Why is this important
The creation of an ombudsman can reduce the burden on courts, increase business confidence in the banking system, and accelerate the resolution of conflicts, especially those related to Islamic finance and credit obligations.
What happened
- The Deputy Chairman of the Central Bank, Abrorkhuja Turdialiyev, announced plans to introduce the Bank Ombudsman service.
- The initiative emerged during the discussion of the draft law on Islamic finance in the Legislative Chamber of the Oliy Majlis.
- The Ombudsman will be a tool for pre-trial settlement of disputes between entrepreneurs and banks.
- The goal is to reduce the number of court cases arising from misunderstandings and disputes with banking services.
Context
The Ministry of Finance and the Central Bank are working on the legislative framework for Islamic banking: licensing, standards, and obligations. The establishment of an Islamic Finance Council under the Central Bank, which will establish standards and monitor practices, is also being discussed.
There are still few specialists in Islamic finance in the country; the ombudsman’s tool can help eliminate mistakes and misunderstandings in new finance.
