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    Uzbekistan and IsDB join forces to enhance Islamic finance and rural dev’t

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    By Ali Khan

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    Uzbekistan and IsDB join forces to enhance Islamic finance and rural dev't

    TASHKENT, Uzbekistan, September 19. Muhammad
    Al-Jasser, President of the Islamic Development Bank (IsDB), met
    with Jamshid Kuchkarov, Deputy Prime Minister and Minister of
    Economy and Finance of Uzbekistan, to discuss strengthening
    bilateral cooperation, enhancing the impact of ongoing projects,
    and outlining future initiatives, Trend reports.

    The meeting was also attended by Ali Khan, Head of the IsDB
    Regional Office in Almaty; Khusan Khasanov, IsDB Representative in
    Uzbekistan; Timur Ishmetov, Chairman of the Central Bank of
    Uzbekistan; and other senior officials.

    The discussions focused on key areas, including:

    Modernization and development of agricultural irrigation

    Improvement of rural infrastructure to create favorable
    conditions for residents and entrepreneurs;

    Financing projects under Islamic Sharia principles to enhance
    the economic resilience of enterprises;

    Implementation of new livestock projects with commercial banks
    without state guarantees;

    Development of the private sector and financial markets;

    Strengthening public-private partnership (PPP) projects;

    Advancement of Islamic finance in Uzbekistan, including advisory
    and technical support.

    Particular emphasis was placed on Islamic finance, recognized
    globally as a fair and sustainable financial system. Its core
    principles, transparency, equitable risk-sharing, reliance on real
    assets, and interest-free financing, provide reliable mechanisms
    for both citizens and small and medium-sized businesses.

    Uzbekistan, with IsDB expertise, aims to accelerate the
    development of its Islamic finance market, harmonize national
    legislation with international standards, train qualified
    specialists, and offer new financial services to citizens and
    entrepreneurs. These efforts are expected to attract foreign
    investment, strengthen economic stability, and expand the financial
    system’s capacity.

    Following the meeting, the parties agreed to further strengthen
    mutually beneficial cooperation, expand dialogue in the highlighted
    areas, and broaden the scope of effective joint projects.

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