Uzbekistan Sees Growing Interest in Islamic Banking

Tashkent, Uzbekistan (UzDaily.com) — Interest from foreign investors in Islamic banking is growing in Uzbekistan, Deputy Chairman of the Central Bank Sanjar Nosirov told O’zbekiston 24 TV channel.

According to Nosirov, a recently adopted law, effective June 29, 2026, allows the provision of Islamic financial services in two formats: through Islamic “windows” within existing banks or via fully-fledged Islamic banks.

Existing financial institutions can obtain an additional license to open an Islamic window, offering both traditional and Sharia-compliant products simultaneously.

At least six types of services will be available through these windows, including Mudaraba, Wakalah, Murabaha, Salam, Musharaka, and Ijara (Islamic lease).

Nosirov emphasized that 2026 will focus on building infrastructure, implementing standards, and training personnel. Currently, ten Uzbek banks have started preparing to launch Islamic financial products.

Initially, the plan was to launch Islamic banking in one bank, but now services are expected in two to three banks simultaneously.

Interest from foreign investors is high, with four to five overseas banks expressing readiness to enter the Uzbek market once the law takes effect. Preliminary estimates suggest that the country’s banking system could attract about US$1 billion in investments.

“Not only capital but also knowledge and experience are coming,” Nosirov noted, stressing that the initiative aims to expand the range of services for citizens and businesses while stimulating economic growth.