Today, on June 24, conferences dedicated to the Islamic Finance and Waqf System—topics of significant importance for the country’s economy and social life—were held at the Muslim Board of Uzbekistan. The event gathered representatives from government agencies, religious organizations, international funds, and leading academic institutions.
Islamic Finance: 8-Fold Growth in 2026 and New Opportunities
Speaking at the conference, Khusan V. Khasanov, Head of Amanah Consulting Group, shared vital insights into the legalization and operational processes of Islamic finance in Uzbekistan. He emphasized that the new system would not only diversify banking services but also foster the halal and equitable development of the economy:
“The primary objective is the fair distribution of wealth and the stimulation of production, trade, and service sectors. Looking at the data, in the first quarter of 2026, the volume of Islamic services provided by microfinance organizations increased nearly 8-fold compared to the same period last year. Today, more than 10 commercial banks are fully prepared to launch their ‘Islamic windows,'” said Khusan Khasanov.
Reforming the Waqf System and Prospects of “Cash Waqf”
A seminar titled “Waqf: Prospects, Opportunities, and Significance in Resolving Social Issues” was also organized as part of the event. Representatives from the following organizations actively participated:
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The Committee for Religious Affairs and the Muslim Board of Uzbekistan;
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“Waqf” Charitable Public Fund;
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“Mezon Kengashi” LLC and “Al-Muamalat” Consulting Enterprise;
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Tashkent Islamic Institute and the International Islamic Academy of Uzbekistan.
Keynote speeches were delivered by Muzaffar Khusniddinov, Founder of “Mezon Kengashi” LLC, Hayotjon Azimov, Member of “Al-Muamalat” Consulting Enterprise, and Mirjalol Qosimov, Deputy Chairman of the “Waqf” Charitable Public Fund. The experts presented practical proposals and conclusions on reforming the Waqf framework in Uzbekistan and developing a modern “Cash Waqf” (monetary waqf) system.
Conference Outcomes: What Will the System Deliver to the Country?
At the conclusion of the forum, participants unanimously agreed that the development of Islamic finance and the Waqf institution would provide Uzbekistan with several strategic advantages:
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Reduction of the Shadow Economy: Ensuring the transparency of financial turnovers.
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Easing the Budgetary Burden: Funding social projects through Waqf and charitable endowments.
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Investment Inflow: Attracting the international Islamic financial market and foreign investors.
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Choice for the Population: Enabling citizens to access halal financial instruments aligned with their beliefs.
Detailed report: https://amanahconsultings.uz/category/yangiliklar/
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