Today, the draft resolution “On Making Amendments and Additions to Certain Departmental Regulatory Legal Acts Adopted by the Board of the Central Bank of the Republic of Uzbekistan” was posted on the portal for discussion of draft regulatory legal acts for public consultation.
This draft resolution was developed in accordance with the Law of the Republic of Uzbekistan “On Making Additions and Amendments to Certain Legislative Acts of the Republic of Uzbekistan Aimed at Introducing Islamic Banking Activities in Uzbekistan.” The project aims to establish the licensing procedure for banks conducting Islamic banking activities.
The draft resolution provides for the following:
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Establishing the procedure for issuing preliminary permits to establish a bank engaged in Islamic banking activities, state registration, and licensing of such banks, as well as setting requirements for the documents submitted by applicants and their preparation;
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Establishing the procedure for obtaining a license to conduct Islamic banking activities (establishing an Islamic window) by banks that already hold a conventional banking license;
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Establishing the procedure for the complete transformation of banks holding a conventional banking license into banks operating exclusively on Islamic banking principles (full transition from conventional to Islamic banking);
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Establishing qualification requirements for members of the Islamic Finance Council and executive officers responsible for Islamic banking activities, as well as the procedure for obtaining prior approval from the Central Bank before they assume office.
Detailed report: https://t.me/centralbankuzbekistan
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