Uzbekistan permits microfinance institutions to offer Islamic finance services
The Central Bank of Uzbekistan has approved a regulation which will enable microfinance institutions (MFIs) to offer Islamic finance services.
The guidelines provide a framework for the organizations to engage in various Islamic finance activities that are in compliance with regulatory standards, news agency Daryo reported.
MFIs are authorized to offer the Shariah-compliant products including Mudarabah, Murabaha, Musharakah, and Islamic leasing.
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