Uzbekistan aims to attract approximately $1 billion through Islamic finance by 2030
The Central Bank states that around 10 banks are already exploring the launch of Islamic financial services
Adhamkhon Khaidarov, head of the Central Bank's project office working group on Islamic finance, reported that approximately 10 local banks are studying the possibility of launching such services.
The regulator has set conditions for organizations planning to conduct Islamic operations. Banks that meet the requirements will be issued licenses, while others will need to refine their documents and resubmit them. It is not yet determined how many institutions will ultimately submit applications.
Sukuk and other Islamic securities will be issuable after the capital market bill is adopted. Once it comes into force, the Central Bank will gain the ability to manage the banking system's liquidity using these instruments. Until then, Islamic banks will receive support through existing liquidity provision mechanisms.
The adoption of a separate law on Islamic finance is not planned. Amendments enabling such operations have already been made to the Civil and Tax Codes, as well as to seven laws regulating banking activities.
