The law establishing the basis for the activities of Islamic banks in Uzbekistan has been signed.
An important law has been adopted that laid the foundation for extensive changes in Uzbekistan's financial system. This was reported by Zamin.uz.
Our country's leader Shavkat Mirziyoyev signed a document dedicated to launching the activities of Islamic banks in the national economy on the twenty-seventh of March. This decision is considered a serious step towards achieving diversification of the country's economy and creating new financial opportunities.
The new law is called "On Amendments and Additions to Several Key Documents of the Republic of Uzbekistan for the Purpose of Introducing the Islamic Banking System" and is expected to mark the beginning of a new era in the financial market. Based on this document, necessary changes were made to the Tax Code, Civil Code, and seven other laws.
One of the most significant innovations is that concepts such as Islamic banking activities, Islamic financial operations, international standards, and investment deposits were officially added to the legislation. At the same time, a special licensing system was introduced to regulate the activities of Islamic banks.
The specific requirements set for obtaining this license serve to ensure transparency and discipline in the sector. A list of operations that banks holding the license can perform was also approved.
According to the new regulations, Islamic banks will not only provide financial services but will also have the right to engage directly in trading activities. They were also granted the opportunity to freely purchase shares or stakes in companies without restrictions on establishing legal entities.
This will help further expand the activities of banks. Special councils are planned to be established under the Central Bank and commercial banks to coordinate the Islamic finance system.
These bodies will monitor standards and requirements in the sector. The law also defines specific aspects of taxation for these operations.
This will ensure the stable functioning of the new system. The law will come into force three months after its publication.
This decision opens the door to new opportunities for the financial market and is expected to lead to increased activity in the investment environment.
