How Does Asaxiy Invest Ensure Compliance with Islamic Finance Principles?
How does Asaxiy Invest ensure compliance with Islamic finance principles? Learn how contracts, transactions, new products, and annual certification are reviewed.
In Islamic finance, going through a compliance review once is not enough. Compliance with Islamic principles must be maintained not only in documents, but also in actual operations, new products, and changes to the business model.
At Asaxiy Invest, this process is carried out separately from day-to-day operational management. The company’s activities and active contracts are reviewed by specialists from the independent Islamic Finance Council under Mezon Kengashi. The official Asaxiy Invest website also publishes a certificate confirming that the reviewed documents comply with the international standards of AAOIFI (Accounting and Auditing Organization for Islamic Financial Institutions).
Below, we explain how this control system works and why it is important for investors.
Who Reviews Asaxiy Invest’s Activities?
The review is carried out by the Islamic Finance Council under Mezon Kengashi. The Council operates independently from the Asaxiy Invest operational team. This is an important principle: conclusions regarding whether contracts and operations comply with Islamic principles are made not by the company itself, but by specialists in the relevant field.
The Council is chaired by Muhammad Ayyubxon Xomidov, with Yahyobek Razzoqov and Murod Umarxodjayev serving as Council members. The Council’s role is to review the structure of contracts and operations, assess them from the perspective of Islamic finance principles, and provide the relevant conclusion.
When necessary, documents are reviewed and adjusted based on the experts’ recommendations before the relevant model is implemented in practice.
Compliance Control at Every Stage of Operations
One of the key principles of our system is the regular monitoring of compliance with Islamic principles at every stage of Asaxiy Invest’s operations. This control begins with the conclusion of contracts and continues through the review of actual operations and the annual renewal of the certificate.
Whenever a relevant contractual relationship is established within Asaxiy Invest, Mezon Kengashi reviews the contracts and provides its conclusion. The review covers not only the wording of the document, but also the economic substance of the operation:
- what the subject of the contract is;
- whether a real product or asset exists;
- how profit is generated;
- how the rights and obligations of the parties are distributed;
- whether interest-based mechanisms are absent;
- whether the terms of the transaction comply with Islamic finance principles.
Control continues even after the operation has been completed. At the end of each quarter, when Asaxiy Invest announces its financial results, Mezon Kengashi reviews the transactions carried out during that period and provides a separate conclusion on them. This makes it possible to verify that actual operations were carried out within the previously agreed contractual model and in accordance with the established principles.
In addition, Asaxiy Invest’s compliance certificate is renewed annually. The certificate was most recently renewed on April 1, 2026. The annual review makes it possible to reassess the company’s activities and confirm that previously issued conclusions remain relevant to its current operations. For this reason, we do not view the certificate as a document obtained once and valid indefinitely. It is part of an ongoing control system that includes contract reviews, analysis of actual transactions, and annual reconfirmation of compliance.
How Are New Products Reviewed?
Asaxiy Invest continues to develop: new opportunities, mechanisms, and products are introduced. However, commercial viability alone is not sufficient to launch a financial product. If a new solution affects the structure of a transaction, contractual relationships, or the movement of funds, it must also be reviewed from the perspective of Islamic finance requirements.
For this reason, the compliance of a new product with Islamic principles is assessed before it is fully launched. First, the product structure and contractual model are reviewed. Where necessary, changes are made based on the specialists’ conclusions, and only then is the relevant solution implemented.
Our key principle is that compliance with Islamic principles should be built into the product from the outset, rather than checked only after the product has been launched.
What Happens If a Disputed Case Arises?
It is not possible to anticipate every situation in a contract in advance. During operations, new mechanisms, unusual transaction terms, or other cases requiring additional expert review may arise. In such situations, Asaxiy Invest does not make an independent decision regarding compliance. The disputed matter is referred to Mezon Kengashi specialists for review and a formal conclusion.
The experts assess not only the wording of the documents, but also the economic substance of the specific situation. If a particular mechanism or condition is found to require modification, it is reviewed and adjusted accordingly based on the conclusion provided.
This approach is not about seeking formal approval for a business decision that has already been made, but about first identifying a solution that complies with Islamic principles.
What Does the Overall Control System Look Like?
In simplified terms, the control system at Asaxiy Invest consists of the following stages:
1. Contract Review
Mezon Kengashi reviews the contracts and provides a conclusion on their compliance with Islamic principles.
2. Review of New Decisions and Products
New products and significant changes are assessed from an Islamic finance perspective before implementation.
3. Actual Operations
Operations are carried out in accordance with the previously agreed contractual model.
4. Quarterly Review
At the end of each quarter, Mezon Kengashi reviews the transactions carried out during the reporting period and provides its conclusion.
5. Annual Certificate Renewal
The compliance certificate is renewed every year. The most recent renewal took place on April 1, 2026.
In other words, the control system is not limited to a single review or a single document. It includes several levels of oversight applied at different stages of operations.
Why Is This Important to Us?
We understand that for an investor who invests based on Islamic finance principles, simply seeing a certificate is not enough. It is also important to understand how control continues after the certificate has been issued.
That is why compliance monitoring at Asaxiy Invest does not stop during ongoing operations: contracts are reviewed, completed transactions are analysed, new decisions are assessed separately, and the certificate is regularly renewed.
For us, compliance with Islamic principles is not a one-time formality before launching a product. It is part of the system that defines how Asaxiy Invest’s day-to-day operations are conducted.