Tashkent (TDI): Uzbekistan is set to roll out Islamic finance services at a national level, with the first offerings expected in 2027, according to the updated draft of the Uzbekistan 2030 development strategy.
At least three commercial banks are projected to provide Sharia-compliant financial services by the end of the decade.
The strategy calls for establishing a legal and institutional framework to support Islamic finance, starting with one bank in 2027 and gradually expanding to three banks by 2029–2030. The initiative will be financed through the banks’ own resources, while the Central Bank of Uzbekistan will serve as the primary regulatory authority.
This move builds on earlier legislative efforts aimed at diversifying the country’s financial system. In September 2023, the Legislative Chamber of the Oliy Majlis passed a draft law on Islamic banking in its first reading, a key milestone for financial innovation and inclusion in Uzbekistan.
The draft legislation introduces amendments to the Tax Code, Civil Code, and other legal statutes, defining Islamic banks, Sharia-compliant operations, investment deposits, and relevant regulatory standards.
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Central Bank Deputy Chairman Abrorkhuja Turdaliev has emphasized that the reforms go beyond removing legal barriers. Speaking to local media, he highlighted the importance of institutional mechanisms, including specialized Sharia councils, audit and accounting frameworks, and a dedicated tax system, to ensure the proper functioning of Islamic finance in line with Sharia principles.
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In an interview, Turdaliev projected that up to ten Islamic banks could be operating in Uzbekistan by 2030. In addition, several conventional banks, including three state-owned institutions, are expected to launch Islamic “windows”, offering Sharia-compliant services alongside their traditional financial products.
