The roadmap covers legislative reform, specialist training, financial literacy, international cooperation and the infrastructure needed to support Islamic banking. Its implementation is expected to build on experience gained by nonbank financial institutions while opening the market to new Islamic banking services.
Eleven microfinance organizations in Uzbekistan already offer Islamic financial products, including murabaha, ijara, mudaraba and musharaka. Developing the sector through nonbank institutions has allowed the market to test these instruments and gain practical experience with their use, Ishmetov said.
A key step came in 2026, when Uzbekistan adopted a law introducing Islamic banking. The legislation provides a legal basis for establishing full-fledged Islamic banks and dedicated Islamic banking units within conventional banks.
The Central Bank has also introduced a two-tier governance model for Islamic finance and established a five-member Islamic Finance Council. The body is intended to help ensure compliance with relevant standards, improve decision-making and strengthen risk management.
The legal framework also incorporates tax-neutrality mechanisms designed to prevent Islamic financial transactions from facing different tax treatment from conventional transactions solely because of differences in their structure.
The next stage is to establish a legal framework for Islamic securities, including sukuk, which are structured to comply with Islamic financial principles. The government has prepared a revised draft of the Capital Markets Law with a separate chapter on sukuk. If adopted, it would provide the legal basis for issuing sovereign and corporate sukuk, Ishmetov said.
Uzbekistan is also aligning its regulatory framework with international Islamic finance standards. The Central Bank joined the Islamic Financial Services Board (IFSB) in 2025 and the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) in 2026. Membership in the two organizations is expected to help the country adapt international standards and established practices to its domestic market.
Ishmetov said further progress would depend on coordination among government agencies, international financial institutions, academic experts and market participants. Potential partners include the Islamic Development Bank, the Asian Development Bank, the International Finance Corporation and AAOIFI.
Cooperation with these institutions could support professional training, the introduction of new financial instruments and the development of practical solutions for the sector. The Central Bank's immediate priorities are to implement the roadmap on schedule, coordinate the organizations responsible for its measures and monitor progress regularly.
