The Central Bank of Uzbekistan and representatives of Bank Negara Malaysia discussed prospects for expanding cooperation in Islamic finance.
The meeting was held on the sidelines of the Silk Road Finance and Technology Forum. The sides discussed Uzbekistan’s ongoing efforts to develop Islamic finance, including the licensing of Islamic banks and “Islamic windows,” as well as the introduction of a special tax regime for Islamic finance.
The discussions also covered the development of a two-tier Shariah governance system and the establishment of Islamic Finance Councils under the Central Bank and commercial banks.
The Malaysian side shared its experience in developing the country’s Islamic finance ecosystem. Particular attention was paid to centralized Shariah governance, the gradual introduction of Islamic banking products, and mechanisms for making such products more attractive and accessible to a broader range of consumers.
Malaysia began developing its Islamic finance system in 1983 and has since built one of the region’s most developed Islamic finance ecosystems.
The meeting also emphasized that Islamic finance should be developed not only from a religious perspective, but also as a modern financial system capable of creating additional value for customers and businesses.
The meeting concluded with an agreement to further strengthen the exchange of knowledge and experience between Uzbekistan and Malaysia in the field of Islamic finance.
