On 11 September 2019 a high-level discussion entitled "Prospects for the Development of Islamic Finance in the Republic of Uzbekistan” took place in Tashkent. This was a joint initiative of the Development Strategy Center in cooperation with UNDP Uzbekistan, Ministry of Finance and the Office of Islamic Development Bank in Uzbekistan.

The purpose of the event was to review the introduction of more inclusive and innovative financial services for people and businesses beyond the traditional financial products and thereby to support National Sustainable Development Goals (SDGs).

A range of national and international experts including Mr. Sodiq Safoev, First Deputy Chairman of the Senate of the Oliy Majlis of the Republic of Uzbekistan, Mr. Eldor Tulyakov, Director of the Development Strategy Center, Mr. Odilbek Isakov, Deputy Minister of Finance of the Republic of Uzbekistan, Ms. Matilda Dimovska, UNDP Resident Representative in Uzbekistan and Mr. Husan Khasanov, Permanent Representative of the Islamic Development Bank made opening remarks.

Discussion was proceeded by the UNDP and national specialists in-depth presentations, and concluded by the talk of Ms. Aida Othman, Director of ZICO Shariah, on Malaysian Experience of Implementing Islamic Finance

“The development of Islamic Finance is a fundamental transformation of society patterns of production and consumption. It’s necessary to follow the international standard and stick to it. There are some vital elements for achieving the expectation towards implementing Islamic Financial System. We need to appreciate the uniqueness of Islamic Finance, recognize and understand the social environment, last but not least, to acknowledge the challenges regionally and globally.” said Ms. Aida Othman, Director of ZICO Shariah.

Islamic finance is one of the fastest-growing segments of the global financial industry with global assets expected to surpass US$3 trillion by 2020 which made it increasingly relevant in funding development and it also resonates with the 2030 Agenda with its strong socially responsible investment principles including risk sharing, profit sharing and equity-like modes of financing.

The interest for Islamic finance is steadily growing in Uzbekistan. In May 2019 the Government of Uzbekistan issued a draft resolution to create infrastructure for Islamic banking and finance in order to foster alternative financing opportunities, expand the range of banking, financial services and to open the doors for Islamic investors from the Middle East.

For more information about UNDP's current engagement on Islamic finance please visit https://bit.ly/2k6ESfz