TASHKENT, Uzbekistan, June 16. The prospects
for the development of Islamic banking in Central Asian countries
remain very high, including in countries that are at various stages
of developing legislation in this area, representative of the
Islamic Development Bank (IsDB) in Uzbekistan, Khusan Khasanov,
told Trend on the
sidelines of the 5th Tashkent International Investment Forum (TIIF
2026).


"The prospects for the development of Islamic banking in the
Central Asian region are very bright. Most countries in the region
have already developed a legislative framework. In Central Asia,
except Turkmenistan, all four other countries—Kazakhstan,
Tajikistan, the Kyrgyz Republic, and Uzbekistan—already have
legislation. I have also heard that Azerbaijan is working in this
direction," he said.


Khasanov noted that Islamic banking is also being implemented on
a pilot basis in certain regions of Russia.


"Russia has also launched pilot Islamic banking projects in
Tatarstan, Bashkortostan, and Ingushetia. Based on the experience
of these pilot regions, there are plans to expand the practice
nationwide," noted an IsDB representative.


Speaking about financing, an IsDB representative noted that
financing lines are already in place in Uzbekistan through the
Islamic Development Bank Group.


"Uzbekistan doesn't yet have a fully-fledged Islamic bank, but
there are financing lines from ICD and ITFC, which are part of the
IsDB Group. Financing is primarily provided through Islamic
instruments. These are primarily murabaha and ijarah lines—that is,
the purchase of equipment in installments with a premium, most
often for imported equipment. Such mechanisms are already used in
healthcare and industry, including small and medium-sized business
projects. There have been projects in the medical sector—medical
centers and equipment procurement—as well as projects in other
sectors, including manufacturing and processing," he said.







Khasanov also noted that the financing volumes could be
significant. "Direct financing from the Islamic Corporation for the
Development of the Private Sector could exceed $100 million per
project," he said.


Concurrently, he pointed out that issuing sukuk in Uzbekistan is
currently impossible due to the lack of the necessary regulatory
framework.


"There are no sukuk yet because there's no legislation," he
said.


"Currently, the draft law is being discussed between ministries
and agencies and will then be submitted to parliament," the bank
representative added.