Uzbekistan Transitions to Islamic Finance Practice: Roadmap for 2026–2030

Uzbekistan has completed the formation of a legal framework for Islamic finance and is transitioning to practical implementation of new instruments. The roadmap for 2026–2030 envisions five work directions and 39 concrete measures. This was announced by Central Bank Chairman Timur Ishmetov at the International Forum of Islamic Finance in Samarkand.

According to him, the plan covers improvement of legislation, training of specialists, enhancement of financial literacy among the population, expansion of international cooperation, and development of Islamic banking infrastructure.

Today, Islamic financial services in the country are provided by 11 microfinance organizations working with murabaha, ijara, mudaraba, and musharaka instruments. A key step was the adoption in 2025 of the Islamic Banking Law, which opened the possibility of creating full-fledged Islamic banks and specialized units within regular banks.

The Central Bank introduced a two-level governance model for Islamic finance and established a five-member Islamic Finance Council. The legislation also provides for mechanisms of tax neutrality, eliminating differences in taxation of Islamic and traditional operations.

The next stage is the formation of a legal framework for the issuance of Islamic securities, including sukuk. The government has prepared a revised capital market bill with a separate chapter on sukuk.

In 2025, the Central Bank joined the Islamic Financial Services Council (IFSB); in 2026, it will join the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI). Among potential partners, Ishmetov named the Islamic Development Bank, the Asian Development Bank, and the International Finance Corporation (IFC).