Uzbekistan adopts law establishing legal framework for Islamic banking
Uzbekistan has introduced a legal framework for Islamic banking after President Shavkat Mirziyoyev signed amendments to the country’s legislation, enabling the provision of Shariah-compliant financial services and supporting the diversification of its financial sector.
The newly adopted law, titled “On Amendments and Additions to Certain Legislative Acts of Uzbekistan,” sets out the regulatory basis for Islamic banking activities, aiming to expand access to finance for individuals and businesses while attracting international investors and enhancing competition within the banking industry.
“The introduction of this framework is expected to broaden access to financial services for both the general population and the business community,” the government said, adding that the initiative is designed to strengthen the country’s financial ecosystem and support economic development.
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Muhammad Ali Bandial