More Than 10 Uzbek Banks Plan Islamic Banking Rollout

More than 10 banks in Uzbekistan are preparing to introduce Islamic banking services, Central Bank Chairman Timur Ishmetov said in an interview with Uzbekistan 24.

He noted that once the relevant law is approved, the regulator will begin drafting the framework needed to build the country’s Islamic finance infrastructure. The Senate approved the legislation in early February, and it is now under review by President Shavkat Mirziyoyev.

Under the proposed law, banks will be able to operate fully in line with Islamic principles or combine them with conventional services. Islamic finance councils will also be established at the Central Bank and within financial institutions.

According to the Eurasian Development Bank, Islamic banking assets in Uzbekistan could reach $2.4 bn by 2033, while sukuk issuance is expected to exceed $1.8 bn.

The region is seen as having strong potential for Islamic finance, driven by population growth and rising demand. Across Central Asia, assets are projected to hit $2.5 bn by 2028 and nearly $6.3 bn by 2033, with sukuk volumes forecast to grow to $5.6 bn over the same period.

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