BAKU, Azerbaijan, August 4. Uzbekistan discussed expanding cooperation with the Islamic Development Bank (IsDB) and the United Nations Development Programme (UNDP) to advance Islamic finance reforms, including the introduction of sukuk and takaful.
This was reflected in the statement by the National Agency for Perspective Projects (NAPP).
The discussions took place during a meeting between NAPP officials, an IsDB delegation led by Yahya Rahman, Global Head of Islamic Finance Advisory, and representatives of the UNDP in Uzbekistan.
The parties reviewed opportunities to deepen cooperation on the development of Uzbekistan's Islamic finance market within the framework of the draft Law on the Capital Market.
"The parties confirmed their mutual interest in further strengthening cooperation and expressed readiness to implement joint projects aimed at developing the Islamic finance market in Uzbekistan," NAPP said in a statement.
The talks focused on joint initiatives to introduce sukuk, or Islamic bonds, and takaful, a Shariah-compliant insurance system, as part of broader efforts to diversify Uzbekistan's capital market and expand Islamic financial instruments.
The participants also discussed attracting technical assistance from the Islamic Development Bank to support the implementation of these initiatives and strengthen the country's regulatory and institutional framework for Islamic finance.
The meeting reflects Uzbekistan's continued efforts to develop its Islamic finance ecosystem by introducing new financial instruments and aligning its capital market with international best practices while broadening financing options for investors and businesses.
