#Legal_news

Legal foundations for the implementation of Islamic banking activities have been established

By the Law (LRU–1126, dated March 27, 2026), amendments and additions were introduced to certain legislative acts.

🔰 This Law introduces amendments and additions to certain legislative acts defining the legal framework for the implementation of Islamic banking activities.

✔️ According to it, Islamic financial operations of banks include:

🔹 financing a client or attracting funds into investment deposits based on a profit-sharing arrangement;

🔹 providing funds or attracting them into investment deposits through an agency agreement;

🔹 financing a client through the sale of goods on deferred payment terms;

🔹 financing a client through advance payment for goods;

🔹 financing a client through participation in joint activities (partnership) or participation in the authorized capital of legal entities;

🔹 leasing property under Islamic leasing (with the right to purchase).

📑 In Uzbekistan, only legal entities established in accordance with the procedure defined by this Law and holding the relevant license issued by the Central Bank are entitled to carry out banking activities.

⛔️ This license is granted without limitation of its validity period, and the transfer of licenses or rights related to them to other persons is prohibited.

📍 The Law shall enter into force three months after the date of its official publication.

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