Virtual talks have been held between representatives of the Central Bank of Uzbekistan and Senior Financial Sector Expert at the International Monetary Fund Abdullah Haron.

The Malaysian side was provided with detailed information about activities being carried out in Uzbekistan and plans to create a legal framework for the introduction of principles of Islamic finance in the banking system of the country to strengthen competition in the financial market.

Abdullah Haron proposed to consider the possibility of attracting financial-technical assistance from IMF in developing a regulatory framework for the introduction of the infrastructure of Islamic banking and finance in the country to accelerate the implementation of the tasks set for the introduction and development of this industry in the country.

Following the talks, an agreement was reached to organize a visit of Abdullah Haron to Uzbekistan in June as an independent expert in this field to analyze the current prudential regulation of the Central Bank of Uzbekistan regulating banking and financial activities, as well as to develop specific proposals for the introduction of Islamic finance mechanisms in the country.

UzA