Law of the Republic of Uzbekistan (No. O‘RQ-1126) “On Amendments and Additions to Certain Legislative Acts of the Republic of Uzbekistan Aimed at Introducing Islamic Banking Activities in Uzbekistan” was adopted on March 27, 2026.
◀️ This Law was developed by the Central Bank in cooperation with local and foreign experts, taking into account international standards and advanced foreign experience in the field.
🟣 The Law introduces amendments and additions to the Tax Code, the Civil Code, and seven other laws.
🟣 In particular, the Law provides for:
☑️ the inclusion in legislation of concepts such as Islamic banking activities, Islamic financial operations, Islamic financial standards, and investment deposits;
☑️ the introduction of a license granting the right to carry out Islamic banking activities, along with clear requirements for obtaining such a license;
☑️ a list of Islamic financial operations permitted for banks holding a license to conduct Islamic banking activities;
☑️ authorization for banks engaged in Islamic banking to directly conduct trade activities, establish legal entities, and acquire shares or equity in the charter capital of legal entities without restrictions;
☑️ the establishment of Islamic Finance Councils within the Central Bank and banks to coordinate issues related to Islamic finance, with requirements defined for their activities.
🟣 In addition, specific taxation rules for Islamic financial operations are established.
This Law shall enter into force three months after its official publication.
Detailed report: https://t.me/centralbankuzbekistan
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