Banks and microfinance organizations may transition to Islamic activities

The Ministry of Justice of Uzbekistan registered amendments and additions to the regulations on the procedure for changing the activities of microfinance organizations and banks. These changes allow banks and microfinance organizations to conduct their operations based on the principles of Islamic banking. Financial sector employees believe this approach may lead to certain changes and will help diversify the country's financial system further. This news is expected to contribute to the development of the Islamic segment of the financial services market.