Central Bank of Uzbekistan reports eightfold growth in Islamic financial services

Tashkent, Uzbekistan (UzDaily.com) — The Central Bank of the Republic of Uzbekistan has reported a significant increase in Islamic financial services provided by microfinance organizations in the first quarter of 2026.

According to the regulator, four microfinance institutions provided Islamic financial services worth a total of 11.2 billion soums between January and March 2026. This represents an increase of 9.8 billion soums compared to the same period last year, or approximately eightfold growth.

The main share of services was provided through *murabaha* contracts, as well as Islamic leasing and *mudaraba*. In the overall structure, murabaha accounted for 7.7 billion soums (69%), mudaraba for 2.1 billion soums (19%), and Islamic leasing for 1.4 billion soums (12%). The strongest growth was recorded in murabaha and leasing operations.

Among microfinance organizations, the largest volume of services was provided by Apex Moliya, including 7 billion soums under murabaha and 1.4 billion soums in Islamic leasing. Ael MFO provided 2.2 billion soums in murabaha services, Enterprise Finance 670 million soums, and Biznesni Rivojlantirish 9 million soums.

By client category, legal entities accounted for 5.2 billion soums (46% of total services). Individual entrepreneurs received 3.1 billion soums (28%), while individuals accounted for 2.9 billion soums (26%). The fastest growth was observed among individual entrepreneurs, where services increased roughly twentyfold.

Geographically, the overwhelming majority of Islamic financial services were concentrated in Tashkent, where three microfinance organizations provided 10.6 billion soums, or 94% of the total. In Namangan region, one organization provided 670 million soums entirely under murabaha contracts.

The report follows the adoption of a law in March 2026 aimed at introducing Islamic banking activities in Uzbekistan, which is set to enter into force at the end of June 2026.