ALGIERS, Algeria, May 20. Uzbekistan’s Islamic finance assets are projected to grow to $1.1 billion in 2028 and $2.4 billion in 2033, reads the joint report of the Eurasian Development Bank, the Islamic Bank Institute and the London Stock Exchange Group.
It was presented during the IsDB annual meetings in Algiers, Trend’s special correspondent reports.
“The Sukuk market is anticipated to thrive, with outstanding Sukuk expected to total $601 million in 2028 and $1.9 billion in 2033,” says the report.
The authors note that while data for Uzbekistan’s Islamic finance industry are not publicly available, the country has sizeable potential to serve its large Muslim population.
“The government is planning to launch the Tashkent International Financial Centre, a special free economic zone that would support development of the country’s Islamic finance industry. In addition, in its 2030 strategy, as part of reforms of the banking system, the country plans to introduce criteria and procedures for Islamic financing in at least three commercial banks. Also, the Financial Sector and Banking Working Group at the country’s Foreign Investors Council, which aims to increase the share of private banks in the banking sector to 60% by 2025, is proposing to dedicate a subgroup for the creation of an Islamic banking roadmap, including Islamic banking law,” the report says.