Tashkent, Uzbekistan (UzDaily.com) — Tashkent, Uzbekistan (UzDaily.uz) — A roundtable titled "Implementing Islamic Financial Instruments in Uzbekistan: Opportunities and Challenges" was held in Tashkent, organized by the Islamic Development Bank (IDB), the National Agency for Prospective Projects, and the UN Development Programme in Uzbekistan.

The event brought together representatives from government agencies, financial institutions, experts in Islamic finance, and international partners.

The goal of the roundtable was to present the draft Law of the Republic of Uzbekistan "On the Capital Market" and discuss proposed changes to existing legislation to establish a legal framework for the introduction of Islamic finance. In particular, the discussion covered the implementation of Sukuk, Green Sukuk, and Islamic banking in Uzbekistan.

"One of the priorities for the Agency is the development of the ‘On the Capital Market’ Law project, which should transform the domestic market into a completely new market with a wide range of instruments, while reliably guaranteeing and protecting investors’ rights," said Vyacheslav Pak, First Deputy Director of the Agency.

"Islamic financial instruments could become a significant factor in the development of Uzbekistan’s economy, attracting new investments and promoting sustainable growth," emphasized the IDB representative.

The roundtable provided key stakeholders from government and state institutions with a unique opportunity to discuss potential challenges arising in the process of developing the legal framework for the Islamic finance ecosystem in Uzbekistan.

Following the event, participants affirmed their commitment to the development of Islamic finance in Uzbekistan. Specific steps were outlined for developing the legislative framework, creating infrastructure for Islamic finance, and conducting informational and educational work among the population.

The implementation of Islamic financial instruments could become an important step towards diversifying Uzbekistan’s financial sector, attracting new investments, and creating new jobs.