In the first quarter of 2026, microfinance organizations issued 11.2 billion soums under Sharia rules. This is a starting segment preparing the market for the launch of full-fledged Islamic banking.
According to the Central Bank of Uzbekistan, the volume of Islamic finance in microfinance organizations (MFOs) reached 11.2 billion soums in the first quarter of 2026. As UzDaily writes citing the regulator, the figure grew almost eightfold compared to the beginning of last year.
What happened
In absolute figures, 11.2 billion soums is about $880,000. The bulk of the portfolio (69%, or 7.7 billion soums) is formed by Murabaha — transactions with a trade markup. Partnership financing Mudarabah accounts for 19% (2.1 billion), and Islamic leasing Ijarah for 12% (1.4 billion).
Almost three-quarters of the volume is taken by businesses. According to Central Bank statistics, 46% of the funds were received by legal entities, 28% by individual entrepreneurs, and only 26% went to retail clients.
Country and market
The eightfold growth is explained by the low base effect. In the first quarter of 2025, the volume of such services was only 1.4 billion soums.
The market is still at a starting stage and is highly concentrated. According to Frank.uz data, only four MFOs provide services under Sharia rules: Apex Moliya, Ayol, Enterprise Finance, and Biznesni Rivojlantirish. At the same time, 94% of all transactions take place in Tashkent, and the remaining 6% in the Namangan region.
Why it matters
The sharp dynamic is linked to recent regulatory changes. In October 2025, the Central Bank of Uzbekistan officially allowed MFOs, pawnshops, and factoring companies to provide Islamic financial services, subject to compliance with capital adequacy ratios.
For the financial sector, microcredit companies are currently acting as a testing ground, trialing the mechanics of Sharia contracts on real businesses.
What’s next
In March 2026, a law on Islamic banking activity was adopted in Uzbekistan. It comes into force at the end of June.
The successful, albeit local, experience of MFOs shows traditional banks the demand structure and the readiness of entrepreneurs to use alternative instruments. Most likely, from the second half of the year, the development of ethical finance will transition from the microfinance sector to classic banking.