Uzbekistan is stepping up efforts to develop its Islamic finance sector, with policymakers, financial experts and industry leaders gathering in Tashkent to explore reforms aimed at attracting investment from the Middle East and Southeast Asia.
The 5th CIS Islamic Banking and Finance Forum, organised by the AlHuda Centre of Islamic Banking and Economics (CIBE), brought together representatives from across the Commonwealth of Independent States (CIS) to discuss regulatory reforms, investment opportunities and the future of Sharia-compliant financial services in the region.
Islamic finance has become one of the world's fastest-growing financial sectors, with global assets estimated at around $6 trillion and annual growth averaging between 10 and 12 per cent. The industry spans Islamic banking, sukuk (Islamic bonds), takaful (Islamic insurance) and Sharia-compliant investment funds, with analysts projecting the market could exceed $10 trillion by 2031.
Unlike conventional banking, Islamic finance prohibits interest-based lending and speculative transactions. Instead, financial institutions operate through asset-backed partnerships, leasing arrangements and profit-sharing models that comply with Islamic law.
With around 94 per cent of Uzbekistan's population identifying as Muslim, demand for Sharia-compliant financial products has steadily increased in recent years.
Earlier this year, Uzbekistan adopted legislation laying the foundation for Islamic banking services, while the Central Bank has approved regulations allowing microfinance organisations to offer Sharia-compliant financial products. A separate law establishing a full-fledged Islamic banking system is currently under consideration.
Speakers at the forum said the reforms could significantly improve financial inclusion while opening new channels for foreign direct investment.
Forum participants highlighted growing interest from investors in the Gulf Cooperation Council countries and Southeast Asia, arguing that Islamic finance could strengthen trade, infrastructure development and cross-border investment across Central Asia.
Organisers said Uzbekistan is well positioned to become a regional hub for Islamic finance, connecting international investors with one of Central Asia's fastest-growing economies through ethical and asset-backed financial instruments.
Discussions also focused on expanding Islamic banking regulations across the CIS, developing sukuk markets, strengthening fintech solutions and increasing cooperation between Central Asian countries and major Islamic financial centres.
It has been a punishing week for large parts of China, and forecasters warn the worst may not be over. After Typhoon Maysak left a trail of destructio...
The U.S. military said on Wednesday it launched fresh strikes on Iran to keep the Strait of Hormuz open to shipping, triggering Iranian attacks on Kuw...
Uzbekistan is stepping up efforts to develop its Islamic finance sector, with policymakers, financial experts and industry leaders gathering in Tashke...
This is the first of four articles in AnewZ's series examining how conservationists are working to protect and repair damage done to the Aral Sea which lies between Uzbekistan and Kazakhstan.
Over 300 delegates from more than 50 countries have gathered for a landmark forum in Uzbekistan.
Unusually heavy rain, thunderstorms and hail during Uzbekistan's hottest season have sparked widespread debate over the causes. While some blame climate change, others have promoted conspiracy theories involving cloud seeding and so-called "weather weapons".
China has launched a new direct rail freight route to Turkmenistan, expanding its transport links with Central Asia as trade and investment across the region continue to grow. The service will carry Chinese industrial and consumer goods to the Caspian region.
The U.S. says it has launched strikes on Iran after alleged attacks on three commercial vessels in the Strait of Hormuz. Washington described the action as a response to threats against civilian shipping and a breach of the ceasefire.
U.S. President Donald Trump said on Wednesday that the memorandum of understanding signed with Iran to end the conflict was "over", adding he did not want to engage with Tehran, calling the Iranian leadership "sick people".
Typhoon Bavi churned southeast of Taiwan in the Pacific Ocean on Thursday, its winds easing overnight to just shy of 200 kph (124 mph), as authorities urged residents to stock up on supplies and brace for what could be the most powerful typhoon since 2024.
NATO leaders are unveiling multi-billion-dollar arms deals in Ankara as President Donald Trump joins the summit, highlighting Europe's increased defence spending amid tensions over Russia and Iran, and following years of U.S. criticism of the alliance.
The U.S. military said on Wednesday it launched fresh strikes on Iran to keep the Strait of Hormuz open to shipping, triggering Iranian attacks on Kuwait and Bahrain in the latest escalation to derail efforts to end the war.
This is the last of four articles in AnewZ's series examining how conservationists are working to protect and repair damage done to the Aral Sea which lies between Uzbekistan and Kazakhstan.
This is the third of four articles in AnewZ's series examining how conservationists are working to protect and repair damage done to the Aral Sea which lies between Uzbekistan and Kazakhstan.
This is the second of four articles in AnewZ's series examining how conservationists are working to protect and repair damage done to the Aral Sea which lies between Uzbekistan and Kazakhstan.
Azerbaijan should unlock the full potential of its tourism sector to drive long-term economic growth, diversify its economy and create jobs as reliance on hydrocarbons declines, the World Bank has said.
The Aviators of Ganja explores how young Spanish volunteers travelled to Soviet-era Azerbaijan to train as military pilots before being drawn into the defining conflicts of the 20th century.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment