Uzbekistan to Adopt Islamic Banking Law Soon

Tashkent, Uzbekistan (UzDaily.com) — Uzbekistan is set to adopt a law on Islamic banking in the near future. This was announced on January 13 during a media dialogue by Sanjar Nosirov, Deputy Chairman of the Central Bank.

According to Nosirov, in 2025 the regulator signed a memorandum of understanding with the International Centre for Education in Islamic Finance (INCEIF), submitted an application for membership in the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), and established a dedicated project office to implement Islamic finance in the country.

In the second quarter of 2026, the Central Bank, in cooperation with the Islamic Financial Services Board (IFSB), plans to develop a roadmap for the development of Uzbekistan’s Islamic finance sector through 2030. This year, it is also expected that bylaws regulating the activities of Islamic banks will be adopted, alongside the creation of a Central Council on Islamic Banks under the regulator.

For 2026–2027, the development of national standards for Islamic financial operations is planned.

The Central Bank anticipates that the introduction of Islamic finance will expand the range of banking services, provide alternative deposit products, attract direct investment and new sources of financing for entrepreneurship, reduce the shadow economy, and improve financial accessibility.

Under the draft updated Uzbekistan-2030 Strategy, Islamic finance services will initially be implemented in at least three commercial banks. According to Nosirov, these will be state-owned banks, though the specific list has not yet been finalized. The decision will depend on the banks’ readiness and willingness to participate.

“Additional demand may arise in the market. By 2030, ‘Islamic windows’ could open not in three, but in five or six banks, or several fully-fledged Islamic banks could appear. Interest already exists among both state and private banks. In three state banks, Islamic finance will be implemented mandatorily, while in others it will be voluntary,” Nosirov noted.

He also confirmed that the Islamic banking law is awaiting consideration by the Senate and signature by the President, after which it will come into force.