Uzbekistan approves Islamic banking licensing rules
Central Bank adopts new regulations and creates new advisory council to oversee development and regulation of country's Islamic finance sector
TASHKENT, Uzbekistan (MNTV) — Uzbekistan’s Central Bank has approved licensing procedures for banks conducting Islamic banking activities and established a new Islamic Finance Council to oversee the development, regulation and supervision of the sector.
The Central Bank’s Board adopted amendments to the Regulation on the Procedure and Conditions for Issuing Permits for Banking Activities, with the resolution registered in accordance with established procedures, UzDaily.uz reported.
The document was adopted under the Law on Amendments and Additions to Certain Legislative Acts Aimed at the Introduction of Islamic Banking Activities and establishes the legal framework for creating and licensing Islamic banks.
The resolution sets out the procedures and conditions for establishing Islamic banks and allows existing commercial banks to offer Islamic financial services through dedicated Islamic windows.
It also introduces qualification requirements for members of banks’ Islamic Finance Boards and executive personnel responsible for organizing and managing Islamic banking operations.
The Central Bank said the resolution marks another step in developing the country’s regulatory framework for Islamic banking and creates the legal conditions for expanding Islamic financial services.
Separately, the Central Bank announced the establishment of the Islamic Finance Council, a collegial advisory body tasked with coordinating the development, regulation and supervision of Islamic finance in Uzbekistan.
According to the regulator, the council will coordinate the activities of banks providing Islamic banking services, microfinance organizations, the Deposit Guarantee Agency and other financial institutions operating under the Central Bank’s supervision.
The five-member council comprises specialists in Islamic law and Islamic finance. Saidjamol Masayitov has been appointed chairman, Muhammadayubkhon Homidov deputy chairman, while Hikmatilla Toshtemirov, Abdullatif Tursunov and technical expert Akhrorjon Sadullayev complete the membership.
Among its principal responsibilities, the council will draft Islamic finance standards that reflect international practices while taking into account Uzbekistan’s domestic regulatory framework.
It will also provide recommendations to the Central Bank on regulating and supervising Islamic finance activities, participate in drafting regulatory legal acts, advise banks and microfinance organizations offering Islamic financial services, organize consultations with market participants and support implementation of Islamic finance standards across the financial system.
The council will also represent the Central Bank at meetings of the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), where it will submit proposals and comments on draft international Islamic finance standards.
According to the Central Bank, the council will prepare and submit an annual report on its activities to the regulator’s board.
The establishment of the Islamic Finance Council follows proposals announced in March 2026, when President Shavkat Mirziyoyev reviewed plans to introduce Islamic finance mechanisms into Uzbekistan’s banking system. Officials said at the time that the council would provide a unified framework for coordinating the sector’s development.
Separate Islamic finance councils have also been established within banks offering Islamic financial services. Those bodies will develop internal standards, participate in drafting regulations and monitor compliance with Islamic finance principles within their respective institutions.
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