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13 August, 2026, 30 Ṣafar, 1448
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The Central Bank forecasts the emergence of at least 10 Islamic banks by 2030

28.10.2025   99870   4 min.
The Central Bank forecasts the emergence of at least 10 Islamic banks by 2030

The Central Bank expects to establish at least 10 full-fledged Islamic banks by 2030. Also, “Islamic windows” — branches providing Sharia financial services — will appear in three state banks. The Central Bank considers Islamic finance as a tool for withdrawing funds from the shadow economy.

Why is this important

According to a UNDP survey, 68% of Uzbekistan’s population does not want to use traditional banking services due to religious beliefs. Launching Islamic banks will expand financial inclusion, increase bank assets, and reduce the share of the shadow economy. This is the largest transformation of the financial system since independence.

What happened

  • The Central Bank forecasts the emergence of at least 10 Islamic banks by 2030;
  • Three state banks (not yet defined) will create “Islamic windows”;
  • CB Deputy Chairman Abrorhuja Turdaliyev called Islamic finance a tool for bringing funds out of the shadows;
  • In September, the Legislative Chamber approved the law on Islamic banking activities in the first reading;
  • UNDP Survey: 68% of the population and 60% of businesses do not use traditional banks due to their religious beliefs.

Draft law

The document introduces the concepts of “Islamic banking activity”, “Islamic financial operations”, “investment deposit”, and others. A separate license is provided for Islamic banks. Classical banks will be able to organize “Islamic windows” if they have a license.

Islamic products: Murabaha (deferred trade financing), Mudaraba (investment partnership), Mushoraka (joint venture), Wakala (agency financing), Salam (prepayment of goods).

Features of regulation

  • Islamic banks will be able to conduct direct trade activities, establish legal entities, and acquire shares in the authorized capital without restrictions;
  • Islamic Finance Councils (Sharia Councils) will be established under the Central Bank and banks;
  • Notarial acts of Islamic banks are exempt from state duty;
  • A separate tax regime may be introduced, taking into account the specifics of Islamic finance.

Assessment of demand

The Deputy Chairman of the Central Bank clarified: when we talk about 50-60% of the population preferring Islamic finance, we are talking about those who prefer it. Those who categorically refuse traditional services are significantly fewer.

Context

Islamic finance prohibits the collection of interest (riba) and speculative operations. Instead, partnership models are used, where the bank and the client share profits and risks. Uzbekistan is a predominantly Muslim country (90%+ of the population), where a significant portion of citizens avoid traditional banks for religious reasons.

Creating 10 Islamic banks by 2030 is an ambitious task, given that there are currently around 35 commercial banks operating in the country. “Islamic windows” in state banks will allow large players (Uzpromstroybank, Halyk Bank, Asaka Bank) to enter a new segment of clients without creating separate structures.

The Central Bank sees Islamic finance as a tool for combating the shadow economy: religiously motivated citizens who do not trust traditional banks will be able to legalize funds through Sharia products.

A separate tax regime may include benefits for Murabaha-type operations, where the bank formally purchases goods and resells them to the client with a markup — to avoid double taxation.

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Center for Islamic Civilization presented in Beijing

29.07.2026   43517   4 min.
Center for Islamic Civilization presented in Beijing

A cultural, educational and media event titled “Uzbekistan - China: Dialogue of Civilizations and Shared Heritage” has been held at the Embassy of our country, reports Dunyo IA.

Event was attended by the leadership of the SCO Secretariat, representatives of the diplomatic corps in Beijing, ministries and agencies, leading think tanks, scientific, academic and cultural circles, as well as Chinese media.

Delegation of Uzbekistan, led by Firdavs Abdukhalikov, Director of the Center for Islamic Civilization, participated in the forum.

A comprehensive presentation on the activities of the Center for Islamic Civilization was delivered to the participants, highlighting its unique concept, key expositions, scientific and educational dimensions, as well as its international mission to study, preserve, and popularize the rich heritage of our people. The event also featured the screening of a documentary film on the operations of the Center for Islamic Civilization.

An exposition of over 100 video and photo works reflecting the rich history, culture and modern development of Uzbekistan was also organized for the attention of the participants. The exposition was harmoniously complemented by an exhibition of applied arts and craftsmanship.

Participants expressed a unanimous opinion that the Center for Islamic Civilization, established on the initiative and under the authorship of the President of Uzbekistan, is a spiritual and cultural masterpiece of global significance. The creation of such a unique Center, which has no analogues in the world, reflects the Leader of the country's profound dedication to the history and cultural heritage of his people, and clearly demonstrates the high place of Uzbekistan at the crossroads of civilizations.

As part of the event, permanent expositions were set up within the Embassy building, including a book exhibition dedicated to the history and rich cultural heritage of Uzbekistan, as well as a photo exhibition of the Center for Islamic Civilization.

SCO Deputy Secretary-General Janesh Kain:

-  Today, we have been presented with a unique opportunity to become living witnesses to a historic event – the presentation of the majestic building of the Center for Islamic Civilization constructed in Tashkent, which has already acquired global and worldwide significance.

Realization of this cherished goal of the esteemed President of Uzbekistan, Shavkat Mirziyoyev, has demonstrated to the entire world the essence and vision behind building the New Uzbekistan, which embodies the spirit of great civilizations.

Uzbekistan has always been a center of education. Great minds of humanity lived and created their works here. Today, we are witnessing the revival of history through this Center, which will play an important role in disseminating information to the world about the wisdom of the Uzbek people.

Han Hua, Co-Founder and Secretary-General of the Beijing Club for International Dialogue:

-  Uzbekistan is one of the important centers of world culture and art. In the New Uzbekistan, this manifests itself with particular clarity, thanks to the wise policy of President Shavkat Mirziyoyev, who, with profound dedication, glorifies to the entire world the rich cultural and spiritual heritage of not only his country but the entire Eastern civilization. Representatives of the Uzbek people have made a powerful contribution to the development of world science and enlightenment.

Country is implementing historic reforms recognized by the global community. The Center for Islamic Civilization strengthens the spiritual foundations of society and this stands as one of the key parameters of Uzbekistan's development.

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