The Islamic finance sector in Uzbekistan experienced substantial growth during the first quarter of 2026, with the value of Shariah-compliant financial services provided by microfinance organizations increasing nearly eightfold compared to the same period last year. According to the Central Bank of Uzbekistan, four microfinance institutions collectively provided Islamic financial services worth 11.2 billion soums between January and March 2026, reflecting a year-on-year increase of 9.8 billion soums.
Murabaha financing remained the most widely used Islamic financial instrument, accounting for 7.7 billion soums, or 69 percent of the total services provided during the quarter. Mudaraba financing contributed 2.1 billion soums, representing 19 percent of the total, while Islamic leasing reached 1.4 billion soums, accounting for the remaining 12 percent. The strongest growth was recorded in murabaha and leasing activities, highlighting increasing demand for Shariah-compliant financing solutions.
Among the participating institutions, Apex Moliya emerged as the leading provider of Islamic financial services. The company delivered 7 billion soums through murabaha financing and an additional 1.4 billion soums through Islamic leasing. Other providers included Ael MFO, which offered 2.2 billion soums in murabaha financing, Enterprise Finance with 670 million soums, and Biznesni Rivojlantirish with 9 million soums.
Legal entities accounted for the largest share of Islamic financial services, receiving 5.2 billion soums, or 46 percent of the total value. Individual entrepreneurs obtained 3.1 billion soums, representing 28 percent, while individual customers received 2.9 billion soums, accounting for 26 percent of the total. Notably, financing extended to individual entrepreneurs recorded the fastest growth, increasing approximately twentyfold compared to the previous year.
The majority of Islamic financial services were concentrated in Tashkent, where three microfinance organizations provided a combined 10.6 billion soums, representing 94 percent of the total market. In contrast, one institution operating in the Namangan region delivered 670 million soums entirely through murabaha financing.
The strong performance of the sector comes as Uzbekistan continues to strengthen its Islamic finance framework. In March 2026, the country adopted legislation aimed at introducing Islamic banking activities, with the new law scheduled to come into force at the end of June 2026. Market observers believe the regulatory reforms will support further growth and encourage wider adoption of Shariah-compliant financial products across the country.