Uzbekistan Prepares New Islamic Finance Standards

Tashkent, Uzbekistan (UzDaily.com) — Uzbekistan is planning to adopt a series of new standards in Islamic finance as part of broader financial sector reforms and the launch of a dual banking model, according to Sanjar Nosirov, Deputy Chairman of the Central Bank of Central Bank of Uzbekistan, speaking on the sidelines of the Tashkent International Investment Forum (TIIF-2026), reported by Spot.

He said that 29 June, when the Islamic banking law signed by the president in March comes into force, will mark the beginning of a new stage in the development of the sector, calling it a historic milestone for the country’s financial system.

The law provides for the creation of a dual banking system, under which both fully Islamic banks and Islamic “windows” within conventional financial institutions will operate. It also introduces new licenses for banks operating under Islamic finance principles.

The document also establishes a two-tier regulatory framework in line with international practice. At the level of the Central Bank, an Islamic Finance Council will be created to develop standards and coordinate market participants. At the level of commercial banks, internal Sharia boards will be responsible for ensuring compliance with Islamic finance requirements.

Sanjar Nosirov noted that the reform process is still at an early stage. In 2025, a special project office was created within the Central Bank to develop the regulatory framework, coordinate with government bodies, and engage with international partners.

He said that licensing regulations for Islamic banks have already been prepared, and work continues on documents governing the activities of the Islamic Finance Council under the Central Bank. The reforms are expected to align with international AAOIFI standards.

Up to seven new Islamic finance standards are expected to be adopted this year with the involvement of the council. Special attention is being paid to training specialists and improving financial literacy among the population.

In addition, the Central Bank is developing a regulatory document that will define the system of Sharia governance and prudential supervision, establishing unified rules for participants in the Islamic financial services market.