BAKU, Azerbaijan, August 4. Uzbekistan
discussed expanding cooperation with the Islamic Development Bank
(IsDB) and the United Nations Development Programme (UNDP) to
advance Islamic finance reforms, including the introduction of
sukuk and takaful.
This was reflected in the statement by the National Agency for
Perspective Projects (NAPP).
The discussions took place during a meeting between NAPP
officials, an IsDB delegation led by Yahya Rahman, Global Head of
Islamic Finance Advisory, and representatives of the UNDP in
Uzbekistan.
The parties reviewed opportunities to deepen cooperation on the
development of Uzbekistan's Islamic finance market within the
framework of the draft Law on the Capital Market.
"The parties confirmed their mutual interest in further
strengthening cooperation and expressed readiness to implement
joint projects aimed at developing the Islamic finance market in
Uzbekistan," NAPP said in a statement.
The talks focused on joint initiatives to introduce sukuk, or
Islamic bonds, and takaful, a Shariah-compliant insurance system,
as part of broader efforts to diversify Uzbekistan's capital market
and expand Islamic financial instruments.
The participants also discussed attracting technical assistance
from the Islamic Development Bank to support the implementation of
these initiatives and strengthen the country's regulatory and
institutional framework for Islamic finance.
The meeting reflects Uzbekistan's continued efforts to develop
its Islamic finance ecosystem by introducing new financial
instruments and aligning its capital market with international best
practices while broadening financing options for investors and
businesses.
