LAW OF THE REPUBLIC OF UZBEKISTAN

of March 27, 2026 No. ZRU-1126

About entering of the amendments and changes into some legal acts of the Republic of Uzbekistan directed to implementation of Islamic banking activity in Uzbekistan

Accepted by Legislative house on November 11, 2025

Approved by the Senate on February 5, 2026

In recent years in our country the large-scale works directed to implementation of modern banking services and development of bank system taking into account the international experience are carried out.

At the same time there is need of expansion of scope with financial services and implementations of new types of banking services according to the international Islamic financial standards.

This Law makes additions and changes to some legal acts of the Republic of Uzbekistan determining the legal basis of implementation of Islamic banking activity.

This Law will promote step-by-step implementation of Islamic banking services in our country, to reducing share of shadow economy and attraction of the foreign investments aimed at the development of Islamic banking activity.

Article 1. In the Law of the Republic of Uzbekistan of December 21, 1995 No. 154-I "About the Central bank of the Republic of Uzbekistan" (in edition of the Law of the Republic of Uzbekistan of November 11, 2019 No. ZRU-582) (Sheets of chambers of Oliy Majlis of the Republic of Uzbekistan, 2019, No. 11, Art. 790; 2021, appendix to No. 4, No. 10, Art. 968; 2022, No. 3, Art. 217, No. 4, Art. 340; 2023, No. 11, Art. 923; 2024, No. 9, Art. 965; 2025, No. 2, Art. 189, 194; No. 4, Art. 519, 520; No. 6, of the Art. 730) to make the following additions and changes:

1) Article 20:

add with the paragraph the fifth the following content:

"approves Islamic financial standards for credit institutions;";

the fifth - the thirty first to consider paragraphs respectively paragraphs the sixth - the thirty second;

the twelfth after the words "on the right of implementation of banking activity" to add the paragraph with the words "and on the right of implementation of Islamic banking activity;"

add with the paragraph the twentieth the following content:

"makes decisions on creation and liquidation in the Central bank of Council for Islamic finance of the Central bank on coordination of questions of Islamic financial activities (further - Council for Islamic finance of the Central bank), and also establishes requirements to its activities;"

the twentieth - the thirty second to consider paragraphs respectively paragraphs the twenty first - thirty third;

Part the second Article 31 after the words "and other tools" to add 2) with words ", including the tools conforming to Islamic financial standards (further - Islamic financial instruments)";

Article 33 to add 3) with part four of the following content:

"Central Bank has the right to use Islamic financial instruments for the emergency liquidity support of the banks performing Islamic banking activity";

The paragraph of the twenty second part one of article 60 after words of "percent on financial transactions of bank" to add 4) with words ", and also the size of markup and (or) share from profit on Islamic financial transactions";

5) Article 61 part one:

add with the paragraph the ninth the following content:

"requirements to creation in the banks performing Islamic banking activity of the management system conforming to Islamic financial standards";

the ninth - the fifteenth to consider paragraphs respectively paragraphs the tenth - the sixteenth;

the paragraph the sixteenth after words "key bank staff," to add with words ", and also members of council on Islamic finance, coordinating questions of Islamic finance of the banks performing Islamic banking activity (further - Council for Islamic finance of bank)";

6) in part one of Article 67 of the word "boards, and also to key bank staff" shall be replaced with words "boards, to key bank staff, and also members of council on Islamic finance of banks";

Part the second Article 67-2 after the words "can issue the credit" to add 7) with the words "or to use Islamic financial instruments";

8) to add with Chapter 10-1 of the following content:

"Chapter 10-1. Council on Islamic finance of the Central bank

Article 67-3. Activities of council on Islamic finance of the Central bank

In the Central bank council on Islamic finance of the Central bank as a part of five members is created.

Council on Islamic finance of the Central bank is the collegiate organ coordinating the Islamic financial activities performed by persons who shall be controlled by the Central bank.

Activities of council on Islamic finance of the Central bank are performed based on the provision approved by board of the Central bank.

Members of council on Islamic finance of the Central bank are appointed by board of the Central bank.

Powers and regulations of activities of council on Islamic finance of the Central bank, its legal status, and also requirements imposed to members of this council are established by board of the Central bank.

Article 67-4. Functions of council on Islamic finance of the Central bank

Council on Islamic finance of the Central bank:

develops Islamic financial standards;

renders assistance to the Central bank in project development of regulatory legal acts on Islamic financial activities;

makes explanations and comments on the questions causing controversy in the field of Islamic finance;

draws the conclusions on the disputes connected with Islamic financial activities.

Council on Islamic finance of the Central bank can perform also other functions according to the provision approved by the Central bank".

Disclaimer! This text was translated by AI translator and is not a valid juridical document. No warranty. No claim. More info