Amendments and Additions to the Regulation on the Procedure and Conditions for Granting Permission for Bank Activities

Resolution of the Board of the Central Bank of the Republic of Uzbekistan, registered on July 17, 2026, registration number 3252-7

Date of Entry into Force

July 20, 2026

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[OKOZ:

1.21.00.00.00 Complex documents for amendments and additions / 21.04.00.00 Departmental normative-legal documents]

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1. State and public structure / Legislative initiative. Normative creativity activity]

Resolution of the Board of the Central Bank of the Republic of Uzbekistan

On Amendments and Additions to the Regulation on the Procedure and Conditions for Granting Permission for Bank Activities

[Registered by the Ministry of Justice of the Republic of Uzbekistan on July 17, 2026, registration number 3252-7]

In accordance with the Law of the Republic of Uzbekistan "On the Central Bank of the Republic of Uzbekistan", the Law of the Republic of Uzbekistan "On Banks and Banking Activities", and the Law of March 27, 2026, No. O'RQ-1126 "On Amendments and Additions to Certain Legislative Acts of the Republic of Uzbekistan Concerning the Introduction of Islamic Banking Activity in the Republic of Uzbekistan", the Board of the Central Bank of the Republic of Uzbekistan resolves:

1. Amendments and additions shall be made to the [Regulation](/docs/-4909887?ONDATE=01.10.2020 00#-4917359) on the Procedure and Conditions for Granting Permission for Bank Activities, approved by Resolution No. 12/1 of the Board of the Central Bank of the Republic of Uzbekistan dated May 25, 2020 (registration number 3252, June 30, 2020) (National Database of Legislative Acts, June 30, 2020, No. 10/20/3252/1098), in accordance with the Appendix.

2. This resolution enters into force from the date of its official publication.

Chairman T. ISHMETOV

Tashkent city,

June 23, 2026,

No. 19/2

Appendix to Resolution No. 19/2 of the Board of the Central Bank of the Republic of Uzbekistan dated June 23, 2026

Amendments and Additions to the Regulation on the Procedure and Conditions for Granting Permission for Bank Activities

1. The [Preamble](/docs/-4909887?ONDATE=25.04.2025 00#-7502080) shall be stated in the following wording:

"This Regulation establishes the procedure and conditions for granting permission for banking activities, including Islamic banking activities, preliminary approval of bank senior management, opening and closing of separate divisions, registration of amendments and additions to the charter, reorganization and liquidation of the bank."

2. [Paragraph 1](/docs/-4909887?ONDATE=25.04.2025 00#-7502118) shall be stated in the following wording:

"1. Unless otherwise provided by this Regulation:

the rules established by this Regulation for banks shall apply to microfinance banks, banks carrying out Islamic banking activities, and microfinance banks carrying out Islamic banking activities;

the rules established by this Regulation for microfinance banks shall also apply to microfinance banks carrying out Islamic banking activities."

3. Paragraph 11 shall be supplemented with the following content:

"11. The following main concepts are used in this Regulation:

stable financial condition of the bank — a state reflecting the sufficiency of funds to maintain the proportionality of the bank's financial flows, solvency, liquidity, and profitable activity, as well as the compliance of all prudential norms by the bank;

indirect owner — a person owning shares of the bank through another person over whom the person exercises control;

Islamic banking activity — banking activity carried out in accordance with the legislation on banks and banking activity and Islamic finance standards;

targeted acquisition — a decision made by a potential acquirer to acquire shares of the bank or increase decisive ownership thereof;

control — mutual connection corresponding to one of the criteria specified in Part 3 of Article 19 of the Law of the Republic of Uzbekistan "On Banks and Banking Activity";

ultimate beneficial owner — a physical person who is a legal entity and directly or indirectly owns or controls the potential acquirer of the bank's shares or the person owning such shares directly or indirectly;

potential acquirer — a person or group of persons acting jointly who intend to acquire bank shares directly or indirectly, including as the ultimate beneficial owner;

senior management — a person elected (appointed) to one of the positions specified in paragraph 77 of this Regulation;

decisive ownership — direct or indirect ownership of at least five percent of the charter fund (charter capital) of a legal entity as a result of one or several transactions by a person or persons acting jointly;

foreign bank — a legal entity registered in the territory of a foreign state and considered a bank in accordance with the legislation of that foreign state."

4. The second [bullet point](/docs/-4909887?ONDATE=01.10.2020 00#-4917409) of paragraph 8 shall be supplemented with the words ", including Islamic banking activity" after the words "banking activity".

5. [Paragraph 18](/docs/-4909887?ONDATE=28.07.2021 00#-5641650) shall be stated in the following wording:

"18. The bank carries out its activities based on the license granting the right to carry out banking activity and (or) the license granting the right to carry out Islamic banking activity issued by the Central Bank in accordance with the legislation of the Republic of Uzbekistan, the charter, and this Regulation (hereinafter in the text, the relevant license (licenses) for banking activity)."

6. The [third bullet point](/docs/-4909887?ONDATE=01.10.2020 00#-4917453) of paragraph 19, [paragraphs 29](/docs/-4909887?ONDATE=25.04.2025 00#-7502795) and [38](/docs/-4909887?ONDATE=01.10.2020 00#-4917673), the second [bullet point](/docs/-4909887?ONDATE=05.10.2022 00#-6236345) of paragraph 130, [paragraphs 182](/docs/-4909887?ONDATE=01.10.2020 00#-4919143), [183](/docs/-4909887?ONDATE=01.10.2020 00#-4919144), [200 — 202](/docs/-4909887?ONDATE=01.10.2020 00#-4919826), [226](/docs/-4909887?ONDATE=01.10.2020 00#-4919874) and [233](/docs/-4909887?ONDATE=01.10.2020 00#-4919927) shall replace the word "license" with the words "relevant license (licenses) for banking activity".

7. The words "credit, investment and emission policy of the bank" in [sub-paragraph 13 of paragraph 20](/docs/-4909887?ONDATE=01.10.2020 00#-4917468) shall be replaced with the words "credit (financing), investment and emission policy of the bank".

8. [Paragraphs 201](/docs/-4909887?ONDATE=05.10.2022 00#-6234610) and [202](/docs/-4909887?ONDATE=05.10.2022 00#-6234618) shall be stated in the following wording:

"201. To obtain the preliminary permission for the establishment of a bank carrying out Islamic banking activity, the applicant submits, in addition to the documents specified in paragraph 20 of this Regulation, the following:

drafts of the regulations on the bank's Islamic Finance Council, the special division for Islamic finance issues, and the internal audit for Islamic finance;

draft of the policy on compliance with Islamic finance standards;

documents specified in sub-paragraphs 5 — 10 of paragraph 107 of this Regulation regarding the members of the bank's Islamic Finance Council.

202. The minutes of the founding meeting or the sole decision of the founder on the establishment of the bank must include decisions on the establishment of the bank, setting the amount of the bank's charter capital, approving the bank's charter, organizational structure, and business plan, electing (appointing) members of the bank's supervisory board and management board, and, in the event that the bank carries out Islamic banking activity, the decision on electing the members of the bank's Islamic Finance Council."

203. Paragraphs 203 and 204 shall be supplemented with the following content:

"203. Copies of the founding contract or the sole decision of the founder on the establishment of the bank, with the signatures of physical persons therein, shall be certified by a notary or another official authorized to perform notarial acts.

204. The policy on compliance with Islamic finance standards must include at least the following:

the importance of ensuring compliance with Islamic finance standards in carrying out Islamic banking activity;

the process of ensuring compliance with Islamic finance standards in carrying out Islamic banking activity;

the duties and obligations of the bank's management bodies, Islamic Finance Council, special division for Islamic finance issues, and internal audit for Islamic finance in ensuring compliance with Islamic finance standards;

the procedure for avoiding income inconsistent with Islamic finance standards, including directing them to charitable purposes;

measures to ensure accountability, transparency, and openness;

the procedure for conducting an external audit of Islamic finance."

10. In [paragraph 24](/docs/-4909887?ONDATE=05.10.2022 00#-6234895):

the words "credit, investment and emission policy of the bank" in [sub-paragraph 12](/docs/-4909887?ONDATE=01.10.2020 00#-4917608) shall be replaced with the words "credit (financing), investment and emission policy of the bank";

it shall be supplemented with the following bullet point:

"To obtain the preliminary permission for the establishment of a bank carrying out Islamic banking activity, the applicant submits, in addition to the documents specified in the first — thirteenth bullet points of this paragraph, the documents specified in the second — fourth bullet points of paragraph 201 of this Regulation."

11. The [name](/docs/-4909887?ONDATE=01.10.2020 00#-4917634) of Paragraph 5 of Chapter 2 of Section 1 shall be stated in the following wording:

"§ 5. State Registration of the Bank and Issuance of Relevant Licenses for Banking Activity (Licenses)".

12. In [paragraph 28](/docs/-4909887?ONDATE=01.10.2020 00#-4917637):

the word "license" in the [first bullet point](/docs/-4909887?ONDATE=01.10.2020 00#-4917637) shall be replaced with the words "relevant license (licenses) for banking activity";

the [second bullet point](/docs/-4909887?ONDATE=01.10.2020 00#-4917638) shall be stated in the following wording:

"application for state registration of the bank and issuance of the relevant license (licenses) for banking activity. In this application, the indication of the applicant's email address constitutes their consent to receive the notification of the adopted decision in electronic form via the information and communication system;";

it shall be supplemented with the following sixth and seventh bullet points:

"conclusion of the Inspection for Control in the Field of Construction and Housing and Communal Services under the Cabinet of Ministers of the Republic of Uzbekistan on the creation of convenient conditions in bank buildings in accordance with the requirements established in urban planning norms and rules for persons with disabilities;

if the application is submitted simultaneously for a license granting the right to carry out banking activity and a license granting the right to carry out Islamic banking activity, the documents specified in the seventh and ninth bullet points of paragraph 291 of this Regulation;";

the [sixth](/docs/-4909887?ONDATE=25.04.2025 00#-7502779) and [seventh bullet points](/docs/-4909887?ONDATE=05.10.2022 00#-6235365) shall be considered eighth and ninth bullet points, respectively;

the [eighth bullet point](/docs/-4909887?ONDATE=25.04.2025 00#-7502779) shall be stated in the following wording:

"electronic copies of the documents submitted in accordance with paragraphs 20 — 24 of this Regulation and the second — seventh bullet points of this paragraph.";

the words "in the third — fifth bullet points" in the [ninth bullet point](/docs/-4909887?ONDATE=05.10.2022 00#-6235365) shall be replaced with the words "in the third — seventh bullet points".

13. Paragraph 51 of Chapter 2 of Section 1 shall be supplemented with the following content:

"§ 51. Issuance of a License Granting the Right to Carry Out Islamic Banking Activity to a Bank Holding a License Granting the Right to Carry Out Banking Activity

291. A bank holding a license granting the right to carry out banking activity submits the following documents to the Central Bank to obtain a license granting the right to carry out Islamic banking activity:

application for the issuance of a license granting the right to carry out Islamic banking activity;

decision of the general meeting of shareholders of the bank or the sole shareholder of the bank on launching Islamic banking activity;

charter of the bank taking into account the requirements specified in Part 4 of Article 14 of the Law of the Republic of Uzbekistan "On Banks and Banking Activity";

information on the establishment of the Islamic Finance Council, the special division for Islamic finance issues, and the internal audit for Islamic finance at the bank;

documents specified in paragraph 201 of this Regulation;

documents specified in sub-paragraphs 2 — 10 of paragraph 107 of this Regulation regarding the senior management official responsible for the bank's Islamic banking activity;

three-year business plan including market analysis for Islamic banking activity, financing plans, products and services, financial forecasts, and risk management issues, as well as other information in accordance with Appendix No. 3 to this Regulation;

documents confirming the creation of the possibility of separate accounting for financial operations carried out within the framework of Islamic banking activity (documents confirming the introduction of amendments into automated banking systems for carrying out Islamic finance operations).

292. The decision on the issuance of a license granting the right to carry out Islamic banking activity to a bank holding a license granting the right to carry out banking activity shall be adopted within a period not exceeding two months from the date of receipt of the application with all necessary documents.

The Central Bank informs the bank in writing, including via the information and communication system in electronic form, within three working days from the date of the adoption of the relevant decision."

14. The [name](/docs/-4909887?ONDATE=05.10.2022 00#-6235527) of Paragraph 6 of Chapter 2 of Section 1 shall be stated in the following wording:

"§ 6. Re-registration of the Relevant License (Licenses) for Banking Activity".

15. The words "Re-registration of the License" in [paragraphs 32](/docs/-4909887?ONDATE=05.10.2022 00#-6235589) and [35](/docs/-4909887?ONDATE=05.10.2022 00#-6235608) shall be replaced with the words "Re-registration of the Relevant License (Licenses) for Banking Activity".

16. The [name](/docs/-4909887?ONDATE=05.10.2022 00#-6235598) of Paragraph 7 of Chapter 2 of Section 1 shall be stated in the following wording:

"§ 7. Payment for the Issuance and Re-registration of the Relevant License (Licenses) for Banking Activity".

17. [Paragraph 34](/docs/-4909887?ONDATE=25.04.2025 00#-7502810) shall be stated in the following wording:

"34. A state duty is collected in the amount of 0.1 percent of the minimum amount of the charter capital of the respective bank or microfinance bank for the issuance of the relevant license (licenses) for banking activity. In this case, the state duty is collected separately for each type of license issued."

18. The words ", Islamic Finance Council" shall be added after the words "supervisory board and management" in the [third bullet point](/docs/-4909887?ONDATE=01.10.2020 00#-4917885) of paragraph 50.

19. The [name](/docs/-4909887?ONDATE=01.10.2020 00#-4918275) of Section 3 shall be stated in the following wording:

"Section III. Procedure and Evaluation Criteria for Preliminary Approval of Bank Senior Management with the Central Bank".

20. [Paragraphs 77 — 80](/docs/-4909887?ONDATE=01.10.2020 00#-4918277) shall be stated in the following wording:

"77. Preliminary approval with the Central Bank must be obtained before assuming the following senior management positions:

1. members of the bank's supervisory board, including the chairman;

2. members of the bank's management board, including the chairman and his deputies;

3. members of the bank's Islamic Finance Council, including the chairman and his deputies;

4. key employees of the bank, if they are not simultaneously members of the bank's management board:

the chief accountant of the bank;

the head of the internal audit structural unit;

the head of the structural unit responsible for risk management;

the head of the structural unit responsible for internal control and (or) compliance control;

the head of the structural unit responsible for managing the bank's assets and liabilities (treasury);

the head of the structural unit responsible for combating the legalization of income from criminal activities, terrorism, and the financing of weapons of mass destruction;

the senior management official responsible for the bank's Islamic banking activity;

5. the liquidator of a bank being voluntarily terminated (if a liquidation commission is appointed, its chairman and members);

6. persons coordinating the activities of senior management specified in sub-paragraphs 1 — 5 of this paragraph or key employees of the bank specified in sub-paragraph 4 of this paragraph, based on their position duties.

78. The bank must subject the senior management candidate to an initial assessment for compliance with the requirements of this Regulation. In this case, the bank evaluates the candidate's business reputation, experience, knowledge and skills, independence of judgment, sufficiency of time, and team compatibility in accordance with this Regulation and the bank's internal requirements, and also checks the truthfulness of the information submitted by the candidate for assessment.

79. The assessment specified in paragraph 78 of this Regulation shall be carried out by the bank before the decision is adopted on the election or appointment of the senior management candidate (before the order on employment is formalized).

80. If the results of the assessment conducted by the bank in accordance with paragraph 78 of this Regulation indicate the candidate's non-compliance with the requirements of this Regulation, they must not be elected or appointed as senior management."

81. In [paragraph 83](/docs/-4909887?ONDATE=07.01.2026 00#-7986811):

the word "license" in the [second bullet point](/docs/-4909887?ONDATE=07.01.2026 00#-7986812) shall be replaced with the words "relevant license (licenses) for banking activity";

it shall be supplemented with the following third and fourth bullet points:

"in the framework of considering applications of banks holding a license granting the right to carry out banking activity for the issuance of a license granting the right to carry out Islamic banking activity;

in the framework of considering applications on changing the activities of credit organizations;";

the [third — fifth bullet points](/docs/-4909887?ONDATE=07.01.2026 00#-7986813) shall be considered fifth — seventh bullet points, respectively.

22. The [first](/docs/-4909887?ONDATE=07.01.2026 00#-7986819) and [second bullet points](/docs/-4909887?ONDATE=07.01.2026 00#-7986821) of paragraph 84 shall be stated in the following wording:

"84. Preliminary approval with the Central Bank before assuming office is not required for the following if there are no new circumstances affecting compliance with the requirements of this Regulation for senior management:

a member of the supervisory board, management board, and Islamic Finance Council of the same bank who is re-elected (appointed) for a new term due to the expiration of their term of office;".

23. [Paragraphs 85 — 87](/docs/-4909887?ONDATE=07.01.2026 00#-7986651) shall be stated in the following wording:

"85. A senior management official may assume their position only after the bank has obtained preliminary approval from the Central Bank.

If it is impossible to obtain preliminary approval from the Central Bank before a key employee assumes office due to objective reasons, the bank must submit an application to the Central Bank specifying the relevant objective reasons within thirty working days from the date of appointment of the key employee to the position.

86. The temporary performance of the duties of the Chairman of the Bank's Management Board and his deputies in their absence shall be assigned to deputy chairmen or management board members who have undergone the approval procedure.

87. Senior management officials of the bank, the liquidator of a bank being compulsorily terminated, the special manager of the bank, and the temporary administrator (hereinafter referred to as the candidate in the text) must comply with the criteria of business reputation, experience, knowledge and skills, independence of judgment, and sufficiency of time established by the requirements of this Regulation.

Members of the bank's supervisory board, management board, and Islamic Finance Council must also comply with the team compatibility criterion in addition to the criteria specified in the first bullet point of this paragraph.

If the duties of the senior management official specified in sub-paragraph 6 of paragraph 77 of this Regulation correspond to the duties of which senior management official (whose activities are coordinated by key employees), the requirements established for that corresponding senior management official (key employees whose activities are coordinated by them) shall apply to them."

24. The [sixteenth bullet point](/docs/-4909887?ONDATE=01.10.2020 00#-4918577) of paragraph 90 shall be stated in the following wording:

"the absence of measures and sanctions applied by the financial sector regulatory authority of the Republic of Uzbekistan or a foreign state for gross and serious violations against a legal entity of which the candidate is currently or previously a member of the executive body, supervisory board, or Islamic Finance Council of the bank, or a decisive owner (shareholder), or who controlled or is controlling by other means;".

25. The [name](/docs/-4909887?ONDATE=01.10.2020 00#-4918586) of Paragraph 2 of Chapter 2 of Section 3 shall be stated in the following wording:

"Experience, Knowledge and Skills".

26. The word "qualification" in [paragraph 91](/docs/-4909887?ONDATE=01.10.2020 00#-4918588), the [first bullet point](/docs/-4909887?ONDATE=01.10.2020 00#-4918589) of paragraph 92, and [paragraph 121](/docs/-4909887?ONDATE=01.10.2020 00#-4918774) shall be replaced with the word "experience".

27. [Paragraphs 93 — 96](/docs/-4909887?ONDATE=01.10.2020 00#-4918598) shall be stated in the following wording:

"93. To confirm compliance with the established criteria for knowledge and skills, the candidate must demonstrate possession of knowledge appropriate to the significance, characteristics, scale, and complexity of the bank, as well as the obligations imposed on it, and must have at least the following information:

---"

1. members of the supervisory board, as well as its chairman — higher education in finance and economics or law, as well as in information technology and other specialties depending on the main direction and characteristics of the bank;

2. members of the bank's management board, as well as its chairman and deputy chairmen — higher education in the field of finance and economics or law or information technology. In this case, the majority of management board members must have higher education in the field of finance and economics;

3. members of the bank's Islamic finance council:

at least three members, including its chairman and deputy chairman — higher education in the specialties of Islamic studies, Islamic law (fiqh), usul al-fiqh or fiqh al-muamalat, or in a specialty in which these sciences are taught;

other members (if the bank's Islamic finance council has more than three members) — higher education in finance and economics, law, or the specialties indicated in the second item of this sub-paragraph;

4. key employees of the bank (excluding the executive responsible for the bank's Islamic banking activity), liquidator, temporary administrator, or special administrator — higher education in the field of finance and economics, as well as in other specialties depending on the main direction and characteristics of the bank;

5. the executive responsible for the bank's Islamic banking activity — higher education in the field of finance and economics or Islamic finance and one of the following certificates issued by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), except in cases where the candidate has higher education or a scientific degree in the field of Islamic finance:

CIPA (Certified Islamic Professional Accountant) certificate;

CSAA (Certified Shariʼah Advisor and Auditor) certificate;

CPSS (Certificate of Proficiency in Shariʼah Standards) certificate;

CPAAGE (Certificate of Proficiency in Audit, Assurance, Governance and Ethics) certificate;

CSE (Certified Shariʼah Expert) certificate.

At least one member of the bank's Islamic finance council and, starting from July 1, 2027, all members must hold one of the following certificates issued by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), except in cases where the candidate has a scientific degree in the field of Islamic finance and (or) in the fields indicated in the second item of sub-paragraph 3 of this paragraph:

CIPA (Certified Islamic Professional Accountant) certificate;

CSAA (Certified Shariʼah Advisor and Auditor) certificate;

CPSS (Certificate of Proficiency in Shariʼah Standards) certificate;

CPAAGE (Certificate of Proficiency in Audit, Assurance, Governance and Ethics) certificate;

CSE (Certified Shariʼah Expert) certificate.

94. To confirm compliance with the established criteria for experience, the candidate must have experience in the last 15 years corresponding to the systemic importance, characteristics, scale, and complexity of the bank, as well as the obligations assigned to it. In this case, the candidate's previous position and its duration, the scale of the organization that employed them, the number of subordinates, and the nature and complexity of the activities performed are calculated as follows:

1. members of the bank's supervisory board, as well as its chairman — at least 5 years of work experience, including at least 3 years in managerial positions and (or) academic experience in the fields of law, information technology, and finance and economics;

2. chairman of the bank's management board — at least 10 years of work experience in the banking and (or) financial system, including at least 5 years of work experience in managerial positions;

3. members of the bank's management board, excluding the chairman of the management board — at least 5 years of work experience in the banking and (or) financial system, including at least 3 years of work experience in managerial positions;

4. members of the bank's Islamic finance council:

members with higher education in the specialties of Islamic studies, Islamic law (fiqh), usul al-fiqh or fiqh al-muamalat, or in a specialty in which these sciences are taught (hereinafter in the text referred to as a member-specialist in Islamic law) — at least 5 years of work experience in the field of application of Islamic law, including in the field of providing advisory services on Islamic law, conducting research or pedagogical activities on Islamic law;

members with higher education in finance and economics or law specialties (hereinafter in the text referred to as a technical expert member) — at least 7 years of work experience in the banking and (or) financial system and (or) in the field of law;

5. key employees of the bank, excluding the chief accountant and the executive responsible for the bank's Islamic banking activity — at least 5 years of work experience in the banking and (or) financial system, including at least 3 years of work experience in managerial positions;

6. chief accountant — at least 5 years of work experience in the field of accounting and (or) preparation of financial reports, including at least 3 years of work experience in the position of head of the organizational structure responsible for the bank's accounting and (or) financial reporting, and (or) work experience as an auditor in organizations conducting audit of credit institutions;

7. the executive responsible for the bank's Islamic banking activity — at least 7 years of work experience in the banking and (or) financial system;

8. the bank's liquidator, temporary administrator, or special administrator — at least 5 years of work experience in the banking and (or) financial system, including at least 3 years of work experience in managerial positions.

For the purposes of the established requirement for experience, a managerial position is understood as the activity of a person responsible for managing a specified number of employees and processes based on assigned obligations.

In this case, activities related to coordinating issues associated with ensuring security and conducting economic activities are not taken into account as work experience.

95. A member of the bank's supervisory board and management board must demonstrate a good understanding of the bank's activities and the risks to which the bank may be exposed, and a member of the bank's Islamic finance council must demonstrate a good understanding of Islamic banking activities and the risks associated with Islamic banking activities to which the bank may be exposed. In this case, the candidate's knowledge in areas of joint responsibility with other members of the bank's supervisory board and management board is taken into account, except for areas of individual responsibility.

96. Members of the bank's supervisory board, management board, Islamic finance council, key employees, liquidator, special administrator, and temporary administrator must have the ability to make reasoned, objective, and independent decisions in the performance of their duties.”.

97. Sub-paragraph [“a” of paragraph 97](/docs/-4909887?ONDATE=01.10.2020 00#-4918637) shall be stated in the following wording:

“a) conflict of personal interests. If the candidate is a close relative of members of the bank's supervisory board, management board and (or) Islamic finance council, key employees, or a shareholder with controlling interest, or has close relationships with them;”.

29. Paragraph 971 with the following content shall be added:

“971. A member of the bank's Islamic finance council cannot be a shareholder with controlling interest, a member of the supervisory board, a member of the management board, or an employee of this bank.”.

30. The [second](/docs/-4909887?ONDATE=01.10.2020 00#-4918661) and [third items](/docs/-4909887?ONDATE=01.10.2020 00#-4918663) of paragraph 99 shall be stated in the following wording:

“the number of organizations in which the candidate was a member of the supervisory board, executive body, or Islamic finance council, temporary administrator, special administrator, or liquidator;

the size, characteristics, scale, complexity of activities, and geographic location of organizations in which the candidate was a member of the supervisory board, executive body, or Islamic finance council, temporary administrator, special administrator, or liquidator;”.

31. In [paragraph 100](/docs/-4909887?ONDATE=05.10.2022 00#-6236032):

it shall be supplemented with the fifth item with the following content:

“to be a member of the Islamic finance council of two or more banks in the Republic of Uzbekistan and (or) a member of the special council for coordinating Islamic finance issues established under associations or unions specializing in the field, including two or more microfinance institutions, except in cases where these banks or microfinance institutions belong to one banking group;”;

the [fifth](/docs/-4909887?ONDATE=05.10.2022 00#-6236040) and [sixth items](/docs/-4909887?ONDATE=05.10.2022 00#-6236042) shall be considered as the sixth and seventh items, respectively.

32. [Paragraphs 102](/docs/-4909887?ONDATE=01.10.2020 00#-4918673) and [103](/docs/-4909887?ONDATE=01.10.2020 00#-4918674) shall be stated in the following wording:

“102. When assessing the professional reputation, experience, knowledge and skills, independence of judgment, and sufficiency of time of a member of the bank's supervisory board, management board, or Islamic finance council, their collective suitability is also assessed.

103. Assessment of collective suitability for members of the bank's supervisory board, management board, and Islamic finance council is carried out separately in the procedure established by this paragraph.”.

104. Paragraph 1041 with the following content shall be added:

“1041. The experience, knowledge, and skills of members of the bank's Islamic finance council must collectively cover the following to effectively coordinate the implementation of the bank's Islamic banking activities in accordance with Islamic finance standards:

Islamic finance standards;

main directions of Islamic banking activities and associated risks;

risk management, including identification, assessment, monitoring, control, and mitigation of risks associated with Islamic banking activities;

regulatory and legal acts of the Republic of Uzbekistan on Islamic banking activities.”.

34. [Paragraph 106](/docs/-4909887?ONDATE=01.10.2020 00#-4918688) shall be stated in the following wording:

“106. At least one member of the bank's supervisory board, and at least two members of the management board and Islamic finance council must know the state language.

All members of the bank's Islamic finance council who are specialists in Islamic law must know the Arabic language, including the ability to understand and explain primary sources on issues of Islamic law in Arabic.”.

35. Paragraph 1061 with the following content shall be added:

“1061. At least two-thirds of the members of the bank's Islamic finance council who are specialists in Islamic law must be citizens of the Republic of Uzbekistan.”.

36. [Paragraph 114](/docs/-4909887?ONDATE=01.10.2020 00#-4918754) shall be stated in the following wording:

“114. The Central Bank has the right to conduct an interview with the candidate to assess the candidate's practical and theoretical knowledge in the field of bank activities necessary for the performance of their duties, understanding of bank activities and the risks to which they may be exposed, and level of knowledge of the state language or Arabic language.”.

37. In [paragraph 117](/docs/-4909887?ONDATE=01.10.2020 00#-4918758):

the [second item](/docs/-4909887?ONDATE=01.10.2020 00#-4918759) shall be stated in the following wording:

“if the approval of the candidate leads to a violation of the requirements of paragraphs 100 and 105 of this Regulation;”;

the [fifth item](/docs/-4909887?ONDATE=01.10.2020 00#-4918763) shall be stated in the following wording:

“if the candidate does not appear at the interview at the specified time and does not have an application substantiating the reasons for non-appearance, or if the reasons stated in the application are not found to be justified by the Central Bank.”.

38. [Paragraph 119](/docs/-4909887?ONDATE=01.10.2020 00#-4918767) shall be stated in the following wording:

“119. The decision on approving or rejecting the candidate shall be sent to the bank in writing, including in electronic form through the information and communication system, within three working days from the date of adoption of this decision.”.

39. In [paragraph 123](/docs/-4909887?ONDATE=01.10.2020 00#-4918780), the word “manager” shall be supplemented with the word “employee”.

40. [Paragraph 124](/docs/-4909887?ONDATE=01.10.2020 00#-4918786) shall be recognized as lost force.

41. [Paragraph 127](/docs/-4909887?ONDATE=01.10.2020 00#-4918791) shall be stated in the following wording:

“127. If the powers of a member of the bank's supervisory board and Islamic finance council are terminated before the expiration of the term, or if the employment contract of a member of the management board or chief accountant is terminated and (or) transferred to another position, the bank must notify the Central Bank in writing within one working day from the date of adoption of this decision, indicating the reasons. In cases involving key employees, this period shall be 5 working days, excluding the chief accountant.”.

42. In [paragraph 129](/docs/-4909887?ONDATE=01.10.2020 00#-4918806):

the words “within 30 days” in the [first item](/docs/-4909887?ONDATE=01.10.2020 00#-4918806) shall be replaced with the words “within thirty working days”;

it shall be supplemented with the fifth item with the following content:

“If the number of members of the bank's Islamic finance council falls below the minimum amount established by legislative acts on banks and banking activity as a result of the termination of the membership of one or several members, the bank must elect persons who meet the requirements of this Regulation to the membership of the Islamic finance council and submit them to the Central Bank for approval within thirty working days from the date the situation arose.”.

43. In [paragraphs 181](/docs/-4909887?ONDATE=01.10.2020 00#-4919142), [186](/docs/-4909887?ONDATE=01.10.2020 00#-4919329), and [241](/docs/-4909887?ONDATE=07.01.2026 00#-7986966), the word “license” shall be replaced with the words “relevant license (licenses) for bank activity”.

44. The [second item](/docs/-4909887?ONDATE=07.01.2026 00#-7987089) of paragraph 253 shall be deleted.

45. The [first item](/docs/-4909887?ONDATE=07.01.2026 00#-7987095) of paragraph 256 shall be stated in the following wording:

“256. If the Central Bank denies the preliminary permission for voluntary termination of the bank based on grounds of insolvency or a high probability of insolvency, the Central Bank adopts a decision on the mandatory termination of the bank.”.

46. In [paragraphs 268](/docs/-4909887?ONDATE=07.01.2026 00#-7987190) and [269](/docs/-4909887?ONDATE=07.01.2026 00#-7987192), the [second item](/docs/-4909887?ONDATE=07.01.2026 00#-7987199) of paragraph 273, and [paragraph 274](/docs/-4909887?ONDATE=07.01.2026 00#-7987212), the word “license” shall be replaced with the words “relevant license (licenses) for bank activity”.

47. In [paragraph 294](/docs/-4909887?ONDATE=07.01.2026 00#-7987414):

it shall be supplemented with the tenth item with the following content:

“powers of attorney issued by the bank are considered revoked, except for powers of attorney issued for conducting court proceedings;”;

the [tenth](/docs/-4909887?ONDATE=07.01.2026 00#-7987426) and [eleventh items](/docs/-4909887?ONDATE=07.01.2026 00#-7987427) shall be considered as the eleventh and twelfth items, respectively.

48. In the [first item](/docs/-4909887?ONDATE=07.01.2026 00#-7987449) of paragraph 300, the words “specified in paragraph 307” shall be replaced with the words “specified in paragraph 306”.

49. In [paragraph 322](/docs/-4909887?ONDATE=07.01.2026 00#-7987617), the words “in paragraphs 315 and 316” shall be replaced with the words “in paragraphs 313 and 314”.

50. In [paragraph 323](/docs/-4909887?ONDATE=07.01.2026 00#-7987619):

it shall be supplemented with the sixth item with the following content:

“offsetting of claims in different currencies shall be carried out at the Central Bank exchange rate on the day of their satisfaction;”;

the [sixth](/docs/-4909887?ONDATE=07.01.2026 00#-7987708) and [seventh items](/docs/-4909887?ONDATE=07.01.2026 00#-7987709) shall be considered as the seventh and eighth items, respectively.

51. In [paragraph 333](/docs/-4909887?ONDATE=07.01.2026 00#-7987765), the words “specified in paragraph 336” shall be replaced with the words “specified in paragraph 334”.

52. In [Chapter 1 of Appendix 3](/docs/-4909887?ONDATE=01.10.2020 00#-4919470):

the [fourteenth item](/docs/-4909887?ONDATE=01.10.2020 00#-4919491) shall be stated in the following wording:

“3) the bank's credit and (or) financing policy (mechanisms for assessing risks in granting credits and (or) conducting Islamic finance operations, and their continuous monitoring, as well as other issues related to the bank's credit and (or) financing policy);”;

it shall be supplemented with the twentieth item with the following content:

“The business plan of a bank conducting Islamic banking activities must also include market analysis, financing plans, products and services, financial forecasts, and risk management issues for Islamic banking activities.”.

53. In [Appendix 11](/docs/-4909887?ONDATE=01.10.2020 00#-4919440):

the word “qualification” in position 2.4 shall be replaced with the word “experience”;

the word “Qualification” in the title of Chapter 3 shall be replaced with the word “Experience”.

(Republic of Uzbekistan Legislative Information Database, 20.07.2026, No. 10/26/3252-7/0753-7)