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26 March, 2026, 6 Shawwāl, 1447
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The Central Bank forecasts the emergence of at least 10 Islamic banks by 2030

28.10.2025   46952   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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Artificial Intelligence: Between Technical Evolution and Shari’a Responsibility ​A Contemporary Islamic Vision

29.01.2026   107087   6 min.
Artificial Intelligence: Between Technical Evolution and Shari’a Responsibility ​A Contemporary Islamic Vision

The world is currently witnessing rapid advancements in artificial intelligence (AI) and digital technologies, to the extent that these tools have become integral to various aspects of life—particularly in economics, education, culture, media, and public services. 

In the face of this profound transformation, there is an urgent need to examine the dimensions of AI from an ethical and religious perspective that balances leveraging modern achievements with preserving human values and Shari’a (Islamic law) regulations.

​In this context, scholars and specialists affirm that AI is a product of human intellect and creativity, falling under the divine indication: "And He creates that which you do not know" (Surah An-Nahl: 8). This verse alludes to emerging scientific and technical innovations that were previously unknown. 

Today, AI has become the foundation for many modern applications, such as e-government, smart cities, autonomous vehicles, drones, and other technologies that contribute to facilitating human life.

​However, regardless of its significant benefits, this evolution is not without difficulties and potential risks. Therefore, there is a necessity to regulate, control, and monitor the use of AI, taking the required measures to mitigate its negative impacts—especially in sensitive fields related to religion and Fatwa (legal rulings), where this issue must be given special attention.

 

​Artificial Intelligence and Shari’a Fatwa

 

​Scholars and researchers in jurisprudence academies and scientific conferences have reached a consensus that AI can serve as a supportive tool for gathering, analyzing, and classifying Shari’a information, as well as facilitating access to it. However, it is impermissible to rely on it independently to derive Shari’a rulings or issue Fatwas.

​Fatwa issuance requires the direct presence of a qualified jurist (faqih), as rulings vary based on the seeker’s circumstances, time, place, customs, and socio-economic conditions. These nuanced human considerations cannot be independently comprehended by AI. Furthermore, a prerequisite for a Mufti in Islamic Shari’a is to be a legally accountable person (mukallaf), a condition that cannot be fulfilled by technical systems.

​Consequently, the role of AI in the field of Ifta (issuing rulings) remains supportive rather than substitutive, in application of the verse: "So ask the people of the message if you do not know" (Surah An-Nahl: 43). Trustworthy scholars remain the ultimate reference in issuing rulings and bearing Shari’a responsibility.

 

​Areas of Practical Application for AI

 

​Practical experience, including that of the Fatwa Center under the Muslim Board of Uzbekistan, has proven that AI can be employed in several fields, most notably:

• ​Analyzing and Classifying Inquiries: Categorizing incoming Shari’a questions by topic and region and identifying the most frequent ones.

• ​Speech-to-Text Conversion: Transforming audio questions and answers into written text and storing them in organized databases.

• ​Supporting Fatwa Experts: Suggesting previously archived answers to experts, which are only sent to the inquirer after review and approval by specialists.

• ​Enhancing Community Security: Through smart, digital, and safe city projects.

• ​Combating Corruption: By reducing human intervention in administrative procedures.

• ​Operating in Hazardous Environments: Utilizing smart technologies in environments that are dangerous or harmful to human health.

• ​Dawah and Education: Facilitating access to Islamic knowledge, lessons, and sermons, and developing educational content that serves the Muslim Ummah.

• ​Humanity at the Center of Technical Evolution

​Specialists emphasize that humans must remain at the heart of the AI development process, and that these technologies must be managed based on a solid ethical and value-based foundation. Technology is not an end in itself, but a means to serve humanity and facilitate its affairs; it should not become a substitute for man or a tool that controls his destiny.

​In this framework, the real challenge lies in reconciling AI with religious requirements, legal standards, and national values, ensuring the achievement of cognitive and technical development without compromising Shari’a and human responsibility.

​In conclusion, AI, if used with wisdom and clear regulations, can be a great aid to humanity across various fields. Religious and scientific institutions in the Islamic world—including the Muslim Board of Uzbekistan—affirm their permanent readiness to actively participate in employing these modern technologies to spread Islamic knowledge, foster dialogue between religion and science, and contribute to finding solutions for contemporary global challenges. 

The ultimate goal remains to harness the blessings of science and technology for the betterment of humanity, in a manner that pleases Allah the Almighty and reinforces the moral values that are the foundation of stability and progress.

Sheikh Nuriddin Khaliqnazar