Uzbekistan Central Bank Establishes Islamic Finance Council

Tashkent, Uzbekistan (UzDaily.uz) — The Central Bank of Uzbekistan has established an Islamic Finance Council. The new collegial body will coordinate the development of Islamic finance in the country and develop unified standards for banks, microfinance organizations and other financial institutions operating in accordance with Islamic principles, the regulator's press service said.

The Council's responsibilities include drafting national Islamic finance standards based on international requirements and national practice, preparing recommendations on regulation and supervision, advising banks and microfinance organizations, and representing the Central Bank in the activities of the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), which develops standards for the Islamic finance sector.

The Council consists of five members, including four experts in Islamic law and one technical expert in Islamic finance.

Saijamol Masayitov, chief specialist at the Fatwa Center of the Muslim Board of Uzbekistan, has been appointed chairman of the Council. Muhammadyubkhon Khomidov, also a chief specialist at the Fatwa Center, has been named deputy chairman. Other members include Fatwa Center specialists Hikmatilla Toshtemirov and Abdullatif Tursunov, as well as Akhrorjon Sadullayev, managing partner of the auditing company Orient Audit Group.

According to the Central Bank, most Council members have many years of experience in Islamic law, serve on the Council of Ulema of the Muslim Board of Uzbekistan and hold international AAOIFI certifications in Islamic finance. Sadullayev has more than 20 years of experience in the banking and financial sector and previously held positions at the Central Bank, Aloqabank, KDB Bank Uzbekistan, and the international audit firms KPMG, Ernst & Young and Grant Thornton.

The Council will submit an annual report on its activities to the Central Bank's Board.

Uzbekistan has previously adopted legislative measures to promote Islamic finance. In April 2022, a law was enacted allowing microfinance organizations to provide Islamic finance services. The Central Bank later approved regulations governing such services, including mudaraba, murabaha, musharaka, ijara and salam transactions.

According to information cited in the source, Deputy Chairman of the Central Bank Abrorkhoja Turdaliev said in October 2025 that Uzbekistan expects to establish 10 Islamic banks by 2030, while three state-owned banks will introduce Islamic banking windows. At a presidential meeting in March this year, plans were also announced to open an Islamic window at at least one commercial bank and establish two banks operating entirely under Islamic banking principles during 2026–2030.

The source also states that the president subsequently signed a law introducing Islamic banking, which takes effect on 29 June. The legislation defines the types of Islamic financial transactions, licensing requirements for banks and the tax framework governing their operations.