Islamic banking law passed in first reading

A draft law aimed at launching Islamic banking in Uzbekistan has been developed and was conceptually approved in the first reading at the latest session of the Legislative Chamber of the Oliy Majlis, Bankir reported.

The draft proposes amendments and additions to the Tax and Civil Codes, as well as to 8 other laws. In particular, it introduces concepts such as "Islamic bank", "financial operations", "Islamic finance standards", and "investment deposit" into the legislation.

The draft law provides for the introduction of a license for conducting Islamic banking activities, along with clearly defined requirements and procedures for obtaining this license.

Additionally, it outlines the types of financial operations that may be conducted by banks holding such a license.