Uzbekistan's Central Bank becomes a member of Islamic Financial Services Board

The Council’s activities aim to develop international standards for streamlining the work and control of Islamic financial institutions, introduce effective corporate governance mechanisms and risk management systems, increase the potential of personnel in this sphere, conduct research, and assist its member organizations in these matters, UzA reports. 

Membership in this Council provides an opportunity to study the experience of other countries and to introduce advanced foreign experience in streamlining and monitoring the activities of Islamic financial institutions in Uzbekistan.

The Council was established in 2002, and its main office is located in Kuala Lumpur, Malaysia. The Council has 188 members, including 81 regulatory and control bodies, 10 international and intergovernmental, and 97 market participants. Kazakhstan, Kyrgyzstan, and Tajikistan are also members of the Council of Financial Regulators.

Earlier it was reported that the trade turnover between Kazakhstan and Uzbekistan surpassed $3.8bn in 11 months of this year.