Tashkent, Uzbekistan (UzDaily.com) -- Between 14 and 17 February 2020, the Ministry of Investment and Foreign Trade, together with a delegation of the Islamic finance advisory and assurance services consulting company (Great Britain), under the Islamic Development Bank, visiting Uzbekistan, held meetings with relevant ministries and departments dedicated to discussing the prospects for cooperation in order to introduce Islamic finance and banking in Uzbekistan.

In particular, negotiations were held with representatives of the Legislative Chamber of the Oliy Majlis, the Ministry of Finance, the Central Bank, commercial banks, microcredit, leasing and insurance organizations.

During the meetings, further joint steps were considered to improve the current legislation in order to create a legal basis for the introduction of Islamic finance instruments in the country. Foreign consultants made presentations on the measures planned for implementation within the framework of the project and the mechanisms of interaction with the relevant ministries and departments.

The outcome of the negotiations was summed up during a meeting with First Deputy Minister of Investments and Foreign Trade A. Voitov. The consultants presented a report on the discussions held with interested organizations, as well as a list of legislative acts proposed for consideration and processing in the first place.

As a result of the meeting, further steps were identified for practical cooperation within the framework of the project.

IFAAS is an international consulting firm specializing in Islamic finance, which has implemented a number of consulting projects in almost 50 countries around the world and has 15 years of experience in successfully implementing Islamic finance tools. The company has offices in the UK, France, Bahrain, Pakistan and Morocco.