Uzbekistan Adopts Law to Introduce Islamic Banking

Tashkent, Uzbekistan (UzDaily.com) — Uzbekistan has adopted a law aimed at introducing Islamic banking. The document, titled “On Amendments and Additions to Certain Legislative Acts of the Republic of Uzbekistan Aimed at Introducing Islamic Banking” (No. ZRU-1126 dated 27 March 2026), establishes a comprehensive regulatory framework for the sector.

The law was developed by the Central Bank of Uzbekistan with the participation of domestic and international experts, taking into account international standards and best practices. It introduces amendments to the Tax Code, the Civil Code, and several other legislative acts.

The document defines key concepts within the legal framework, including Islamic banking, Islamic financial transactions, relevant standards, and investment deposits. It also предусматривает the introduction of a separate license authorizing Islamic banking activities, along with clear requirements for obtaining it.

A list of operations that banks may conduct under such a license has been established. Financial institutions will be allowed to engage in trade activities, establish legal entities, and acquire shares and equity stakes in companies without restrictions.

An important element of the new system will be the establishment of Islamic finance councils within the Central Bank and commercial banks. These bodies will coordinate activities in the sector and ensure compliance with established requirements.

The law also outlines specific taxation rules for Islamic financial transactions, which are expected to foster a favorable environment for the development of this segment of the financial market.

The document will enter into force three months after its official publication.