BAKU, Azerbaijan, May 20
By Klavdiya Romakayeva - Trend:
International Monetary Fund (IMF) to consider the possibility of attracting financial and technical assistance in the development of a regulatory framework for the implementation of the infrastructure of Islamic banking and finance in Uzbekistan, Trend reports citing Uzbek Embassy of Malaysia.
It is reported that online negotiations were held between representatives of the Central Bank of Uzbekistan and a senior expert of the Department of Monetary Systems and Capital Markets of the IMF Abdullah Kharon with the assistance of the Embassy of Uzbekistan in Malaysia.
During the negotiations, the Malaysian side was provided with detailed information on the work carried out in Uzbekistan and plans to create a legal basis for the introduction of the principles of Islamic finance in the banking system of Uzbekistan to enhance competition in the country's financial market.
In order to accelerate the implementation of the tasks set for the introduction and development of this industry in Uzbekistan, Abdullah Kharon proposed to consider the possibility of attracting financial and technical assistance from the IMF in developing a regulatory framework for the implementation of the infrastructure of Islamic banking and finance in the country.
It is reported that as a result of the negotiations an agreement was reached on organizing a visit of Abdullah Kharon to Uzbekistan in June 2021 as an independent expert in this area to analyze the current prudential regulatory framework of the Central Bank of Uzbekistan regulating banking and financial activities, as well as to develop specific proposals for the introduction of Islamic finance mechanisms in the country.
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