Tashkent, Uzbekistan (UzDaily.com) -- The Central Bank of Uzbekistan, together with the Banking and Finance Academy of the Republic of Uzbekistan, held a training seminar for young professionals working in the banking system on the topic “Islamic finance and banking.”

The vice-rector of the Banking and Finance Academy and Doctor of Economic Sciences Anvar Tursunov spoke at the seminar, organized in the form of an open dialogue. He spoke in detail to the young professionals about the history and fundamentals of Islamic finance, including the differences between the Islamic financial system and the activities of traditional banks, the prohibitions and practices in Islamic finance, and the services offered by Islamic financial institutions.

The event also discussed issues related to the state of Islamic finance in Uzbekistan, types of economic activities in this area and the role of the Central Bank in the development of Islamic banks.

The participants discussed the creation of a legislative framework based on foreign experience, the establishment of Shariah committees in the banking system, the development of compliance supervision and internal audit in commercial banks. The experience of providing Islamic financial services was also analyzed using the example of a Malaysian bank.

At the end of the event, young professionals received detailed answers to their questions on Islamic finance from experts.