New draft law for Islamic banking in Uzbekistan

A new draft law has been prepared to establish Islamic banking activities in Uzbekistan. This was reported by Zamin.uz.

This draft was conceptually reviewed in the first reading at the next session of the Legislative Chamber of the Oliy Majlis. According to the draft law, amendments and additions are proposed to the Tax Code, Civil Code, and eight other laws.

Within these changes, concepts such as “Islamic bank,” “financial operations,” “Islamic finance standards,” and “investment deposit” are newly introduced into the legislation. The draft law stipulates the introduction of a license to regulate the activities of Islamic banks.

The procedure for obtaining the license and the requirements for it are clearly specified. Additionally, the financial operations carried out by banks holding the license are also defined within the law.

This document is of significant importance for regulating activities in the field of Islamic finance and creating an official basis for it. The adoption of such a draft law will serve to diversify our country's financial system, attract new investments, and implement Islamic finance standards.

More detailed information is provided through the Bankir website. (Source: bankir.uz)