Uzbekistan expands Islamic finance: 2026–2030 roadmap sets out 39 measures

Central Bank of Uzbekistan Chairman Timur Ishmetov said the country plans to carry out 39 measures to develop Islamic finance by 2030. He spoke on October 27 at the International Islamic Finance Forum taking place in Samarkand. The 2026–2030 roadmap covers five areas: improving legislation, building expert capacity and financial literacy, expanding international cooperation, and creating infrastructure for Islamic banking services.

Islamic finance was first introduced through the non-bank sector. Ishmetov said 11 microfinance organisations currently offer Islamic financial services based on murabaha, ijara, muzaraba and musharaka contracts. He noted that a law adopted in 2026 aimed at launching Islamic banking activity created a legal basis for full-fledged Islamic banks and for dedicated Islamic windows within conventional banks.

The government also plans to develop the sukuk market for Islamic securities. A new draft of the Law on the Capital Market reportedly includes a separate chapter on sukuk. Ishmetov said the sukuk issuance has not yet begun; instead, a legal basis for it is being created.