Uzbekistan plans to introduce Islamic finance services in at least three commercial banks by 2030, according to a draft of the updated Uzbekistan–2030 development strategy. The move reflects the government’s efforts to diversify the financial sector and expand access to Sharia-compliant banking products.
The draft strategy outlines plans to establish a comprehensive legal and regulatory framework for Islamic finance, allowing commercial banks to gradually roll out Sharia-compliant financial services. These products are expected to operate alongside conventional banking services within the existing financial system.
Under the proposed roadmap, Islamic finance products are scheduled to be introduced in one commercial bank by 2027. The number of participating banks is expected to increase to three between 2029 and 2030. The rollout will be financed by the commercial banks themselves, while the Central Bank of Uzbekistan will act as the coordinating authority overseeing implementation.
Discussions on the development of Islamic banking and finance in Uzbekistan have been ongoing since 2018. At an international forum held in Tashkent in June 2023, Apex Bank Chairman Bahrom Nomonov stated that nearly 20% of the country’s population avoids conventional lending for religious reasons, highlighting significant untapped demand for Islamic financial products.
Earlier, the Legislative Chamber of the Oliy Majlis approved a draft law introducing Islamic banking and forwarded it to the Senate for review. The legislation, developed with contributions from local and international experts, aims to create a robust legal foundation for Islamic finance in accordance with presidential decrees issued in September 2023 and August 2024.
The draft law proposes amendments to the Tax Code, Civil Code, and eight other laws to support the introduction and expansion of Sharia-compliant financial services across Uzbekistan’s banking sector.