TASHKENT, Uzbekistan, June 16. The prospects for the development of Islamic banking in Central Asian countries remain very high, including in countries that are at various stages of developing legislation in this area, representative of the Islamic Development Bank (IsDB) in Uzbekistan, Khusan Khasanov, told Trend on the sidelines of the 5th Tashkent International Investment Forum (TIIF 2026).

"The prospects for the development of Islamic banking in the Central Asian region are very bright. Most countries in the region have already developed a legislative framework. In Central Asia, except Turkmenistan, all four other countries—Kazakhstan, Tajikistan, the Kyrgyz Republic, and Uzbekistan—already have legislation. I have also heard that Azerbaijan is working in this direction," he said.

Khasanov noted that Islamic banking is also being implemented on a pilot basis in certain regions of Russia.

"Russia has also launched pilot Islamic banking projects in Tatarstan, Bashkortostan, and Ingushetia. Based on the experience of these pilot regions, there are plans to expand the practice nationwide," noted an IsDB representative.

Speaking about financing, an IsDB representative noted that financing lines are already in place in Uzbekistan through the Islamic Development Bank Group.

"Uzbekistan doesn't yet have a fully-fledged Islamic bank, but there are financing lines from ICD and ITFC, which are part of the IsDB Group. Financing is primarily provided through Islamic instruments. These are primarily murabaha and ijarah lines—that is, the purchase of equipment in installments with a premium, most often for imported equipment. Such mechanisms are already used in healthcare and industry, including small and medium-sized business projects. There have been projects in the medical sector—medical centers and equipment procurement—as well as projects in other sectors, including manufacturing and processing," he said.

Khasanov also noted that the financing volumes could be significant. "Direct financing from the Islamic Corporation for the Development of the Private Sector could exceed $100 million per project," he said.

Concurrently, he pointed out that issuing sukuk in Uzbekistan is currently impossible due to the lack of the necessary regulatory framework.

"There are no sukuk yet because there's no legislation," he said.

"Currently, the draft law is being discussed between ministries and agencies and will then be submitted to parliament," the bank representative added.