The key facts

  • The SIFF 2026 forum was held in Samarkand on 27–28 October, with more than 400 participants from 18 countries
  • An Islamic Finance Council has been established under the Central Bank of Uzbekistan; similar councils are planned in every organization providing such services
  • Discussions covered launching Islamic financial services in conventional banks, sukuk, and personnel training

Forum in Samarkand

On 27–28 October, the international Samarkand Islamic Finance Forum (SIFF) 2026 was held in Samarkand, attended by more than 400 representatives from 18 countries. The event was reported by Kun.uz. The first day covered the development of Islamic finance in Central Asia, the launch of Islamic financial services in conventional banks, and the organization of supervision over such services. The second day was devoted to developing the Islamic capital market, introducing financial instruments such as sukuk, and training qualified personnel for the industry.

How Islamic finance differs from conventional finance

Islamic financing is built on principles different from traditional lending: instead of interest-bearing loans, solutions based on trade, leasing and partnership are used. According to the publication, this may offer an alternative for people and entrepreneurs who have so far refrained from banking services for religious reasons. Adhamkhon Khaydarov, head of the working group of the Islamic finance project office at the Central Bank, emphasized at the forum that launching such services makes it possible to bring into the financial system those entrepreneurs who avoided conventional banks precisely because of their religious views.

Learning from neighbors and two-tier governance

According to Khaydarov, when developing the industry in Uzbekistan it is important to take into account the experience of neighboring countries: Islamic finance was introduced in Kazakhstan, Kyrgyzstan and Tajikistan several years ago, but certain shortcomings were observed there. Therefore, he noted, it is necessary to study their experience, avoid repeating their mistakes, and rely on the best practices of Malaysia and Middle Eastern countries. The forum also discussed the legal framework for the activities of Islamic financial institutions and the formation of systems for Sharia-compliant operations and internal control, where a two-tier governance system plays an important role.

Islamic Finance Council and transparency plans

Khaydarov said that an Islamic Finance Council has already been established under the Central Bank — this body was formed back in July, as Kun.uz previously reported. In the future, similar councils are expected to operate in every organization providing Islamic financial services, with well-established cooperation among them. In addition, financial organizations must openly inform the public about their operations and results. Participants in the discussions also stressed the need to improve the population's financial literacy and to provide clear information about Islamic financial services in order to strengthen public trust.