Tashkent, Uzbekistan (UzDaily.com) -- The Central Bank of Uzbekistan plans to introduce a bill on Islamic finance to parliament in 2024. This was stated by Deputy Chairman of the Central Bank of Uzbekistan Bekhzod Khamraev during a speech in the Senate.

According to him, a special commission was created in Uzbekistan to study this issue. Khamraev emphasized that this is a new area for Uzbekistan and it requires changes to the legislation.

It is necessary to make changes to a number of laws, including the law on the Central Bank, the law on banking activities, the law on guarantees and others, he emphasized.

Bekhzod Khamraev noted that the draft law has been developed and will be submitted to parliament for consideration in 2024.

He also added that changes have been made to the law on microcredit organizations, including a clause on Islamic finance.

The Deputy Chairman of the Central Bank said that the regulator has developed a regulation on the provision of Islamic financial services to microfinance organizations, and this document is now undergoing the state registration process.

Khamraev also noted that 12 banks of Uzbekistan, within the framework of current legislation, provide Murabaha services through credit lines of the Islamic Corporation for the Development of the Private Sector. Two more organizations offer Islamic leasing services.

In his opinion, if the process of forming legislation on Islamic finance is completed in 2024, other banks will introduce these services. Khamraev emphasized that there is demand for Islamic financing in the country.