The Central Bank emphasized the need to provide clients with complete, accurate, and understandable information about insurance policies during the issuance of online microloans, as well as ensuring a simple and transparent procedure for the return of insurance compensation.
Cases were noted where insurance compensation was withheld from the client's funds or from the loan amount when taking out an online microloan. Furthermore, there was an issue where compensation for the period when the insurance contract was not fully utilized was not returned, or the procedure for its return was not sufficiently clear to clients after early repayment of the loan.
The Central Bank stressed that such situations directly affect the rights and legitimate interests of consumers. Therefore, commercial banks are obliged to provide citizens with clear and detailed explanations through their official communication channels on a number of issues. In particular, it is necessary to clarify whether an insurance product is offered when taking out an online microloan, whether the insurance is a voluntary choice of the client or a mandatory condition for obtaining the loan.
It is also required to explain in detail from which source the insurance compensation will be paid (from the client's account, from the loan amount, or another source), to present a list of insurance organizations, and to indicate the bank's status in this process (lender, agent, or technical intermediary).
Banks must publish information on whether the insurance compensation will be returned upon early repayment of the loan, as well as establish deadlines for the return of compensation and a list of necessary documents for this purpose.
If technical difficulties, inconveniences, or other problems arise related to the return of insurance compensation during the loan issuance process, banks are obliged to openly inform about this, as well as provide information on the measures being taken to resolve the problem, the deadlines for their completion, and all important information for clients.
The Central Bank concluded that this approach contributes to ensuring transparency in the financial services market, protecting consumer rights, and strengthening confidence in the banking system.
An exhibition titled 'Radiance of Islam' was organized as part of the 'International Forum of Islamic Civilization: The Path of Peace, Tolerance, and Knowledge'.
In recent years, under the leadership of President Shavkat Mirziyoyev, a state policy has been established to deeply study the scientific and spiritual heritage of the great thinkers of our ancestors, reveal its global significance, and convey the true humanistic essence of Islamic civilization to the world community.
Conveying the Islamic ideas of peace, tolerance, and knowledge to the entire world is a common task not only for a specific state but for the entire Muslim world. Uzbekistan is acting as an initiator of such international cooperation.
The main goal of the 'Radiance of Islam' exhibition, opened in the Quran Hall, which is the heart of the Center for Islamic Civilization of Uzbekistan, is to demonstrate the invaluable contribution of Islamic civilization to the development of world science, culture, and spirituality.
Muzaffar Komilov, Rector of the Academy of Islamic Studies of Uzbekistan and Head of the Department for Religious and Educational Issues of the Presidential Administration of the Republic of Uzbekistan, as well as Firdavs Abdukholikov, Chairman of the Uzbekistan-Saudi Arabia Friendship Society and Director of the Center for Islamic Civilization in Uzbekistan, emphasized that significant efforts have been made in the country over the last decade to preserve and widely promote spiritual heritage, and these efforts are yielding positive results.
Through this exhibition, rich Islamic artifacts formed on the territory of Uzbekistan, the scientific and spiritual heritage of great scholars, rare manuscripts, copies of the Quran, as well as samples of calligraphy, miniature and applied decorative arts, and cultural treasures are presented using modern museum technologies.
The exhibition, based on the idea that 'Islam is a religion of knowledge, enlightenment, and peace', introduces visitors to the formation of Islamic civilization, its influence on world civilization, and the role of Central Asia, particularly Uzbekistan, in this process.
Among the exhibits were the Kiswa (covering) of part of the Kaaba and panels with the inscriptions 'Allah' and 'Muhammad', dating from the 19th–20th centuries, as well as a calligraphic panel taken from the Kiswa of the Kaaba. This further emphasizes the significance and greatness of the Quran Hall.
Large burial caskets made of green silk taken from the tombs of the Prophet (peace be upon him and blessings of Allah), dated 1900, and a 'Mahmil' from the 19th century were also displayed.
The entrance section of the Quran Hall, opposite the Kokand Portal, also featured photographs dedicated to the history of the arrival of the 'Uthmanic Mushaf' at the Center for Islamic Civilization of Uzbekistan, specifically in the 'Quran Hall'.
Furthermore, many unique manuscripts, books, exhibits, and cultural heritage items related to the history of Islam, which were specially brought for this exhibition from the 'Islamic Art' Museum located in Jeddah, Kingdom of Saudi Arabia, attracted the attention of visitors.
A special impression on guests was made by prayer books dedicated to 'Prayers of Muhammad (peace be upon him and blessings of Allah)', containing excerpts from the Quran, as well as works by Imamzoda al-Haj Muhammad 'Dalail al-Khairat' and 'Al-Khizb al-Azam'. Pages from Quranic manuscripts of the Seljuk era (12th century), a fragment of the Quran with the writing of verses 70–71 of Surah 'Tawbah', a fragment of the Quran copied in Thuluth style, a fragment of the Quran copied in Kufic style, a printed edition of the 'Great Langar Quran' from the 7th century, a fragment written in Kalami Sharif, a fragment written in Surah 'Ibrahim' verse 40, a calligraphic plaque written in Gubur, and a sample signed by Muhammad Taki ibn Muhammad Ali Davlatobodi in 1670, and a 17th-century edition of the book Tabarruk were also presented.
Artifacts related to Islamic art were also displayed, such as samples of architecture, applied arts, calligraphy, miniatures, jewelry, and pottery, including ancient locks and keys, as well as copper plates used in the enclosure of Masjid al-Haram in Mecca.
The 'Radiance of Islam' exhibition represents a prestigious international cultural project that demonstrates the rich scientific and cultural heritage of Islamic civilization through a modern museum exposition, thereby enriching the forum's theme of 'The Path of Peace, Tolerance, and Knowledge.'
The Central Bank continues to conduct systemic supervision to protect the rights and legitimate interests of financial service consumers, increase transparency in the sector, and ensure compliance with legislative requirements.
In the first quarter of this year, during inspections of microfinance organizations 'Shaffof-moliya' and 'Tezcoin', as well as Uzum Bank, various legislative violations were identified.
It was found in the microfinance organizations that established requirements for credit burden were not met when issuing microloans, the procedure for reviewing appeals was violated, information stipulated by law in contracts was not fully reflected, and client credit history data was not provided to credit bureaus in a timely manner.
Regarding Uzum Bank, it was revealed that requirements for the volume of information provided to consumers via the official website were not met, the request processing procedure was violated, and credit history data was sent with delays. Deficiencies in full compliance with legislative norms during contract execution were also noted.
For the identified violations, the Central Bank imposed fines: 201 million sums on the microfinance organization 'Shaffof-moliya', 156 million sums on 'Tezcoin', and 215.5 million sums on Uzum Bank.
Furthermore, upon reviewing appeals concerning the activities of the Mortgage Bank, it was established that the bank also violated a number of legislative norms. These include early repayment of loan payments from borrowers' bank cards before the date established in the schedule, repayment of funds without client consent, non-compliance with deadlines for official registration of collateral in the register, and shortcomings in contract execution.
The Mortgage Bank was fined 105 million sums for these violations.
Additionally, in the first quarter of this year, inspections using the 'mystery shopper' method were conducted in regional branches and individual units of commercial banks. The results of these inspections showed that some banks did not fully comply with legislative requirements regarding openness, transparency, and full provision of information to clients.
As a result, the Central Bank imposed a cumulative fine of 681.5 million sums on 14 commercial banks. The largest fines were assigned to Agrobank—255 million sums, and Uzsanoatkurilishbank—119.5 million sums.
The Central Bank emphasized that work on monitoring the protection of the rights and legitimate interests of financial service consumers, ensuring the transparency of the financial market, and strict adherence to legislation will continue steadily.
