A roundtable on "Introduction of Islamic Financial Instruments in Uzbekistan: Opportunities and Challenges" organized by the Islamic Development Bank (IDB), the National Agency of Perspective Projects, and the United Nations Development Programme (UNDP) in Uzbekistan was held in Tashkent.

The aim of the roundtable was to present the draft Law of the Republic of Uzbekistan "On the Capital Market”, discuss proposed changes to existing legislation to develop a legal framework for the introduction of Islamic finance, in particular, the issues of the introduction of Sukuk, Green Sukuk and Islamic banking in Uzbekistan.

"One of the priorities of the Agency's work is the development of the draft Law 'On the Capital Market”, which should ensure the transformation of the domestic market into a completely new market with multiple instruments, while reliably guaranteeing and protecting the rights of investors.

The Agency, in collaboration with partners from UNDP, IDB, and international consultants, has developed a separate chapter on Islamic securities, which includes certificates for Islamic participation, lease, trade, and agency, as well as shares and units of Islamic investment funds", noted Vyacheslav Pak, the First Deputy Director of the Agency, in his speech.

The roundtable provided a unique opportunity for key stakeholders of government and public institutions to discuss potential challenges arising in the process of developing a legal framework for the ecosystem of Islamic finance in Uzbekistan.