A historic miles tone has been reached in Uzbekistan’s financial sector. The Senate of the Oliy Majlis has approved the Law on introducing amendments and additions to legislative acts aimed at establishing Islamic banking activities in the country.
Key High
lights:
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Licensing: B
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anks are now authorized to operate as full-fledged Islamic banks or offer services via “Islamic Windows” alongside traditional banking.
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Shari’ah Advisory Board: Special councils will be established within the Central Bank and commercial banks to ensure all operations comply with Shari’ah principles.
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Taxation Framework: A dedicated chapter in the Tax Code will regulate Islamic finance, ensuring fair competition. Notably, markups on goods in Islamic finance transactions will be exempt from VAT.
Amanah Consulting Group is ready to assist financial institutions in navigating this new regulatory landscape, offering expert consulting on implementing Islamic finance windows and Shari’ah-compliant systems.
