As part of the Silk Road Finance and Technology Forum, the leadership of the Central Bank of the Republic of Uzbekistan held a meeting with a delegation from Bank Negara Malaysia, led by Dr. Ashraf Hashim, Chairman of the Shariah Advisory Council of Bank Negara Malaysia, to discuss prospects for advancing Islamic finance and further expanding bilateral cooperation.
During the meeting, the Uzbek side provided an overview of the practical measures being undertaken to introduce Islamic finance activities in Uzbekistan under the legislation aimed at developing the sector. These include the licensing of Islamic banks and “Islamic windows,” the establishment of a special taxation regime, and the development of a two-tier Shariah governance framework. The proposed framework envisages the establishment of Islamic finance councils at both the Central Bank and commercial bank levels.
The parties also exchanged views on the regulatory framework currently being developed by the Central Bank for the regulation of Islamic banking activities, prudential supervision, and ensuring compliance with Shariah principles.
The Malaysian side shared its experience in developing the Islamic finance ecosystem, including centralized Shariah governance, the phased introduction of Islamic banking products, and measures to ensure their attractiveness to a broad range of consumers. For reference, the development of Islamic finance in Malaysia dates back to 1983.
It was emphasized that Islamic finance should be developed not solely from a religious perspective, but as a financial system capable of creating additional value for customers and businesses.
At the conclusion of the meeting, the parties agreed to promote the exchange of experience and knowledge between the two countries in the field of Islamic finance.
