The updated version of the "Uzbekistan - 2030" Strategy has been submitted for public discussion. It outlines important reforms aimed at modernizing the country's financial system, including specific plans and deadlines in the field of Islamic finance.
According to the document, practical steps will be taken on the issue of introducing Islamic financial services, which has been discussed for many years. In particular, in 2027, it is planned to create the first bank operating on the principles of Islamic finance. During 2029-2030, two more Islamic banks are expected to begin operations.
Thus, by 2030, three banks are expected to provide services in Uzbekistan based on Islamic finance rules. The strategy also pays special attention to reducing state participation in the banking sector. According to the plan, one state bank will be privatized annually between 2027 and 2030. As a result, only four banks will remain at the disposal of the state by 2030.
According to experts, these reforms will serve to strengthen healthy competition in the financial market, increase the share of the private sector, and meet the needs of the population and entrepreneurs for Islamic financial services.
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