Uzbekistan plans to introduce Islamic finance services at a national level, with the first offerings set to launch in 2027. According to the updated draft of the Uzbekistan 2030 development strategy, at least three commercial banks are expected to provide Sharia-compliant financial services by the end of the decade.
The strategy outlines the creation of a legal and institutional framework to support Islamic finance, beginning with one commercial bank in 2027 and expanding to three banks by 2029-2030. The initiative will be financed through the banks’ own resources, with the Central Bank designated as the lead regulatory authority.
This initiative follows earlier legislative steps aimed at diversifying Uzbekistan’s financial system. In September 2023, the Legislative Chamber of the country’s parliament, the Oliy Majlis, passed a draft law on Islamic banking in its first reading, a milestone in the country’s push toward financial innovation and inclusion.
As previously reported by The Times of Central Asia, the draft legislation includes amendments to the Tax Code, Civil Code, and other legal statutes. It introduces formal definitions for Islamic banks, Sharia-compliant operations, investment deposits, and relevant regulatory standards.
Central Bank Deputy Chairman Abrorkhuja Turdaliev has emphasized that the reforms go beyond removing legal obstacles. In comments to local media, he highlighted the need to establish institutional mechanisms, including specialized Sharia councils, audit and accounting frameworks, and a dedicated tax regime, to ensure the system functions in accordance with Islamic financial principles.
In an interview with Spot, Turdaliev stated that the Central Bank expects up to ten Islamic banks to be operating in Uzbekistan by 2030. In addition, several traditional banks, including three state-owned institutions, are expected to launch Islamic “windows” to provide Sharia-compliant services alongside conventional products.
