Uzbekistan Reports Growth in Islamic Microfinance

Tashkent, Uzbekistan (UzDaily.com) — The volume of Islamic microfinance services in Uzbekistan has increased significantly in recent period, according to Sanjar Nosirov, Deputy Chairman of the Central Bank of Central Bank of Uzbekistan, speaking at one of the sessions of the Tashkent International Investment Forum (TIIF-2026).

He stated that the development of Islamic financial services in the country is being implemented in stages, with the first stage focused on introducing Sharia-compliant instruments in the microfinance sector. Further expansion of Islamic banking and development of the capital market is planned.

Currently, Islamic financial products, including mudaraba, murabaha, musharaka, and ijara, are offered in 12 microfinance organizations, up from 8 in 2025. The total volume of Islamic financial services amounted to 21 billion soums.

In the first five months of the current year alone, microfinance organizations in Uzbekistan provided Islamic financial services worth 22 billion soums.

The largest share of operations — 63% — is accounted for by murabaha, while 17% is attributed to mudaraba and 14% to musharaka.

It was separately noted that one microfinance organization operating exclusively under the mudaraba principle has already financed more than 300 women entrepreneurs.

According to the Central Bank, Islamic financing in the microfinance sector amounted to 11.2 billion soums in the first quarter, eight times higher than in the same period last year.

It was additionally reported that more than half of the funds are attracted by legal entities, with a significant share allocated to individual entrepreneurs and individuals. Most activity is concentrated in Tashkent.

The development of Islamic finance is regulated by a set of legislative changes, including the law on non-bank credit organizations, as well as Central Bank regulations defining operational mechanisms in this area.

In the medium term, plans include expanding the Islamic banking sector, including the creation of Islamic windows in commercial banks and the launch of new Islamic banks, which could attract around US$1 billion in investment into the economy by 2030.