Kuwaiti company Noor shows interest in Uzbekistan’s Islamic banking sector

Last week, Deputy Minister of Investments, Industry and Trade Shokhrukh Gulyamov met with a delegation led by Abdullah Abdulrahman Al-Houli, Senior Vice President of Noor for Alternative Investments. The discussions focused on potential partnerships in investment projects, with particular attention on the establishment of a new Islamic bank in Uzbekistan involving Noor Financial Investment Company.

The talks also covered broader prospects for collaboration in the financial, industrial, energy, and infrastructure sectors. Noor representatives highlighted their readiness to participate in investment initiatives and contribute to the country’s economic development.

Deputy Chairman of the Central Bank of Uzbekistan, Abrorkhodja Turdaliev, has previously stated that Uzbekistan aims to open 10 Islamic banks by 2030. In addition, three state-owned banks will establish “Islamic windows.” The regulator views Islamic finance as a key mechanism for attracting funds from the shadow economy into the formal banking system.