March 26, 2026
Uzbekistan plans to establish two Islamic banks by 2030
On March 25, President of Uzbekistan Shavkat Mirziyoyev reviewed a presentation on the introduction of Islamic finance.
It is planned to launch at least one “Islamic window” within a commercial bank this year, while in 2026 – 2030 two fully-fledged Islamic banks are expected to be established. These measures are anticipated to attract up to USD 1 billion in additional investments and deposits.
The implementation of key Islamic financing instruments, including
- mudaraba (profit-sharing financing);
- vakala (agency-based financing);
- salam (advance payment financing for goods and production);
- mushoraka (joint partnership financing);
- Islamic leasing (ijarah);
- as well as other instruments compliant with applicable legislation.
To regulate the sector, a Council for Islamic Finance will be established under the Central Bank.
It should be noted that the relevant law was approved by the Senate on February 5 of this year.
Further details are available in our memorandum “Islamic Finance in Uzbekistan”, accessible on our website.