Tashkent, Uzbekistan — August 8, 2026: Uzbekistan has introduced new regulatory procedures allowing eligible banks and microfinance institutions to transition to Islamic banking models, marking another important step in the development of Islamic finance in the country.
The Ministry of Justice has registered amendments to regulations governing the transformation of microfinance organizations and banks. The new rules establish procedures for eligible financial institutions to transition to an Islamic banking model.
The amendments were introduced to implement the Law “On Amendments and Additions to Certain Legislative Acts of the Republic of Uzbekistan Aimed at Introducing Islamic Banking in Uzbekistan” (Law No. ZRU-1126), adopted on March 27, 2026. The amendments were registered under No. 3656-1 on August 1, 2026.
Under the new regulations, microfinance organizations may be transformed into microfinance banks operating exclusively in accordance with Islamic banking principles. The rules also allow an Islamic microfinance bank to be transformed into an Islamic bank, an Islamic bank into an Islamic microfinance bank, and an Islamic microfinance bank into a microfinance organization.
The regulations also allow conventional banks to transition into banks operating exclusively under Islamic banking principles. However, conversion into an Islamic bank is permitted only for a microfinance bank that operates entirely in accordance with Islamic banking principles.
The amendments introduce additional requirements for the state registration of microfinance banks and the issuance of banking licences. Applicants must provide a conclusion from the Inspection for Supervision in the Construction and Housing and Utilities Sector confirming that the institution’s building complies with urban planning rules and regulations.
The requirements also include appropriate accessibility provisions and necessary facilities for persons with disabilities. These new regulations provide greater clarity for financial institutions seeking to adopt Islamic banking models and are expected to support the further development of Shariah-compliant financial services in Uzbekistan.