A delegation of specialists from the banking and financial sector of Uzbekistan visited Kuala Lumpur to study Malaysia’s experience in Islamic finance.

During the visit, a training workshop was organized for Uzbekistan’s specialists on the regulation and development of the Islamic finance ecosystem. The event was organized by the International Center for Education in Islamic Finance (INCEIF) and the International Shariʽah Research Academy for Islamic Finance.

In his welcoming speech, INCEIF President and CEO Dr. Mohd Azmi Omar emphasized that Malaysia holds a leading position in the world in Islamic finance due to its stable regulatory framework, high level of education, and scientific research.

The Ambassador of Uzbekistan to Malaysia, Karomiddin Gadoyev, noted that the Malaysian model of regulating Islamic finance can become an important guideline for Uzbekistan in improving its national legislative framework.

The workshop program covers key aspects of the legal and institutional regulation of Islamic finance in Malaysia, an analysis of best practices, existing challenges, as well as strategies and mechanisms that contribute to the sustainable development of the Islamic financial system.

To acquire practical skills, participants will become acquainted with the activities of the Central Bank of Malaysia, the Tax Agency, and Malayan Banking Berhad. It is worth noting that Islamic banking in Malaysia began to develop actively with the adoption of the Islamic Banking Act in 1983 and the Takaful Insurance Act in 1984.

Since 1993, commercial banks have been allowed to open Islamic branches, which has significantly accelerated the spread of Islamic banking services.

According to data for 2025, the assets of Islamic banking in Malaysia amount to $260 billion, or 42% of the total volume of loans to the country’s banking system.

Aziza Alimova, UzA