On March 25, President of Uzbekistan Shavkat Mirziyoyev reviewed a presentation on the implementation of Islamic financial services. During the presentation, it was noted that the following Islamic financial mechanisms are planned to be implemented in the country: financing clients by selling goods on credit - murabaha; attracting funds based on income or profit distribution conditions - mudaraba; providing or attracting funds through a representation agreement - wakala; financing based on prepayment - salam and istisna; financing through joint activities - musharaka; Islamic property lease and other Islamic financial instruments that do not contradict the law.
Additionally, value-added tax is not charged on the markup of goods sold, income from investment deposits is exempt from tax, and Islamic lease agreements are equated with financial lease and leasing.
To ensure systematic management in the sector, an Islamic Finance Council will be established under the Central Bank. Also, separate councils will be established in banks providing Islamic financial services. They are engaged in the development of standards, the preparation of draft regulatory legal acts, commenting on disputed issues, reviewing contracts and internal documents, and ensuring compliance control.
This year, it is planned to establish Islamic "window" activities in at least one commercial bank, and in 2026-2030, it is planned to establish two banks that will fully carry out Islamic banking activities. This reform will create the opportunity to attract an additional $1 billion in investments and deposits in 2026-2030.
As a reminder, the law on the introduction of Islamic banking was approved by the Senate on February 5th of this year.
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