Central Bank establishes Islamic Finance Council to guide sector development

According to the regulator's press service, the council will function as a collegiate advisory body under the Central Bank. Its responsibilities include developing national Islamic finance standards based on international requirements and local practices, preparing recommendations on regulation and supervision, advising banks and microfinance organizations, and representing the Central Bank in the work of the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), the international body responsible for setting Islamic finance standards.

The council consists of five members – four experts in Islamic jurisprudence and one technical specialist in Islamic finance.

Saidjamol Masayitov, chief specialist at the Fatwa Center of the Muslim Board of Uzbekistan, has been appointed chairman, while Muhammadyubkhon Khomidov, also a chief specialist at the Fatwa Center, will serve as deputy chairman.

The other members are Hikmatilla Toshtemirov and Abdullatif Tursunov, both specialists at the Fatwa Center, along with Akhrorjon Sadullayev, managing partner of Orient Audit Group.

According to the Central Bank, most council members have many years of experience in Islamic jurisprudence, serve on the Council of Ulema of the Muslim Board of Uzbekistan, and hold AAOIFI certifications in Islamic finance. Sadullayev, the council's technical expert, has more than two decades of experience in banking and finance. He previously held positions at the Central Bank, Aloqabank, KDB Bank Uzbekistan, and international audit firms KPMG, Ernst & Young, and Grant Thornton.

The council will submit an annual report on its activities to the Central Bank's board.