The Central Bank of Uzbekistan has established a Council on Islamic Finance, a collegial body tasked with coordinating the development of Islamic financing and creating unified standards for banks, microfinance organizations, and other financial institutions operating under Islamic principles.

The council's key responsibilities include developing national standards for Islamic finance in line with international requirements and local practices, preparing recommendations for regulation and supervision, advising banks and microfinance organizations, and representing the Central Bank in the work of the international organization AAOIFI, which develops global standards in this field. The council will submit an annual report on its activities to the Central Bank's board.

The council comprises five specialists: four experts in Islamic law and one technical expert in Islamic finance. Saidjamol Masayitov, chief specialist of the Fatwa Center of the Muslim Board of Uzbekistan, has been appointed chairman, with Muhammadayubkhon Khomidov, also a chief specialist at the Fatwa Center, as his deputy. Other members include Fatwa Center specialists Hikmatilla Toshtemirov and Abdulatif Tursunov, as well as Akhrorjon Sadullayev, managing partner of the audit firm Orient Audit Group.

Most council members have extensive experience in Islamic law, are part of the Council of Ulama of the Muslim Board of Uzbekistan, and hold international AAOIFI certifications in Islamic finance. Technical expert Akhrorjon Sadullayev has over 20 years of experience in banking and finance, having previously held various positions at the Central Bank, Aloqabank, KDB Bank Uzbekistan, and international audit firms KPMG, Ernst & Young, and Grant Thornton.

Source: podrobno.uz