Uzbekistan adopts Islamic finance roadmap: 2026–2030, 39 measures
The Central Bank approved a roadmap of five areas and 39 measures; 11 microfinance organizations already offer interest-free services, and Open Bank received the first Islamic banking licence.
The Central Bank of Uzbekistan has approved a 2026–2030 roadmap to implement Islamic finance in the country. The document covers five areas and 39 measures: improving legislation, training qualified specialists, raising public financial literacy, expanding international cooperation and developing market infrastructure.
The legal framework
A law establishing the legal basis for Islamic banking and Islamic finance activities entered into force in 2026. Under the law, the Central Bank approves Islamic finance standards and establishes an Islamic Finance Council, while banks and licensed entities conducting Islamic banking must set up their own councils to ensure Shariah compliance. The law gives legal recognition to profit-sharing and trade-financing structures such as murabaha and ijara.
What the market already offers
According to the Central Bank, 11 microfinance organizations currently provide Islamic financial services using instruments such as murabaha, ijara, mudaraba and musharaka. Up to seven standards for Islamic financial services are planned by the end of 2026.
The first licence and expected impact
On 23 October 2026, Open Bank received the country's first Islamic banking licence. Preliminary estimates suggest the Islamic finance initiative could attract roughly $1 billion in additional investment and deposits, and the roadmap envisages up to 10 Islamic banks operating by 2030. The government links the law to broadening access to financial services for the population and businesses, strengthening competition in the banking sector and attracting new investors.
Official comment
The roadmap covers improvements to legislation, training qualified specialists, raising public financial literacy, expanding international cooperation and developing the infrastructure needed for Islamic banking.
— Timur Ishmetov, Chairman of the Central Bank of Uzbekistan
