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DEVELOPMENT STRATEGY
CENTER
Development Strategy center

ISLAMIC FINANCE: WAYS TO IMPLEMENT IT IN UZBEKISTAN


Development Strategy Center initiated a round-table discussion on ‘Prospects for the Development of Islamic Finance in the Republic of Uzbekistan’ as part of the implementation of the National Action Strategy on Five Priority Development Areas 2017–2021.

The event was organized jointly with UNDP, Ministry of Finance of the Republic of Uzbekistan, Islamic Development Bank and the Capital Market Development Agency of the Republic of Uzbekistan.

It brought together representatives of relevant ministries, departments, research centers, international financial institutions, commercial banks of Uzbekistan, as well as international experts and the media.

The First Deputy Chairman of the Senate of the Oliy Majlis of the Republic of Uzbekistan Sadyk Safoev opened the event. The UNDP Resident Representative in Uzbekistan Matilda Dimovska and Permanent Representative of the Islamic Development Bank in Uzbekistan Husan Hasanov also made opening remarks.

Today, Islamic finance is seen as a global and relevant source of funding. Islamic finance is the world’s fastest growing sector, gaining 15-20% growth annually. More than 400 financial institutions around the world are engaged in Islamic banking, and its annual turnover is about 800 billion USD.

Islamic finance promises to play an important role in the development of the country's national financial sector, which, based on the Strategy of Actions, is aimed at major reforms.

Specifically, there are such promising areas as the development of the securities market, alternative instruments of the Islamic financial securities market, increasing the investment appeal of the state, as well as Islamic financing of banking products.

Meanwhile, it is impossible to implement it quickly. There is a need to scrutinize such factors as national legislation and the institutionally developed mentality of a secular state that have not been implemented in accordance with Sharia law. These issues can be addressed by pooling specialists with relevant knowledge and experience, and applying the most enabling and effective approach. The participants comprehensively exchanged views on the issue.

Information Service of the Development Strategy Center