Uzbekistan and Turkey Discuss Expansion of Cooperation in Islamic Finance

The Central Bank of Uzbekistan and the INCEIF university from Malaysia have agreed to further expand their joint work in the field of Islamic finance.

At the Samarkand Forum on Islamic Finance, deputies of the Central Bank Chairman, Sanjar Nosirov and Nodirbek Achilov, discussed prospects for cooperation with INCEIF Chairman Tan Sri Azman Mokhtar. According to the press service of the Central Bank of Uzbekistan, participants reviewed the progress made under the memorandum of understanding signed between the two institutions on September 17, 2025, and also identified priority areas for further joint activities.

Joint work will cover research in the field of Islamic finance. The parties also discussed the preparation of analytical materials and feasibility studies, as well as the possibility of providing consulting services on the development and improvement of prudential requirements and liquidity standards for Islamic banks.

Educational initiatives were another topic of the meeting. An agreement was reached to continue professional development programs for Central Bank employees, including the Executive Master in Islamic Finance (eMIF) program. Furthermore, the parties discussed accelerating the process of translating four books on Islamic finance.

Following the negotiations, both sides emphasized the importance of effectively utilizing existing cooperation mechanisms, regular experience exchange, and consistent implementation of joint projects. The planned work is intended to strengthen Uzbekistan's institutional potential in the field of Islamic finance.

Uzbekistan and the Islamic Development Bank (IsDB) held discussions on agricultural modernization, infrastructure development, and expanding enterprise access to financing.

The meeting took place on October 15, 2026, in Bangkok during the annual meetings of the International Monetary Fund and the World Bank. Participants included Jamshid Kuchkarov, Deputy Prime Minister and Minister of Economy and Finance of Uzbekistan, and Muhammad Al Jasser, President of IsDB. This meeting was reported by the Information Service and the Department of Communications of the Ministry of Economy and Finance of Uzbekistan.

Rami Ahmad, IsDB Vice President for Operations, Nodirbek Ochilov, Deputy Chairman of the Central Bank of Uzbekistan, Jasur Karshibayev, Advisor to the Minister of Economy and Finance, and other representatives also took part in the event.

The parties reviewed the priorities of Uzbekistan's economic reforms and opportunities to deepen cooperation in promising projects. Special attention was paid to updating the agrarian sector, including equipping farmers with modern machinery and equipment.

During the meeting, the parties signed an agreement with IsDB to implement a project on agricultural mechanization. The goal of this project is to increase the use of modern, climate-adapted equipment, improve labor productivity, promote efficient resource utilization, and develop value chains in agriculture.

Furthermore, the development of irrigation systems, road and rural infrastructure, as well as issues of agricultural lending and mortgage market support were discussed. Significant attention was given to small and medium-sized businesses and the broader application of Islamic financial instruments, particularly the potential use of Murabaha and Ijarah in the financial sector.

At the conclusion of the meeting, the parties agreed to strengthen cooperation and continue working on the issues raised. The Ministry did not disclose the financial cost of the reached agreement or the timeline for implementing the agricultural mechanization project.