Uzbekistan plans to launch first Islamic banking services in 2027

Under the plan, Uzbekistan intends to establish a legal framework for Islamic finance and launch Islamic financial services at no fewer than three commercial banks.

Initially, Islamic products are expected to be introduced at one bank in 2027, with the number increasing to three banks in 2029–2030. These initiatives will be financed using commercial banks’ own funds. The Central Bank has been designated as the responsible authority for implementation.

Earlier, Central Bank Deputy Governor Abrorkhoja Turdaliyev said in an interview with Spot that the regulator expects up to 10 Islamic banks to operate in Uzbekistan by 2030.

“Within the next five years, we expect to have at least 10 fully fledged Islamic banks. In addition, there will be several ‘Islamic windows’ within conventional banks. Their opening at three state-owned banks is already provided for,” the deputy governor said in an interview in October 2024.

According to him, the Central Bank views Islamic finance as an alternative mechanism for channeling funds from the shadow economy into the formal banking system.

Plans to establish Islamic banking and financial infrastructure in Uzbekistan

Discussions on introducing Islamic banking and finance in Uzbekistan have been ongoing since 2018. At an international forum held in Tashkent in June 2023, Apex Bank Chairman Bahrom Nomonov said that 20 percent of Uzbekistan’s population does not use the conventional lending system for religious reasons.

In December 2024, the Central Bank of Uzbekistan became a member of the Islamic Financial Services Board. Membership in this organization enables the country to study international experience and introduce advanced global practices in regulating and supervising Islamic financial institutions in Uzbekistan.

In November 2025, a law aimed at the gradual introduction of Islamic banking activities in Uzbekistan was adopted. As a result of implementing Islamic finance in the country, nearly $10 billion in investment could be attracted, and more than 100,000 new jobs could be created.