TASHKENT, Uzbekistan, March 28. Uzbekistan has
enacted legislation introducing Islamic banking, establishing a
comprehensive regulatory framework for the development and
operation of this sector, Trend reports via the country's Ministry of
Justice.
The law provides clear definitions for Islamic financial
operations, investment deposits, licensing requirements, and the
scope of permissible activities for licensed banks.
Developed by the Central Bank of Uzbekistan with contributions
from domestic and international experts, the legislation amends the
Tax and Civil Codes as well as other relevant legal acts to ensure
alignment with international standards and best practices. It also
mandates the creation of specialized councils within the Central
Bank and commercial banks to oversee compliance and facilitate the
structured growth of Islamic finance in the country.
Under the new framework, licensed banks will be authorized to
conduct trading operations, establish legal entities, acquire
equity stakes, and operate broadly within the permitted range of
Islamic financial services. The law further clarifies taxation
rules for these operations, fostering a supportive environment for
sectoral expansion. The legislation is scheduled to take effect
three months after its official publication.
