Uzbekistan to introduce Islamic banking to widen financial ambit, beckon investors
Uzbekistan has approved a legislation to introduce Islamic banking, a move that will encourage financial inflows and booster competitions across the banking sector.
The law was adopted at a plenary session of the senate of the Uzbekistan parliament.
The Central Asian country has undertaken broad reforms to modernize its banking system and expand financial services in line with international best practices. Lawmakers emphasized the growing need to widen financial inclusion and introduce alternative banking instruments that comply with international Islamic finance standards.
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