{"id":9166,"date":"2025-09-16T17:01:39","date_gmt":"2025-09-16T12:01:39","guid":{"rendered":"https:\/\/frank.uz\/bez-kategorii\/the-draft-law-on-islamic-banking-has-been-adopted-in-the-first-reading\/"},"modified":"2025-09-16T17:01:39","modified_gmt":"2025-09-16T12:01:39","slug":"the-draft-law-on-islamic-banking-has-been-adopted-in-the-first-reading","status":"publish","type":"post","link":"https:\/\/frank.uz\/en\/news-en\/the-draft-law-on-islamic-banking-has-been-adopted-in-the-first-reading\/","title":{"rendered":"The draft law on Islamic banking has been adopted in the first reading"},"content":{"rendered":"<p><strong>Why is this important<\/strong><\/p>\n<p>The law creates a legal framework for banks and &#8220;Islamic windows,&#8221; which will provide an alternative to traditional financial services. This can expand access to finances for citizens and businesses, especially those who, due to religious beliefs, do not use conventional banking services. The implementation of AAOIFI and IFSB standards is expected to attract foreign investment.  <\/p>\n<p><strong>What happened<\/strong><\/p>\n<ul>\n<li>The draft law provides for amendments to the <strong>Tax<\/strong> and <strong>Civil<\/strong> Codes, as well as additions to eight other legislative acts.<\/li>\n<li>The document establishes key concepts: \u201cIslamic bank\u201d, \u201cfinancial operations and standards\u201d, \u201cinvestment deposit\u201d.<\/li>\n<li>The draft law introduces a system for licensing banks wishing to operate under Islamic financial activity norms and establishes requirements for obtaining such a license.<\/li>\n<li>The types of financial operations permitted for Islamic banks are also defined.<\/li>\n<\/ul>\n<p><strong>What they say<\/strong><\/p>\n<p>Deputies and experts <a href=\"https:\/\/frank.uz\/en\/news-en\/uzbekistan-is-preparing-a-law-on-islamic-banking\/\">say<\/a> that the draft law will create an alternative to traditional banking services, strengthen financial inclusion, and attract relevant investments.<\/p>\n<p><strong>Context<\/strong><\/p>\n<ul>\n<li>Before the adoption of this draft law, work was already underway to create \u201cIslamic windows\u201d in commercial banks and adapt legislation to international standards.<\/li>\n<li>According to UNDP data, a significant number of citizens and businesspeople express a reluctance to use traditional banking services for religious reasons.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>On September 16, the Legislative Chamber of the Oliy Majlis of Uzbekistan approved in the first reading a draft law introducing Islamic banking activities in the country.<\/p>\n","protected":false},"author":4,"featured_media":9146,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_sharing_image":[],"_sharing_image_fieldset":[],"pin_until":"","footnotes":""},"categories":[2061],"tags":[2212,2079,2625,2624],"class_list":["post-9166","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-en","tag-banks","tag-finance","tag-islamic-banking","tag-law"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v25.0 (Yoast SEO v25.9) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>The draft law on Islamic banking has been adopted in the first reading &#8212; Frank.uz<\/title>\n<meta name=\"description\" content=\"On September 16, the Legislative Chamber of the Oliy Majlis of Uzbekistan approved in the first reading a draft law introducing Islamic banking activities in the country.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/frank.uz\/en\/news-en\/the-draft-law-on-islamic-banking-has-been-adopted-in-the-first-reading\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The draft law on Islamic banking has been adopted in the first reading\" \/>\n<meta property=\"og:description\" content=\"On September 16, the Legislative Chamber of the Oliy Majlis of Uzbekistan approved in the first reading a draft law introducing Islamic banking activities in the country.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/frank.uz\/en\/news-en\/the-draft-law-on-islamic-banking-has-been-adopted-in-the-first-reading\/\" \/>\n<meta property=\"og:site_name\" content=\"Frank.uz\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/FrankUzbekistan\" \/>\n<meta property=\"article:published_time\" content=\"2025-09-16T12:01:39+00:00\" \/>\n<meta name=\"author\" content=\"Azamat\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@frank_uzb\" \/>\n<meta name=\"twitter:site\" content=\"@frank_uzb\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Azamat\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/frank.uz\/en\/news-en\/the-draft-law-on-islamic-banking-has-been-adopted-in-the-first-reading\/\",\"url\":\"https:\/\/frank.uz\/en\/news-en\/the-draft-law-on-islamic-banking-has-been-adopted-in-the-first-reading\/\",\"name\":\"The draft law on Islamic banking has been adopted in the first reading &#8212; 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