Islamic Banking Law Sent to the Senate

Deputies of the Legislative Chamber of the Oliy Majlis reviewed and approved the draft law on the introduction of Islamic banking and sent it to the Senate. This was reported by Zamin.uz.

This draft law creates the necessary legal framework for implementing Islamic financial services. As a result of the adoption of the law, Islamic banks will be able to conduct trade activities aimed at financing clients.

These banks operate based on the principles of Islamic finance and function differently from traditional banking services. This paves the way for new opportunities and services in the financial sector.

Deputies emphasized that this draft law will make a significant contribution to the development of Islamic financial services. The new regulations also include the tax system related to Islamic banking and will help popularize these services.

Additionally, the draft law is expected to serve in opening new investment opportunities in the economy. Source: zamin.uz