Central Bank Approves Licensing Rules for Islamic Banking

Tashkent, Uzbekistan (UzDaily.uz) — The Central Bank of Uzbekistan has approved the licensing procedure for banks conducting Islamic banking activities. The relevant resolution of the Board on amendments and additions to the Regulation on the Procedure and Conditions for Issuing Permits for Banking Activities has been registered in accordance with established procedures.

The document was adopted pursuant to the Law of the Republic of Uzbekistan on Amendments and Additions to Certain Legislative Acts Aimed at the Introduction of Islamic Banking Activities, and establishes the procedure for creating and licensing Islamic banks.

The resolution defines the procedure and conditions for establishing banks that perform Islamic banking activities, as well as the conditions under which existing commercial banks can begin providing Islamic financial services through opening an Islamic window.

In addition, the document sets qualification requirements for members of a bank's Islamic Finance Board and executive personnel responsible for organizing and conducting Islamic banking activities.

The Central Bank noted that the adoption of the resolution represents another stage in forming the regulatory and legal framework for the introduction of Islamic banking in Uzbekistan and creates legal conditions for