads between Europe and China that pass through Central Asia are an important part of Beijing's flagship infrastructure project, the Belt and Road Initiative. With Central Asia’s 82m population at 80% Muslim, growing trade between China and Central Asia will find Islamic finance very appealing. ---End---
Approaching China
Strategy: East-West bridge, fostering economic ties between vibrant Middle Eastern economies and Xinjiang's burgeoning potential.
Tactics:Attract Investment: Cultivate partnerships, facilitating Middle Eastern and international investments into promising Xinjiang opportunities.Wealth Management: Solutions are aligned to the five IWM pillars – Wealth Creation, Accumulation, Preservation, Purification and DistributionShariah Solutions: Provide tailored financial products to meet unique investment mandates.Strategic Partners: Collaborate with experienced service providers, ensuring seamless project execution and confidence.Market Intelligence: Serve as a trusted source of insights, empowering Middle Eastern and international investors to navigate Xinjiang’s opportunitiesCultural Bridge: Foster understanding and collaboration, building long-term relationships for sustainable economic cooperation.
The Middle East Strategic Investments unlocks possibilities, catalyzing a transformative economic partnership between China, Middle East and the international space.
Tactics:Attract Investment: Cultivate partnerships, facilitating Middle Eastern and international investments into promising Xinjiang opportunities.Wealth Management: Solutions are aligned to the five IWM pillars – Wealth Creation, Accumulation, Preservation, Purification and DistributionShariah Solutions: Provide tailored financial products to meet unique investment mandates.Strategic Partners: Collaborate with experienced service providers, ensuring seamless project execution and confidence.Market Intelligence: Serve as a trusted source of insights, empowering Middle Eastern and international investors to navigate Xinjiang’s opportunitiesCultural Bridge: Foster understanding and collaboration, building long-term relationships for sustainable economic cooperation.
The Middle East Strategic Investments unlocks possibilities, catalyzing a transformative economic partnership between China, Middle East and the international space.
Islamic finance for China
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Opportunity for Islamic finance in China
China with an estimated 25m Muslim population and Xinjiang is well positioned to gain traction in Islamic finance with a healthy Muslim population to kick start plus Lanzhou, Ningxia and Qinghai also with sizable Hui Muslim population.Xinjiang – 25m population with 50% UyghursGansu – 25m population with 5% HuiQinghai – 6m population with 16% Hui Ningxia – 7m population with 40% Hui
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New marketsChina’s Government initiated infrastructure programs are favoured Shariah compliant activities thus it will augur well for investors who prefer sovereign or SOE owned projects and opportunities. China has successfully built a high speed rail for Indonesia in October 2023 and this HSR project is also well suited for Islamic financing. China’s branding will augurs well in Indonesia and with Indonesia’s 280m Muslim population, Indonesia will also be a great opportunity for Gascia
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Market leaderMalaysian Prime Minister Anwar Ibrahim’s official visit to China in late March 2023 proved to be resounding success as the two nations inked 19 Memoranda of Understanding that represent a historic peak in Malaysian investment, totaling more than 170 billion Malaysian ringgit ($38 billion). These investments span sectors such as agriculture, green technology, and the digital economy. Malaysia’s 33m population with 20m Muslim backed by strong Islamic Finance structure and Islamic investment appetite will be a good headstart for Gascia
Perfect timing
The China-Arab regional trade volume has increased by nearly 80 times — from less than $3 billion in 1990 to about $300 billion in 2021 — and China has become the largest trading partner of the region. In particular, the Belt and Road Initiative has accelerated two-way economic, trade and investment activities. For example, China is helping Egypt's industrialization and Saudi Arabia's economic diversification, while improving the overall development level in the Middle East. Also, China is the largest importer of oil and gas from the Middle East, which holds 70 percent and 50 percent of the global oil and natural gas reserves.
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First mover advantage Although Islamic Finance has been around for many years, it has never taken off in a significant way due to many reasons. Current environment gives is an advantage as more ancillary institutions and services are more prevalent now. China has never sold themselves as an Islamic Finance destination thus far and current investment and geo-political climate is conducive to introduce this initiative to change the misconceptions.
Islamic finance has emerged as an effective tool for financing development worldwide, including in non-Muslim countries. Major financial markets are discovering solid evidence that Islamic finance has already been mainstreamed within the global financial system – and that it has the potential to help address the challenges of ending poverty and boosting shared prosperity.
Islamic finance has emerged as an effective tool for financing development worldwide, including in non-Muslim countries. Major financial markets are discovering solid evidence that Islamic finance has already been mainstreamed within the global financial system – and that it has the potential to help address the challenges of ending poverty and boosting shared prosperity.
Regional unity Two-way trade between China and Central Asia hit a record $70 billion last year, with Kazakhstan leading with $31 billion, as China seeks deeper links in its quest for greater food and energy security These countries have large Muslim populations, and are notable for their governments’ commitment and progress in establishing better legal and regulatory infrastructure for Islamic financeChina has poured billions of dollars into Central Asia to ease access to the region's natural gas reserves. Additionally, railroads between Europe and China that pass through Central Asia are an important part of Beijing's flagship infrastructure project, the Belt and Road Initiative.
Approach
Saudi Arabia, UAE, Egypt, Iran, Ethiopia and Indonesia joined the current five members to expand the BRICS group to 11 countries with a population of some 3.7 billion people and GDP surpassing G7. The enlarged BRICS bloc saw the inclusion of three of the world’s largest oil exporters: Saudi Arabia, UAE and Iran, together with Egypt and Indonesia making a historic progress of 5 Islamic nations joining BRICS+ of 11. BRICS+ also added 9 partner countries such as Belarus, Bolivia, Cuba, Kazakhstan, Malaysia, Nigeria, Thailand, Uganda, and Uzbekistan adding another 3 Muslim nations into the bloc. With the additions of more Muslim countries into BRICS+ , Gascia sees the potential for Islamic finance to flourish with BRICS+ to be higher than ever.
Advisory Panel
- Our wealth of wisdom
- Honorary Patron – Mr Abdullah Tarmugi
- Former Singapore Speaker of Parliament, Singapore Muslim Affairs Minister, Minister for Community Development and Minister for Community Development and Sports
Advisor – Mr Zainul Abidin Rasheed Former Singapore Senior Minister of State Singapore’s Ambassador to the State of Kuwait and the Special Envoy of the Minister for Foreign Affairs to the Middle East
Advisor – Professor Obiyathulla Bacha
Professor of Finance and Head of Finance and Accounting Department, INCIEF
Our depth of knowledge
Shariah Advisor – Professor Mohd A Elgari is a Professor of Islamic Economic at King Abdulaziz University, Jeddah, Saudi Arabia and Former Director of the Center for Research in Islamic Economics. He is member of numerous Shariah Boards of Islamic Banks and Takaful Companies world wide and authored several books in Islamic finance and published tens of articles on the subject both in Arabic and English. Dr. Elgari is also a frequent speaker in conferences worldwide. Dr. Elgari is the recipient of the Islamic Development Bank prize in Islamic Banking and Finance for the year in 2004.
Gulf Advisor – Dr Abdullah Aldaraan is a respected lawyer in the Kingdom of Saudi Arabia holding a doctorate in law and comparative jurisprudence as well as professorship in international law, he is also a trusted adviser to several ministries, government agencies and councils especially in the areas of security and economy. He has been appointed as law consultant and head of the law office for the security department of Riyadh, Committee member of Riyadh Development Board for consultation services by Prince Nayef Bin Abdul Aziz, Minister of Interior Affairs,
China Advisor – Professor Yu Hai is from Xi'an Jiaotong University and holds a Ph.D. in economics. He was a researcher of 93 learning society with research focus on investment banking, regional economy and financial markets. He had published more than 50 professional papers and more than 10 books, He is China's securities and futures market pioneers and had participated in the Zhengzhou Commodity Exchange trading rules, presided over the preparation of China's first futures undergraduate teaching material "futures market tutorial"
USA Advisor – Mr Mike Dolan
Mr Dolan hails from the Donahue family that founded Federated Investors, which manages over USD 800B of assets and advises USD 2.1T of assets and has more than 20 years of deal structuring experience as both entrepreneur and investor.
Members
- The members of GASCIA, together with its Patron and Advisors together comprise professionals and leaders with in-depth knowledge of the industry and years of practical experience. Through GASCIA's members and its network of partners, GASCIA is able to offer assistance to Islamic Finance players and enthusiasts in all types of initiatives relating to Islamic Finance.
Bobby TayFounding President(Co-founder of Sabana Islamic REIT)
Mr Raja MohamadSecretary(Managing Director of 5 Pillars)
Ms Kyteen NewMemberTreasurer
Mr Andrew LimFounding Member(Group Chief Operating Officer, CapitaLand Investment)
Mr Markus BlenntoftFounding Member(Senior Counsel, Saudi Aramco)
Mr Sani HamidFounding Member(Director, Financial Alliance)
Mr Suhaimi Zainul-AbidinFounding Member(Director, Quantedge Capital Pte Ltd)
Mr Jek LimFounding Member(Partner, KPMG LLP)
Professor Yu HaiMember(Director, Aksu Silk Road Barter Research Institute)
Mr Zhang JianMember(Director, China Industrial Cooperation Association)
Mr Dong MimiMember(vice-Chairman, Barter Economy Research Institute of Xinjiang Production and Construction Corp)
Mr Chen JiJunMember(Senior Engineer, Jiangsu Green Building Industry Technology Research Institute)
Mr Raja MohamadSecretary(Managing Director of 5 Pillars)
Ms Kyteen NewMemberTreasurer
Mr Andrew LimFounding Member(Group Chief Operating Officer, CapitaLand Investment)
Mr Markus BlenntoftFounding Member(Senior Counsel, Saudi Aramco)
Mr Sani HamidFounding Member(Director, Financial Alliance)
Mr Suhaimi Zainul-AbidinFounding Member(Director, Quantedge Capital Pte Ltd)
Mr Jek LimFounding Member(Partner, KPMG LLP)
Professor Yu HaiMember(Director, Aksu Silk Road Barter Research Institute)
Mr Zhang JianMember(Director, China Industrial Cooperation Association)
Mr Dong MimiMember(vice-Chairman, Barter Economy Research Institute of Xinjiang Production and Construction Corp)
Mr Chen JiJunMember(Senior Engineer, Jiangsu Green Building Industry Technology Research Institute)
Executive Committee
Founding President
Bobby envisioned and co-founded Sabana Islamic REIT where he was the key person in the creation and leading the listing of the REIT, designed the REIT structure and project lead the formation towards the IPO process including leading the various road-shows for getting in the cornerstone investors such as Al Salam Bank from Bahrain, Fidelity Investment Management from Hong Kong, Capita Bank from Jordon, Brunei Investment Authority from Brunei and Employees Provident Fund from Malaysia which the IPO raised SGD664 million and 12 times oversubscribed. Sabana is the world largest listed Shariah-compliant REIT with an AUM of S$1 billion listed with SGD850 million of assets on 26 Nov 2010 and is the first Shariah-compliant REIT listed in Singapore. He had executed over SGD3 billion worth of Islamic transactions with the following achievements;
World's first Chinese non-Muslim to have executed SGD3 billions of Islamic transactionsWorld's first listed REIT with the GCC standard of Shariah complianceWorld’s largest Shariah compliant listed REITWorld's first convertible SukukSingapore's first Islamic IPOSingapore's first Islamic MTN programSingapore's largest industrial REIT free float listing
World's first Chinese non-Muslim to have executed SGD3 billions of Islamic transactionsWorld's first listed REIT with the GCC standard of Shariah complianceWorld’s largest Shariah compliant listed REITWorld's first convertible SukukSingapore's first Islamic IPOSingapore's first Islamic MTN programSingapore's largest industrial REIT free float listing
President's message
"Economic and trade relations between China and the Muslim nations have been built on a solid foundation and have evolved significantly over time. Recently, these economic exchanges and cooperative efforts have strengthened, reflecting a mutual commitment to growth. This interest and effort from both parties foster a beneficial and dynamic partnership, giving birth to Islamic finance in China. China-Arab regional trade volume has increased by nearly 80 times from less than US$3 billion in 1990 to about US$300 billion in 2021 and China has become the largest trading partner of the region.
In particular, the Belt and Road Initiative has accelerated two-way economic, trade and investment activities.Central Asia’s growing trade with China on the back of an 82 million population with 80% Muslims has hit a record US$70 billion, where Kazakhstan leads with US$31 billion. Here the commitment and progress of the government is noted in establishing better legal and regulatory infrastructure for Islamic finance. The expansion of BRICS+ in which UAE, Egypt, Iran and Ethiopia have joined the five founding members, adding three Muslim nations into the expanded bloc of nine, has seen the collective addition of another three Islamic nations namely Indonesia, Malaysia and Turkiye as partners which will make Islamic finance very appealing for China especially in their exploration of trade and infrastructure financing with these partners.
Companies from Saudi Arabia and other Middle Eastern nations are increasingly prioritizing investments in China, recognizing the potential for collaboration and growth in one of the world’s largest economies. For instance, Saudi Aramco became one of the foreign companies with the highest level of investments in China in 2023. Saudi companies have significantly ramped up their investments in China in recent years, reflecting a strong confidence in China’s economy amid increasing uncertainties in global economy and market. China and Saudi Arabia are poised for significant investment cooperation, with promising prospects across various sectors. In 2025, China will continue seeing a surge in sovereign investments from Gulf nations which will also tag along corporates and wealthy families. China offers a wide range of investment opportunities particularly in new energy and advanced technology, which resonate with Gulf companies’ ambitions for growth and international expansion. Furthermore, as Middle East companies actively pursue their vision to diversify their economy, this opens the door for increased Chinese investments in critical areas such as technology, new energy and infrastructure, fostering mutual economic growth and collaboration, all Shariah compliant. China remains committed to further opening up its economy and actively encourages foreign companies to deepen their cooperation with the country. Such investments not only strengthen international partnerships but also create mutual benefits boosting both the investing companies and the economies of their home countries, while fostering a win-win situation, cooperation and bilateral investment. In this way, Islamic finance in China will have a strategic penetrating edge to attract Shariah investments.
The development of Islamic finance is conducive to the improvement of China’s financial system and the promotion of sound development of the financial industry to:1) strengthen economic and trade cooperation with the Islamic world;2) enhance the ability to attract investment;3) promote the economic development of ethnic minority areas; and4) maintain ethnic unity and harmony. Additionally, China has the capability and infrastructure to develop Islamic finance. China’s political stability, rapid economic development, rich resources, a vast market and the value of the yuan rising create good conditions for Islamic finance investment. The potential for China and Islamic finance is unlimited as Chinese relationships and Islamic finance along with economic and trade contacts between China and the Islamic countries represented by the Arab region have been recorded in history since the Han Dynasty. Islamic finance will emerge as an effective tool for financing development in China’s trade growth worldwide, including non- Muslim countries. Major financial markets are discovering solid evidence that Islamic finance has already been mainstreamed within the global financial system and that it has the potential to help address the challenges of ending poverty and boosting shared prosperity which will greatly boast China’s grand initiatives such as the One Belt One Road Initiative and BRICS+."
In particular, the Belt and Road Initiative has accelerated two-way economic, trade and investment activities.Central Asia’s growing trade with China on the back of an 82 million population with 80% Muslims has hit a record US$70 billion, where Kazakhstan leads with US$31 billion. Here the commitment and progress of the government is noted in establishing better legal and regulatory infrastructure for Islamic finance. The expansion of BRICS+ in which UAE, Egypt, Iran and Ethiopia have joined the five founding members, adding three Muslim nations into the expanded bloc of nine, has seen the collective addition of another three Islamic nations namely Indonesia, Malaysia and Turkiye as partners which will make Islamic finance very appealing for China especially in their exploration of trade and infrastructure financing with these partners.
Companies from Saudi Arabia and other Middle Eastern nations are increasingly prioritizing investments in China, recognizing the potential for collaboration and growth in one of the world’s largest economies. For instance, Saudi Aramco became one of the foreign companies with the highest level of investments in China in 2023. Saudi companies have significantly ramped up their investments in China in recent years, reflecting a strong confidence in China’s economy amid increasing uncertainties in global economy and market. China and Saudi Arabia are poised for significant investment cooperation, with promising prospects across various sectors. In 2025, China will continue seeing a surge in sovereign investments from Gulf nations which will also tag along corporates and wealthy families. China offers a wide range of investment opportunities particularly in new energy and advanced technology, which resonate with Gulf companies’ ambitions for growth and international expansion. Furthermore, as Middle East companies actively pursue their vision to diversify their economy, this opens the door for increased Chinese investments in critical areas such as technology, new energy and infrastructure, fostering mutual economic growth and collaboration, all Shariah compliant. China remains committed to further opening up its economy and actively encourages foreign companies to deepen their cooperation with the country. Such investments not only strengthen international partnerships but also create mutual benefits boosting both the investing companies and the economies of their home countries, while fostering a win-win situation, cooperation and bilateral investment. In this way, Islamic finance in China will have a strategic penetrating edge to attract Shariah investments.
The development of Islamic finance is conducive to the improvement of China’s financial system and the promotion of sound development of the financial industry to:1) strengthen economic and trade cooperation with the Islamic world;2) enhance the ability to attract investment;3) promote the economic development of ethnic minority areas; and4) maintain ethnic unity and harmony. Additionally, China has the capability and infrastructure to develop Islamic finance. China’s political stability, rapid economic development, rich resources, a vast market and the value of the yuan rising create good conditions for Islamic finance investment. The potential for China and Islamic finance is unlimited as Chinese relationships and Islamic finance along with economic and trade contacts between China and the Islamic countries represented by the Arab region have been recorded in history since the Han Dynasty. Islamic finance will emerge as an effective tool for financing development in China’s trade growth worldwide, including non- Muslim countries. Major financial markets are discovering solid evidence that Islamic finance has already been mainstreamed within the global financial system and that it has the potential to help address the challenges of ending poverty and boosting shared prosperity which will greatly boast China’s grand initiatives such as the One Belt One Road Initiative and BRICS+."
Secretary
Raja Mohamad have worked in the risk management and private banking for over 20 years provided him an invaluable opportunity to understand the workings of the conventional financial markets. Raj also spent time time in Europe and has travelled extensively to Asia and Middle-East. Following the banking experiences he went on to work with Bloomberg Financial Data in management capacity covering businesses in most of Asia. His introduction to Islamic Finance paved way to offer Islamic Finance advisory and consultancy services from Singapore.
Raj currently is the Board member of The Singapore Malay Chamber of Commerce and Industry (SMCCI) and a Board director of SMCCI Enterprise , he has been appointed as a MUIS Council member and has also served as Waqaf Committee Chairperson during one of the terms. Muis is the Muslim Religious Council of Singapore. The Majlis Ugama Islam Singapura (MUIS), also known as the Islamic Religious Council of Singapore (IRCS), is a statutory board of the Ministry of Culture, Community and Youth of the Government of Singapore. As a majlis, its role is to look after the administration and interests of Singapore's Muslim community.
He is a regular speaker in Islamic Finance conferences globally and is also a resource person, often appearing in CNBC, Reuters, Bloomberg and Channel News Asia commenting on Islamic Finance. He also has lectured and conducted workshops at National University of Singapore (Dept of Real Estate), Singapore Management University and Lee Kuan Yew School of Public Policy, Singapore.
Raj currently is the Board member of The Singapore Malay Chamber of Commerce and Industry (SMCCI) and a Board director of SMCCI Enterprise , he has been appointed as a MUIS Council member and has also served as Waqaf Committee Chairperson during one of the terms. Muis is the Muslim Religious Council of Singapore. The Majlis Ugama Islam Singapura (MUIS), also known as the Islamic Religious Council of Singapore (IRCS), is a statutory board of the Ministry of Culture, Community and Youth of the Government of Singapore. As a majlis, its role is to look after the administration and interests of Singapore's Muslim community.
He is a regular speaker in Islamic Finance conferences globally and is also a resource person, often appearing in CNBC, Reuters, Bloomberg and Channel News Asia commenting on Islamic Finance. He also has lectured and conducted workshops at National University of Singapore (Dept of Real Estate), Singapore Management University and Lee Kuan Yew School of Public Policy, Singapore.
Track Record
- President listed world's first GCC Islamic REIT and world's largest Islamic REIT,
- Singapore's first Islamic IPO and largest industrial REIT free float listing,
- with 2.5 times orderbook of SGD1.3b and 12x oversubscribed
And successfully executed over SGD3 billions of Islamic transactions
Awards
Islamic Finance News
Real Estate Deal of the year 2010
February 2011
Islamic Finance News
IPO Deal of the year 2010
February 2011
The Asset Magazine
Best Islamic Deal in Singapore
September 2011
The Asset Magazine
Most Innovative Islamic Deal
September 2011
Kuala Lumpur Islamic Finance Forum
Receiving “The Most Outstanding Islamic REIT” award from Y.B Tan Sri Nor Mohamed Yakcop, Malaysia’s Minister in the Prime Minister’s Department (Economic Planning Unit)
October 2011
The Asset Magazine
Best Domestic Securitization
February 2012
Islamic Finance News
Most Innovative Asset Management Company
October 2012
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Islamic Finance News
Best Investor Relations by an Asset Management Company
October 2012
Islamic Finance News
Equity Deal of the Year
February 2013
Islamic Finance News
Real Estate Deal of the Year
February 2013
Kuala Lumpur Islamic Finance Forum
Receiving the “Most Outstanding Islamic Real Estate Product” award from Y.B Dato Sri Abd Wahid Omar, Minister of Malaysian Prime Minister’s Department
October 2013
Islamic Affiliations
Receiving the Singapore Kadayanallur Muslim League plaque from Deputy Prime Minister and Finance Minister Mr Tharman Shanmugaratnam in 2011
Panel speaker of Islamic Finance News forum 2011 in Kuala Lumpur
Book Launch by Singapore Mufti Shaik Semait with Prime Minister Mr Lee Hsien Loong and Minister-in-charge of Muslim Affairs Dr Yacoob Ibrahim in 2012
Panel speaker of Singapore-Malaysia Islamic Financial Services Conference (IFSC) 2013
Panel speaker of The Asset Islamic Finance Summit 2016 in Jakarta
In 2015, President meets with CDBS – Cathay a subsidiary of China Development Bank Securities, which is a wholly owned subsidiary of China Development Bank and enter into a MOU to set up a Islamic fund management platform in China.
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In 2016, President meets Sichuan Development Holdings Chairman Mr Wang Feng Chao, the largest Sichuan Provincial Government Company after been mandated to launch their first USD200 million Sukuk
In 2017, China Machinery Engineering Corp (CMEC) a large China state-owned entreprise, together with Wuxi GuoLian, a Wuxi provincial government company from Jiangsu province and their JV company CMEC-GuoLian signs a 3-party agreement for comprehensive strategic Islamic finance partnership with Gascia
