The Islamic Finance Council has been established under the Central Bank of Uzbekistan. The new collegial body will develop unified standards for banks and microfinance organizations operating under Sharia norms. This was reported by Spot, citing the regulator’s press service.
What Happened
The council’s tasks include creating national Islamic finance standards, taking into account the requirements of the international organization AAOIFI and local practices. The body will advise financial institutions, prepare supervisory recommendations, and represent the Central Bank internationally. The council will report to the Central Bank’s board annually.
The council consists of five people: four experts in Islamic law and one technical specialist. Saidjamol Masayitov, chief specialist of the Fatwa Center of the Muslim Board of Uzbekistan, has been appointed chairman. Muhammadayubkhon Khomidov became his deputy, and Khikmatilla Toshtemirov and Abdulatif Tursunov (all representatives of the Fatwa Center) became council members.
Technical expertise will be provided by Akhrorjon Sadullaev, managing partner of Orient Audit Group. He has over 20 years of experience in the financial sector, including the Central Bank, KDB Bank Uzbekistan, and “Big Four” audit firms.
Country and Market
Uzbekistan is systematically preparing the legal and supervisory framework for Islamic finance. In April 2022, microfinance organizations were allowed to provide specialized services, such as mudaraba and murabaha. In March 2026, a law on the introduction of Islamic banking was signed, which entered into force on June 29.
By 2030, the regulator expects the opening of up to 10 Islamic banks and the launch of “Islamic windows” in traditional state financial institutions. This is seen as a mechanism for attracting funds from the shadow sector into the official banking system.
Why It Matters
The formation of a specialized council moves Islamic banking in Uzbekistan from the stage of legislative intentions to practical regulation and standardization. Without clear rules of the game, confirmed by both the financial regulator and religious experts, the launch of full-fledged products is impossible.
What’s Next
Now the market has to wait for the publication of the first national standards and regulations. This will pave the way for issuing licenses to the first Islamic banks and launching specialized windows in existing credit organizations.