Uzbekistan and the Islamic Development Bank Discuss New Areas of Cooperation

Tashkent, Uzbekistan (UzDaily.com) — On 19 September 2025, President of the Islamic Development Bank (IsDB) Dr. Muhammad Al Jasser met with Deputy Prime Minister and Minister of Economy and Finance of Uzbekistan Jamshid Kuchkarov.

The meeting was also attended by Ali Khan, Head of the IsDB Regional Office in Almaty, IsDB Representative in Uzbekistan Khusan Khasanov, Chairman of the Central Bank of Uzbekistan Timur Ishmetov, and other officials.

During the talks, the parties reviewed the current state and prospects of bilateral cooperation, the efficiency of ongoing projects, and discussed new initiatives.

Special attention was given to key areas: modernization and development of irrigation systems in agriculture, improvement of rural infrastructure to create favorable conditions for residents and entrepreneurs, financing projects in line with Islamic finance principles to strengthen business resilience, supporting new livestock initiatives jointly with commercial banks without state guarantees, developing the private sector and financial market, advancing public-private partnership projects, and promoting Islamic finance through advisory and technical assistance.

The discussion placed particular emphasis on Islamic finance. It was noted that Islamic finance is recognized worldwide as a transparent and sustainable system, based on the principles of fair risk-sharing, reliance on real assets, and interest-free financing, making it a reliable instrument for households and small and medium-sized enterprises.

IsDB experts discussed accelerating the development of Uzbekistan’s Islamic finance market, aligning national legislation with international standards, training qualified specialists, and introducing new types of financial services for citizens and entrepreneurs. According to participants, these measures will help attract foreign investment, strengthen economic resilience, and expand opportunities for the financial system.

Following the talks, both sides agreed to further strengthen mutually beneficial cooperation, expand exchanges of views, and increase the scale of effective joint projects.