Over 400 delegates from 18 countries met in Samarkand as Uzbekistan’s Central Bank detailed a two-tier sharia supervisory structure and vowed to learn from missteps in Kazakhstan, Kyrgyzstan and Tajikistan.
The Central Bank has granted Uzbekistan’s first Islamic banking licence to Open Bank, authorising profit-sharing deposits, instalment-sale financing, ijarah leasing and other Sharia-compliant instruments under a new legal framework.
