A draft law on the introduction of Islamic banking has been developed

A draft law has been developed to introduce Islamic banking in Uzbekistan.

At the meeting of the UzLiDeP faction on September 15, the draft law "On Amendments and Addenda to Certain Legislative Acts of the Republic of Uzbekistan Aimed at the Introduction of Islamic Banking in Uzbekistan" was discussed.

The draft law aims to create the necessary legal framework for Islamic banking activities in Uzbekistan that complies with the standards of the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) and the Islamic Financial Services Board (IFSB).

This Law will help establish the activities of Islamic banks and Islamic "windows" in Uzbekistan, reduce the share of the "shadow" economy, and attract foreign investments aimed at developing Islamic banking in our country, the report says.

According to a UNDP survey, 68 percent of the population and 60 percent of business representatives in Uzbekistan do not want to use traditional banking services due to their religious beliefs.