Tashkent, Uzbekistan (UzDaily.com) -- On 20 April this year, the President of the Republic of Uzbekistan signed the Law "On non-bank credit organizations and microfinance activities".

This Law envisages rules aimed at:

expansion of sources of financing for the activities of non-bank credit organizations;

increasing the availability of financial services, including the creation of a legal framework for the provision of Islamic finance services by microfinance organizations;

establishing the possibility of testing new financial services within the framework of the “regulatory sandbox”;

reduction of the regulatory burden as a result of the application of proportional regulation of the activities of non-bank credit institutions;

improvement of the system for protecting the rights of consumers of services of non-bank credit institutions.

The law comes into force on the day of its official publication.