Regulatory Alerts2024-07-26 | 23/4Added · Updated
Regulations on the Provision of Islamic Financing Services by Microfinance Organizations
The Central Bank of Uzbekistan approved regulations establishing the rules for microfinance organizations to provide Islamic financing services, including Murabaha, Islamic leasing, Salam, Muzaraba, and Musharaka. The rules mandate the creation of a specialized Sharia council within each microfinance organization to ensure compliance with legal and Islamic finance standards. Specific operational requirements include prohibitions on financing prohibited goods, separate accounting for Islamic activities, and strict definitions for asset ownership, pricing, and risk allocation in Murabaha and leasing contracts.
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Topics
islamic-finance
licensing
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