Uzbekistan Signs Statement of Intent to Initiate the Development of Its Islamic Finance Industry

Media reports confirmed the virtual signing of a Statement of Intent, signifying Uzbekistan’s foray into the realm of Islamic Finance, with the development of this new form of financing considered as a crucial alternative financial model to allow the country to achieve its Sustainable Development Goals.

According to Trend News Agency, the Capital Market Development Authority (CMDA), the United Nations Development Programme (UNDP), and the Islamic Development Bank (IsDB), signified their cooperation with regards to the introduction of Shariah-compliant financing within Uzbekistan.

The cooperation will work towards the development of a legal and institutional framework for the...