At a plenary session, deputies of Uzbekistan’s Legislative Chamber approved in the first reading a draft law introducing Islamic banking.
The bill proposes amendments to the Tax Code, Civil Code and other regulations. It defines key concepts such as «Islamic bank», «financial operations and standards» and «investment deposit».
The legislation would establish a licensing system for Islamic banking activities and outline the requirements for obtaining such a licence. It also specifies which financial operations banks with these licences may conduct.
According to MPs, the initiative aims to develop alternative financial services alongside traditional ones and to improve financial accessibility for the population.
Kursiv also reports that the UzLiDeP party discussed a draft law on Islamic banking in Uzbekistan on September 15.
