Uzbekistan Approves Rules for Banks to Adopt Islamic Model

Tashkent, Uzbekistan (UzDaily.uz) — The Ministry of Justice of Uzbekistan has registered amendments to the regulations governing the transformation of microfinance organizations and banks, establishing the procedure for eligible credit institutions to transition to an Islamic banking model.

The document was adopted to implement the Law "On Amendments and Additions to Certain Legislative Acts of the Republic of Uzbekistan Aimed at Introducing Islamic Banking in Uzbekistan" (Law No. ZRU-1126 of 27 March 2026). The amendments were registered under No. 3656-1 on 1 August 2026.

Under the new rules, microfinance organizations may be transformed into microfinance banks engaged exclusively in Islamic banking activities. The regulations also allow an Islamic microfinance bank to be transformed into an Islamic bank, an Islamic bank into an Islamic microfinance bank, an Islamic microfinance bank into a microfinance organization, and a conventional bank into a bank engaged exclusively in Islamic banking activities.

The document stipulates that conversion into an Islamic bank is permitted only for a microfinance bank that operates exclusively in accordance with Islamic banking principles.

The amendments also introduce additional requirements for the state registration of a microfinance bank and the issuance of a banking licence. In particular, applicants must submit a conclusion from the Inspection for Supervision in the Construction and Housing and Utilities Sector confirming that the building complies with urban planning rules and regulations, including accessibility requirements and the provision of necessary facilities for persons with disabilities.