As part of the Silk Road Finance & Technology Forum, a meeting was held between the leadership of the Central Bank of the Republic of Uzbekistan and Dr. Ghiath Shabsigh, Secretary-General of the Islamic Financial Services Board (IFSB).
The discussion focused on the development of the Islamic finance framework in Uzbekistan, including the enhancement of regulatory and supervisory mechanisms, the establishment of the Shariah Council, and the implementation of international standards in domestic practice.
The parties also exchanged views on further improving the regulatory framework for Islamic finance, developing Shariah-compliant liquidity management instruments, and strengthening prudential supervision.
In addition, the meeting explored opportunities to draw on IFSB’s international expertise and standards, obtain expert review of regulatory documents under development, and expand technical and advisory support for their implementation.
Particular attention was also given to capacity building and the development of qualified professionals in the field. The parties discussed prospects for organizing specialized training programmes, practical workshops, and simulation-based training for Central Bank staff and other relevant stakeholders.
The parties noted that building a sustainable Islamic finance ecosystem in Uzbekistan requires not only a modern regulatory and supervisory framework, but also the development of liquidity management and capital market instruments.
At the conclusion of the meeting, the parties agreed to further expand practical cooperation with the IFSB, continue the exchange of knowledge and experience, and advance joint initiatives aimed at supporting the development of Islamic finance in Uzbekistan.
