Uzbekistan establishes its first Islamic Finance Council

Uzbekistan has established the Central Bank's Islamic Finance Council to coordinate matters related to Islamic finance activities in the country. The announcement was made by the Central Bank.

According to the regulator, the council is a collegial body of the Central Bank responsible for coordinating the activities of banks engaged in Islamic banking, microfinance institutions providing Islamic finance services, the Deposit Guarantee Agency, and other organizations operating under the Central Bank's supervision.

The council consists of five members, including Islamic law experts and technical specialists.

Saidjamol Yusufovich Masayitov, chief specialist at the Fatwa Center of the Muslim Board of Uzbekistan, has been appointed chairman of the Central Bank's Islamic Finance Council and will serve as its Islamic law expert.

Muhammadayubkhon Homidov, also a chief specialist at the Fatwa Center, has been appointed deputy chairman.

The council's other members are Fatwa Center specialists Hikmatilla Toshtemirov and Abdullatif Tursunov, as well as Akhrorjon Sa'dullayev, managing partner of Orient Audit Group.

The council's responsibilities include:

•  Developing draft Islamic finance standards in line with international Islamic finance standards while taking local conditions into account;
•  Providing the Central Bank with opinions and recommendations on regulating and supervising Islamic finance, assisting in drafting regulatory documents, and issuing clarifications on disputes and contentious issues in the sector;
•  Offering recommendations and guidance to banks and microfinance institutions engaged in Islamic finance and holding regular consultation meetings with them;
•  Representing the Central Bank at meetings of the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) and, when necessary, submitting proposals and comments on draft documents prepared by the organization.

According to the Central Bank, the council will submit an annual report on its activities to the bank's Board each year.

Earlier, during a presentation to President Shavkat Mirziyoyev on March 25, 2026, on the establishment of the Tashkent International Financial Center, the launch of the International Digital Technology Center, and the introduction of Islamic finance mechanisms into the banking system, officials announced plans to establish an Islamic Finance Council under the Central Bank.

It was also announced that banks providing Islamic finance services would establish their own separate Islamic finance councils. These bodies are expected to develop standards, assist in drafting regulatory documents, provide interpretations on disputed issues, review contracts and internal documents, and oversee compliance.

Later, on March 27, the legal framework for Islamic banking in Uzbekistan was formally established through the Law "On Amendments and Additions to Certain Legislative Acts of the Republic of Uzbekistan Aimed at Introducing Islamic Banking Activities in Uzbekistan." The legislation also introduced amendments to the Tax Code, the Civil Code, and seven other laws.