IFN Uzbekistan Forum 2026: Welcome Address

Musakhadzhaev Sanjar, Deputy Director of Department, Uzbekistan Banking Association

Transcript

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Distinguished guests, ladies and gentlemen. Once again, a very warm welcome to IFN Uzbekistan Forum 2026. We wish you an enjoyable and constructive day. We begin with a welcome address. Ladies and gentlemen, it gives me great pleasure to welcome Mr Sanjar Muzakkarov, Deputy Director of Department from the Uzbekistan Banking Association. Mr Sanjar, please. Peace be upon you, dear participants of today's forum. First of all, I would like to take this opportunity to express my gratitude to our partner, REDmoney, a leading global media platform in Islamic finance, and personally to Andrew Morgan and Andrew Tebbutt for their support in organizing this forum. As you know, our President has set out tasks for introducing and supporting Islamic finance principles in our country. Most importantly, Uzbekistan's Strategy 2030 provides for the formation of the legal foundations for Islamic finance and the introduction of its procedures. Then, in March 2026, it was announced that an Islamic Finance Council would be established under the Central Bank of Uzbekistan. Most importantly, a law aimed at introducing banking activities based on Islamic finance principles has been adopted in Uzbekistan. This document, signed by the head of state on the 27th of March 2026 and entering into force on the 29th of June this year, will mark the beginning of a new era in Uzbekistan's financial system. According to the law, amendments will be made to the Civil and Tax Codes, and Islamic banking activities, financial operations, and standards will be legally strengthened. Islamic financial services will be provided on the basis of a license from the Central Bank, and within the system, special coordinating councils will operate. Islamic banks and special windows will be granted the right to conduct trade activities, property transactions, and participate in charter capital. I believe today's topic is new for all of us and, of course, will generate great interest. This is only natural. Moreover, educating our population, our entrepreneurs, and our banks on Islamic banking activities, and familiarizing them with the basic concepts, is part of our duty. As I conclude my remarks, I wish today's forum every success and I believe it will be rich in questions and answers. Thank you.