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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   101640   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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Uzbekistan received 1,000 rare scholarly books from the Arab World

27.07.2026   37093   5 min.
Uzbekistan received 1,000 rare scholarly books from the Arab World

Uzbekistan is taking confident steps to connect its rich spiritual and cultural heritage with the global academic community by expanding international scientific cooperation, reports iccu.uz.

As a tangible reflection of this effort, the Islamic Civilization Center in Uzbekistan hosted a ceremony to receive 1,000 rare books for its library. The collection was presented by Dr. Muhammad Zakariya Al-Orabi, Head of the Orabi International Group in the Sultanate of Oman and a distinguished researcher and public figure.

The event was attended by representatives of the Committee on Religious Affairs, the leadership of the Islamic Civilization Center in Uzbekistan, scholars, researchers, and leading experts in the field.

During the ceremony, Gulnora Ganieva, Deputy Director of the Center, emphasized that under the leadership of President Shavkat Mirziyoyev, the development of science, the preservation of cultural heritage, the study of manuscripts, and the acquisition of rare sources preserved in countries around the world have been elevated to the level of state policy.

She noted that the Islamic Civilization Center in Uzbekistan, established at the initiative of the President, has evolved into far more than a museum or a library. Today, it serves as an international platform for scholarly dialogue on the history of Islamic civilization, source studies, and Oriental studies.

“The books presented by the Sultanate of Oman will do far more than enrich our library’s collection. They will serve as a solid foundation for expanding fundamental research in the history of Islamic civilization, Islamic law, Qur’anic exegesis, Hadith studies, Islamic creed, the Arabic language, and many other disciplines. They will also contribute to the education and development of a new generation of scholars,” said Gulnora Ganieva.

Dr. Muhammad Zakariya Al-Orabi described the presentation of the books as a symbolic milestone in the cultural and academic cooperation between the two countries.

“These are not merely books. They represent respect for knowledge, a commitment to enlightenment, and an intellectual bridge that strengthens trust between our peoples. We highly appreciate President Shavkat Mirziyoyev’s initiative to establish the Islamic Civilization Center in Uzbekistan. We are confident that this Center will become a distinguished platform uniting the scholarly heritage of the entire Islamic world,” said Dr. Al-Orabi.

According to him, libraries preserve the collective memory of human civilization, and every book opens the door to new knowledge, fresh ideas, and groundbreaking scholarly discoveries. Therefore, investing in knowledge is equivalent to investing in the future.

Davronbek Maqsudov, First Deputy Chairman of the Committee on Religious Affairs, who also attended the ceremony, underscored the significance of this noble initiative for strengthening the country’s academic and research potential.

He noted that bringing fundamental scholarly publications published in the Arab world in recent years to Uzbekistan will expand the pool of reliable academic resources available to researchers, university faculty, master’s students, and young scholars.

The donated collection covers a wide range of disciplines, including Islamic history, Qur’anic exegesis, Hadith studies, Islamic jurisprudence, Islamic creed, the Arabic language, the history of Islamic civilization, and other fields. It also includes recently published academic works from across the Arab world, further strengthening the Center’s Library as one of the region’s richest specialized collections.

In recent years, Uzbekistan has pursued an active foreign policy in the field of cultural diplomacy. At the initiative of President Shavkat Mirziyoyev, international cooperation has expanded through the Islamic Civilization Center in Uzbekistan, the International Islamic Academy of Uzbekistan, and the Imam Bukhari, Imam Termizi, and Imam Maturidi International Scientific Research Centers. Joint projects are being implemented in partnership with UNESCO, ICESCO, and a number of leading academic institutions.

The donation of 1,000 rare books from the Sultanate of Oman is regarded as another tangible outcome of this consistent state policy.

At the conclusion of the ceremony, both sides emphasized that this meaningful initiative would further strengthen academic, cultural, and educational cooperation between Uzbekistan and the Sultanate of Oman. They also expressed their readiness to expand collaboration through joint research projects, book exchange programs, scholarly expeditions, and academic initiatives.

Uzbekistan received 1,000 rare scholarly books from the Arab World Uzbekistan received 1,000 rare scholarly books from the Arab World