On March 26, 2024, at the Graduate School of Business and Entrepreneurship under the Cabinet of Ministers of the Republic of Uzbekistan, a master class was held on the topic of “Islamic Finance in Uzbekistan: development, prospects and opportunities”.

At the master class, Muzaffar Khusniddinov, Director of the consulting company on Islamic finance “Mezon Kengashi”, Lecturer at the International Islamic Academy of Uzbekistan, Certified Sharia Advisor and Auditor (CSAA), AAOIFI, presented his presentation dedicated to Islamic finance and shared his experience.

The sector of Islamic finance is one of the most dynamically developing in the world, with applications in approximately 50 countries. The total assets of Islamic financial institutions exceed 2.5 trillion dollars, indicating widespread adoption of this financing worldwide.

Islamic finance is most in demand in countries with Muslim populations, such as South, Southeast, and Central Asia, as well as Africa. Additionally, these institutions operate successfully in Europe, the USA, and Australia. In Uzbekistan, where Muslims make up more than 85% of the population, there is significant interest in Islamic finance.

For reference: Islamic finance is a segment of the financial system based on Sharia principles, or Islamic law. It differs from traditional financial services by offering products and services that align with Islamic norms and values. These principles include a prohibition on interest rates, participation in risk, and adherence to ethical norms. Islamic finance aims to provide financial transparency, fairness, and social responsibility, attracting clients who seek a combination of financial goals with religious beliefs.

Uzbekistan is experiencing dynamic growth in the financial sector, opening up new opportunities for investors and the population. According to analysis, the interest in Islamic financial products and services is increasing among businesses and the population, with more than 60% of businesses and 75% of the population expressing readiness to use services of Islamic financial institutions in Uzbekistan, provided they are available or offered Islamic financial services.

Islamic finance not only offers alternative investment opportunities but also contributes to the socio-economic development of the country, strengthening its position on the international stage. Uzbekistan's participation in the global Islamic finance community opens up new horizons for cooperation and investment, attracting capital inflows and contributing to further economic growth.

At the end of the event, an interactive Q&A session was held, where participants of the master class asked their relevant questions to the expert on Islamic finance.