Uzbekistan And Isdb Join Forces To Enhance Islamic Finance And Rural Dev't

(MENAFN- Trend News Agency) TASHKENT, Uzbekistan, September 19. Muhammad Al-Jasser, President of the Islamic Development Bank (IsDB), met with Jamshid Kuchkarov, Deputy Prime Minister and Minister of Economy and Finance of Uzbekistan, to discuss strengthening bilateral cooperation, enhancing the impact of ongoing projects, and outlining future initiatives, Trend reports.

The meeting was also attended by Ali Khan, Head of the IsDB Regional Office in Almaty; Khusan Khasanov, IsDB Representative in Uzbekistan; Timur Ishmetov, Chairman of the Central Bank of Uzbekistan; and other senior officials.

The discussions focused on key areas, including:

• Modernization and development of agricultural irrigation systems;

• Improvement of rural infrastructure to create favorable conditions for residents and entrepreneurs;

• Financing projects under Islamic Sharia principles to enhance the economic resilience of enterprises;

• Implementation of new livestock projects with commercial banks without state guarantees;

• Development of the private sector and financial markets;

• Strengthening public-private partnership (PPP) projects;

• Advancement of Islamic finance in Uzbekistan, including advisory and technical support.

Particular emphasis was placed on Islamic finance, recognized globally as a fair and sustainable financial system. Its core principles, transparency, equitable risk-sharing, reliance on real assets, and interest-free financing, provide reliable mechanisms for both citizens and small and medium-sized businesses.

Uzbekistan, with IsDB expertise, aims to accelerate the development of its Islamic finance market, harmonize national legislation with international standards, train qualified specialists, and offer new financial services to citizens and entrepreneurs. These efforts are expected to attract foreign investment, strengthen economic stability, and expand the financial system's capacity.

Following the meeting, the parties agreed to further strengthen mutually beneficial cooperation, expand dialogue in the highlighted areas, and broaden the scope of effective joint projects.

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