Uzbekistan in a hurry to grow its Islamic economy

Uzbekistan has been busy the last two years building its Islamic economy, Global Islamic Economy Gateway says.

According to the U.N. Conference on Trade and Development (UNCTAD), investment inflows grew four-fold in 2018 to reach $412 million, from $98 million in 2017. Most were Russian multinational corporations focused on oil and gas, but new ones in 2018 also came from China, India, Republic of Korea and Turkey.

In the Islamic economy sectors, Uzbekistan’s focus has been primarily on three fronts: building an Islamic finance ecosystem, making itself accessible to Muslim tourists, and establishing trade links with key Islamic economies.

Recently in June this year, Kapitalbank signed an agreement with the ICD that will allow it to seek technical advice from the Saudi body to set up a new Islamic banking window.

In the same month, Trustbank said it would work with the ICD on the new Global Platform for Private Sector that aims to facilitate collaboration on business opportunities.

Uzbekistan is also putting itself out there with regards doing business with other Islamic economies.

The government has promised more technical and financial support for farmers and agribusiness, having earmarked agriculture as being at the heart of the country’s economic transformation.