A working meeting was held in Tashkent between the leadership of the National Agency for Advanced Projects (NAPD) of the Republic of Uzbekistan and delegations from the Islamic Development Bank (IDB) and the United Nations Development Programme (UNDP). The main topic on the agenda was the scaling of Islamic financing instruments in the local market.
The Islamic Development Bank was represented at the negotiations by Yahya Rahman, who holds the position of global head of the Islamic Finance Advisory Department. From UNDP in Uzbekistan, the key participant in the discussion was the project manager Fayzulla Salakhudinov.
Integration of sukuk and takaful into the "Capital Market" law
A key vector of the dialogue was expert cooperation in developing a new draft law of the Republic of Uzbekistan "On the Capital Market". The parties discussed in detail the mechanisms for legislative consolidation and practical market launch of alternative financial products. In particular, the discussion focused on the launch of Islamic securities (sukuk) and cooperative Islamic insurance (takaful).
In addition to regulatory oversight, the delegates paid attention to the financial aspect of the issue. Meeting participants discussed the possibility of allocating technical assistance and grant support from the IDB for quality implementation and adaptation of these instruments to Uzbekistan's economy.
Following the official part of the meeting, the partners confirmed the strategic nature of their relationship and expressed their readiness to promptly proceed with the practical implementation of the planned fintech projects in the field of alternative banking.