In Uzbekistan’s financial market, a new issue has come to the agenda — the introduction of Islamic banking. On September 16, during a session of the Legislative Chamber of the Oliy Majlis, this matter was discussed, and a special draft law was presented to the members of parliament.
According to the Deputy Chairman of the Central Bank, Abrokhuja Turdaliev, it is planned to introduce a separate license for carrying out Islamic banking activities in the country. Based on this, banks will be able either to start operating as independent Islamic banks or to establish a special department providing Islamic services within an existing bank.
Through this project, the population and business entities will be provided with the opportunity to use financial services in accordance with Sharia rules. According to officials, this initiative will increase competition among banks, attract new investors to the market, and help improve the quality of financial services.
The draft law envisages amendments and additions to a number of legal documents. In particular, relevant amendments will be introduced to the Tax and Civil Codes, as well as to 8 other laws. The legislation is expected to include such new concepts as “Islamic bank,” “Islamic finance standards,” and “investment deposit.”
“This will open absolutely new opportunities for the population and entrepreneurs. By establishing Islamic banks, Islamic windows, and Islamic microfinance institutions, the opportunities to use alternative financial services will expand. In addition, new tools for supporting business will be introduced,” said Turdaliev.
It should be noted that already in 2022, work began in more than ten banks to organize Islamic windows. The Head of State also emphasized that the introduction of Islamic finance could attract additional resources of about 5 billion dollars to the country and significantly improve the competitive environment in the financial market.
It should be recalled that in 2024, Deputy Chairman of the Central Bank Behzod Khamroev stated that a draft law on Islamic finance had been developed and would be submitted to parliament by the end of the year.
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