Uzbek Parliament Moves Forward with Islamic Banking Bill

Legislative Chamber of the Oliy Majlis (the Uzbek parliament) has reviewed a bill introducing Islamic banking activities.

The proposed legislation seeks to amend the Tax and Civil Codes, along with eight other laws, The Caspian Post reports via Uzbek media.

It introduces formal definitions for terms such as “Islamic bank,” “financial operations and standards,” and “investment deposit.” Additionally, it outlines the creation of a licensing system for banks wishing to operate under Islamic banking principles, with clear requirements for obtaining such licenses.

According to lawmakers, the initiative is designed to expand financial support for citizens and businesses, provide alternative financial services, and attract foreign investment through new financial products.

The bill was passed in its first reading.