Uzbekistan Adopts Roadmap for Development of Islamic Finance for 2026–2030

At the International Islamic Finance Forum in Samarkand, the Chairman of the Central Bank, Timur Ishmetov, announced the republic's transition from forming a legislative framework to the practical implementation of Islamic banking.

The roadmap covers the improvement of the regulatory framework, creation of infrastructure, personnel training, increasing the population's financial literacy, and expanding international ties.

Currently, 11 microfinance organizations (MFOs) in Uzbekistan already provide Islamic financial services using mechanisms such as murabaha, ijara, mudaraba, and musharaka. This experience has allowed testing products in the local market.

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After the adoption of the law on Islamic banking activities in 2026, the regulator established a special Islamic Finance Council consisting of 5 members. It is responsible for ensuring compliance with Sharia standards, risk management, and quality control of banking solutions.

The legislation enshrines mechanisms that exclude double or unequal taxation of Islamic operations compared to traditional lending.

A strategic priority for the near future will be the formation of a regulatory framework for the Islamic securities market. According to Timur Ishmetov, the government has already prepared a new version of the law "On the Capital Market," which includes a separate chapter dedicated to sukuk. This will pave the way for the issuance of both sovereign and corporate Islamic bonds.

Uzbekistan is actively integrating into global specialized institutions: in 2025, the regulator joined the Islamic Financial Services Board (IFSB), and in 2026, it became a member of the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI).

Among the key partners for personnel training and launching new products, the Central Bank sees the Islamic Development Bank, the Asian Development Bank, and the International Finance Corporation (IFC).