At the Tashkent International Investment Forum, Central Bank Deputy Chairman Sanjar Nosirov detailed the phased development of Islamic finance in Uzbekistan. The first stage began with the microfinance sector.

In 2024, regulations for Islamic financing were introduced for microfinance organizations. Currently, about 12 microfinance institutions offer Islamic products such as murabaha, ijara, salam, mudaraba, and musharaka.

In 2025, eight microfinance organizations provided Islamic services worth approximately 21 billion soums ($1.7 million). In the first five months of this year, the volume reached 22 billion soums. Murabaha contracts account for 63% of the total.

The second stage involves the adoption of a law on Islamic banking, effective June 29. The law introduces licensing for fully Islamic banks and Islamic windows in conventional banks, establishing a dual banking system.

A two-tier Sharia governance system will be implemented: the Islamic Finance Council under the Central Bank and councils at the bank level. Seven standards are planned for development this year.

The third stage focuses on creating a legal framework for Islamic capital market infrastructure, including sukuk. A new capital market law includes a dedicated chapter on sukuk, aligning with international standards.

Source: www.gazeta.uz