Uzbekistan, INCEIF Ink Memorandum To Advance Islamic Finance Cooperation

2025-09-18 03:06:37

(MENAFN- Trend News Agency) TASHKENT, Uzbekistan, September 17 . Uzbekistan has signed a Memorandum of Understanding with the International Centre for Education in Islamic Finance (INCEIF) to deepen cooperation in developing Islamic finance, Trend reports via the Central Bank.

The agreement envisions organizing training programs, courses, and seminars at the Central Bank of Uzbekistan, as well as conducting joint research in Islamic finance. It also includes the translation of four key books on Islamic finance into Uzbek, making specialized knowledge more accessible to local experts and practitioners.

The memorandum was signed within the framework of the 20th International Shari'ah Scholars Forum, held under the theme “Implementation of Islamic Banking: Advancing Towards a Sustainable Financial System.” The forum gathered leading commercial banks from Uzbekistan and abroad, renowned financial institutions, as well as globally recognized scholars, experts, specialists, and regulators in the field of Islamic economics and finance.

On the opening day, participants discussed the classification of contracts, their application in modern practice, and the importance of structuring them based on transparent and unified criteria. International experts stressed that such measures are essential for strengthening client trust and ensuring sustainable growth in Islamic finance.

The forum will continue on September 18, with further discussions on emerging trends and pressing challenges in the sector, aiming to chart new directions for the development of Islamic finance worldwide.

Meanwhile, in Tashkent, momentum is also building on the legislative front. At a recent session of the Legislative Chamber of the Oliy Majlis, deputies gave preliminary consideration to a draft law introducing Islamic banking in Uzbekistan - a move seen as laying the groundwork for creating alternative financial instruments and widening access to inclusive financial services.

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