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22 August, 2026, 9 Rabī‘ al-awwal, 1448
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The Central Bank forecasts the emergence of at least 10 Islamic banks by 2030

28.10.2025   108353   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.

Other posts

Pilgrimage Tourism between Uzbekistan and Indonesia enters a new phase of advancement

14.07.2026   54023   4 min.
Pilgrimage Tourism between Uzbekistan and Indonesia enters a new phase of advancement

An event dedicated to the tourism potential of Uzbekistan was organized in Bandung, administrative center of West Java Province, reports Dunyo IA.

The event focused on extensively promoting the rich historical and cultural heritage, alongside the pilgrimage tourism opportunities of Uzbekistan, to the Indonesian public, while aiming to elevate bilateral tourism cooperation between the two nations to a fundamentally new level.

At the outset of the event, detailed insights were provided into the economic and demographic potential of West Java Province. With a population reaching approximately 51 million, this region stands as one of the largest and most economically advanced territories within Indonesia.

The province boasts a dynamic industrial landscape, characterized by the rapid development of the automotive, electronics, textile, chemical, logistics, and service sectors. Concurrently, West Java is widely recognized as a premier center for the Hajj and Umrah services market in Indonesia, driven by its predominantly Muslim population.

During the meeting, it was underscored that West Java is home to hundreds of licensed Hajj and Umrah tour operators, facilitating sacred journeys for hundreds of thousands of citizens annually, with the city of Bandung serving as a crucial religious and educational center. These overarching factors clearly demonstrate the vast, untapped potential for robust cooperation with Uzbekistan in the field of pilgrimage tourism.

The core segment of the event was dedicated to highlighting the paramount role of Uzbekistan's historic cities—Samarkand, Bukhara, Khiva and Termez - in Islamic civilization, showcasing the nation's sacred shrines, the rich heritage of great scholars, and the comprehensive institutional reforms executed in the tourism sector in recent years.

Concurrently, detailed information was provided regarding the modern tourism infrastructure, international standard hospitality networks, transport-logistics capacities, and the comprehensive facilities established for foreign guests.

Special video presentations highlighting the activities of the Center of Islamic Civilization in Uzbekistan and the Imam Al-Bukhari International Scientific Research Center were also showcased. The presentation generated immense interest among the participants.

Speaking at the event, the leadership of the West Java Hajj and Umrah Association emphasized the profound potential for expanding multifaceted cooperation with Uzbekistan. In their view, Uzbekistan stands as a pivotal cradle of Islamic civilization, and the sublime heritage of legendary scholars such as Imam Al-Bukhari, Imam Al-Tirmidhi and Bahauddin Naqshband carries immense spiritual and educational significance for the Indonesian Muslim community.

Furthermore, it was noted that the establishment of direct air connectivity between Jakarta and Tashkent will serve as a catalyst to elevate bilateral tourism cooperation to a fundamentally new level. Leading tour operators in West Java, including prominent agencies such as “DAGO Travel”, are expressing profound interest in the Uzbekistan market. Several operators highlighted their ongoing practice of facilitating travel for hundreds of Indonesian pilgrims to Uzbekistan annually.

The event participants emphasized that comprehensive tour packages encompassing historic cities such as Samarkand, Bukhara, and Termez hold exceptional appeal for Indonesian travellers.

At the conclusion of the event, the participants held detailed discussions on the procedures for traveling to Uzbekistan, visa regimes, air connectivity, hospitality infrastructure, and frameworks for close cooperation with local tour operators. This presentation served as a significant milestone in further expanding bilateral cooperation in the field of pilgrimage tourism, strengthening cultural and humanitarian ties, and driving a substantial increase in the influx of Indonesian tourists to the Republic.