Uzbekistan has approved a law that lays the foundation for the introduction of Islamic banking. The document, signed on March 27, 2026, forms a comprehensive legal framework for the operation of this segment and covers several key areas of regulation. The Central Bank, together with local and foreign experts, developed it, taking into account international practice.
As part of the reform, the provisions of the Tax and Civil Codes, as well as a number of other laws, have been revised. Basic concepts have been introduced, including Islamic financial transactions and investment deposits, as well as standards for their implementation. A new license is separately provided for banks wishing to operate according to these principles, with clearly defined conditions for obtaining it.
Banks with such a license will be able to not only provide financial services, but also engage in trade, create companies and invest in their capital without restrictions. Control over compliance with the rules will be assigned to special councils on Islamic finance under the regulator and commercial banks. Tax features are additionally prescribed, which should stimulate the development of a new direction. The law will come into force 3 months after publication.