Tashkent: WNAM MONITORING: Uzbekistan is set to significantly expand opportunities for providing financial services based on Islamic finance principles. This announcement was made by President Shavkat Mirziyoyev during a meeting with entrepreneurs.
The President noted that a recent survey revealed 38% of entrepreneurs expressed a desire to access financial resources under Islamic financing conditions.
In response to this demand, last month microfinance organizations were granted permission to offer services on Islamic terms.
Shavkat Mirziyoyev emphasized that if the new legislative proposal is adopted, all banks in the country will be able to provide financial services in accordance with Islamic finance principles.
According to the President, this move will not only stimulate the introduction of new financial services but also attract numerous investors and create an additional financial resource amounting to US$5 billion.
