18 July 2025

A Strategic Perspective on Islamic Finance – Uzbekistan Delegation in Malaysia

As part of the Asian Development Bank’s "Inclusive Finance Sector Development Program", a high-level delegation from Uzbekistan conducted a study visit to Kuala Lumpur, Malaysia, from July 14 to 18, 2025.

The visit was organized in collaboration with the Islamic Development Bank’s Kuala Lumpur Center of Excellence, the INCEIF University, and its affiliate organization ISRA Consulting. The program aimed to support the development of Islamic finance in Uzbekistan by drawing on Malaysia’s advanced regulatory practices and ecosystem experience.

The delegation was headed by Mr. Abrorkhoja Akbarovich Turdaliyev, Deputy Chairman of the Central Bank of Uzbekistan, and included senior representatives from the Presidential Administration, the Central Bank, the Ministry of Economy and Finance, the State Tax Committee, the Ministry of Justice, as well as representatives of the UzMRC.

The study program focused on the following key areas:

* Establishing a legal and regulatory framework for Islamic banking;
* Developing Shariah-compliant corporate governance systems;
* Risk management and prudential oversight mechanisms;
* Accounting and financial reporting standards for Islamic financial institutions;
* Liquidity management tools and instruments;
* Taxation policies applicable to Islamic financial services.

Throughout the visit, expert-led presentations and discussions were held with leading practitioners and academics in the field of Islamic finance.

In addition, the delegation held official meetings with:

* Bank Negara Malaysia (Central Bank of Malaysia);
* Inland Revenue Board of Malaysia;
* Malaysia Deposit Insurance Corporation (PIDM);
* Islamic Financial Services Board (IFSB);
* Maybank Islamic, one of the largest Islamic banks in the region;
* Cagamas Berhad is the national mortgage company.

This visit provided the Uzbekistan delegation with deep insights into Malaysia’s practical experience in regulating, supervising, and operating Islamic financial institutions. These insights will contribute to shaping Uzbekistan’s strategic approach to developing an Islamic finance ecosystem aligned with international best practices and Shariah principles.