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15 August, 2026   |   2 Rabī‘ al-awwal, 1448

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15 August, 2026, 2 Rabī‘ al-awwal, 1448

The Central Bank forecasts the emergence of at least 10 Islamic banks by 2030

28.10.2025   101239   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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The Islamic Civilization Center in Uzbekistan held an educational event and practical seminar for nearly 100 imams and khatibs

27.07.2026   38748   5 min.
The Islamic Civilization Center in Uzbekistan held an educational event and practical seminar for nearly 100 imams and khatibs

The Islamic Civilization Center in Uzbekistan, in cooperation with the Imam Maturidi International Scientific Research Center, organized an educational event and practical seminar for nearly 100 imams and khatibs from Tashkent and the Namangan region, reports iccu.uz.

The participants began their visit by touring the museum exhibitions of the Islamic Civilization Center in Uzbekistan, established at the initiative of the President of the Republic of Uzbekistan, Shavkat Mirziyoyev.

During the tour, the guests were introduced to the outstanding contributions of eminent hadith scholars, thinkers, jurists, scientists, and statesmen featured in the Center’s exhibitions to the development of global scholarship and civilization. Particular emphasis was placed on how the integration of rare manuscripts, archaeological discoveries, and digital technologies enables the presentation of historical heritage in a modern and engaging format.

Bahrom Otajonov, Imam-Khatib of the Hofiz Ko‘hakiy Jome Mosque in Tashkent, described the Center as “not merely a museum, but an educational and scholarly institution that vividly showcases the centuries-old history and civilization of the Uzbek people.” He noted that the exhibitions present the country’s statehood, scientific achievements, architecture, and spiritual heritage within a unified conceptual framework, providing visitors with a comprehensive understanding of Uzbekistan’s place in the development of world civilization.

“This Center is not merely a museum, but an educational and scholarly institution that vividly reflects the centuries-old history and civilization of our people. It presents, in a comprehensive manner, the major milestones in the development of human civilization as well as the remarkable legacy of our ancestors in science, statehood, architecture, and spirituality. The way the era of Amir Temur, the Holy Qur’an, secular sciences, and educational values are brought together in a single space is particularly thought-provoking. Everyone who visits this Center gains an even deeper appreciation of Uzbekistan’s rich history and its distinguished civilizational heritage,” said Bahrom Otajonov.

The imams and khatibs also visited the Center’s modern library. Its collection, comprising thousands of manuscripts, rare books, and scholarly publications, was recognized as an invaluable academic resource for scholars and young researchers specializing in Islamic studies, Maturidism, Hadith studies, Islamic jurisprudence, Qur’anic exegesis, and related disciplines.

Mansur Musaxon, Deputy Imam of the Imam Termizi Jome Mosque in the Olmazor District, described the Uthman Mushaf preserved at the Center as a priceless spiritual treasure for the entire Muslim world. He noted that presenting the legacy of the ancestors through modern museum technologies plays a vital role in strengthening the historical awareness and spiritual education of the younger generation.

“Every exhibition here embodies its own unique meaning and historical significance. One of the most remarkable aspects of the visit was seeing the original Uthman Mushaf preserved at the Center. It is an immense spiritual treasure not only for our country but for the entire Muslim world. Equally impressive is the way our ancestors’ contributions to the development of Islamic civilization are presented through modern museum approaches, offering an inspiring educational experience for the younger generation. Everyone interested in history and their cultural roots should visit this remarkable institution,” said Mansur Musaxon.

As part of the program, a practical seminar was also held with the participation of specialists in religious affairs.

Qodirkhon Azizov, Chief Imam-Khatib of Kosonsoy District, emphasized that digital management systems are enhancing efficiency and transparency in the religious sphere as well. He also noted that the Center’s library, with its extensive scholarly collection, serves as an important resource for researchers specializing in Islamic sciences.

At the conclusion of the event, the participants emphasized that the Islamic Civilization Center in Uzbekistan is evolving into far more than a museum or a cultural heritage site. They described it as a prestigious platform that brings together scholarly research, education, international cooperation, and intellectual dialogue.