17:19 - 22.07.2026

---

July 22, Fineko/abc.az. Uzbekistan has introduced requirements for the licensing of Islamic banks and the opening of Islamic windows in existing banks.

Only organizations with a Central Bank permit will be able to conduct operations. There are two models: a separate Islamic bank or a specialized division in a traditional bank with separate accounting and flows.

Islamic financing excludes interests and is based on trade, leasing, partnership, and risk sharing. To obtain a license, banks must establish an Islamic financial council (consisting of at least three members), appoint a head of the department, introduce a control system, and develop compliance policy. Banks are required to have specialized education, experience, and AAOIFI certifications (from 2027, all members of the council must have these certifications).

The Central Bank has joined the AAOIFI and plans to translate the standards. The reform aims to expand access to finance, attract investments, and increase competition, particularly for customers who avoid traditional banking products for religious reasons.