Uzbekistan is accelerating efforts to develop Islamic finance as part of a broader strategy to attract investment from Gulf countries and strengthen its position in emerging capital markets.
The topic was discussed during a panel session titled «Islamic Finance and Sukuk Markets: Channeling Gulf Capital into Emerging Economies» at the Tashkent International Investment Forum. Participants explored how sukuk bonds, takaful insurance and other Sharia-compliant financial instruments can help direct sovereign and institutional capital into infrastructure and business projects across the region.
Speaking at the event, Deputy Chairman of the Central Bank of Uzbekistan Sanjar Nosirov said the country is implementing Islamic finance reforms in three stages. Twelve non-governmental microfinance organisations currently offer Islamic financial services, with the volume of services growing fivefold over the past five years to reach $22 mln.
Nosirov also announced that Uzbekistan’s new law on Islamic banking will come into force on June 9, paving the way for the establishment of fully fledged Islamic banks and Islamic windows within conventional banks. The next stage will focus on creating a legal framework for the Islamic capital market, including sukuk issuance.
Experts highlighted strong demand for Islamic financial products in Uzbekistan. Jan Cherim, Managing Director at SEAF, noted that financial institutions supported by the organization are reporting rapidly growing interest in Sharia-compliant financing, particularly among small and medium-sized businesses.
Former Romanian Foreign Minister Ramona Manescu stressed that attracting Gulf capital requires strong political commitment and long-term strategic partnerships. She described Uzbekistan as a key transit hub connecting Central Asia, Asia and Europe, making it an attractive destination for infrastructure and development investment.
Participants concluded that aligning Uzbekistan’s Islamic finance regulations with international standards will be crucial for expanding foreign investment and supporting sustainable economic growth.
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