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31 August, 2026, 18 Rabī‘ al-awwal, 1448

The President of Uzbekistan calls for further expansion of practical cooperation within the CIS

13.10.2025   90926   8 min.
The President of Uzbekistan calls for further expansion of practical cooperation within the CIS

On October 10, the President of the Republic of Uzbekistan Shavkat Mirziyoyev took part in the regular meeting of the Council of Heads of State of the Commonwealth of Independent States (CIS), held in Dushanbe.

The summit, chaired by the President of the Republic of Tajikistan Emomali Rahmon, was attended by the President of the Republic of Azerbaijan Ilham Aliyev, the President of the Republic of Belarus Alexander Lukashenko, the President of the Republic of Kazakhstan Kassym-Jomart Tokayev, the President of the Kyrgyz Republic Sadyr Japarov, the President of the Russian Federation Vladimir Putin, the President of Turkmenistan Serdar Berdimuhamedov, the Prime Minister of Armenia Nikol Pashinyan, and CIS Secretary-General Sergey Lebedev.

The agenda focused on pressing issues related to strengthening and expanding practical cooperation within the Commonwealth.

At the beginning of his address, the President of Uzbekistan noted that despite the unpredictable developments in global politics and the economy, as well as the declining role of international institutions, the CIS continues to demonstrate resilience, efficiency, and relevance.

Thanks to mechanisms and partnerships established over decades, the Commonwealth maintains close cooperation across a wide range of economic, social, and humanitarian areas.

“We are interested in further strengthening cooperation within the CIS and enhancing the effectiveness of practical interaction with countries that are our natural partners”, the President of Uzbekistan said.

The Head of State then put forward several proposals and initiatives aimed at expanding practical cooperation within the Commonwealth of Independent States.

The unconditional priority of the Organization was defined as the expansion of economic partnership, given the deteriorating situation in the global economy, the rise of protectionism, and emerging challenges to sustainable development.

It was noted with satisfaction that Uzbekistan’s trade turnover with CIS partners increased by 11 percent last year and continues to grow this year. Such results are attributed to the deepening of intersectoral cooperation and the growth of mutual investment flows.

To make fuller use of existing resources and maintain the achieved pace and dynamics of cooperation, the President of Uzbekistan proposed focusing joint efforts on the following priority areas.

First, the further creation of favorable conditions for expanding trade turnover.

The need to simplify procedures and requirements for the supply of certain goods, particularly agricultural products, and for access to national markets, including public procurement, was emphasized.

Attention was also drawn to the importance of launching rapid-response mechanisms within the CIS Economic Council to adapt to changes in external market conditions and redirect trade flows. The President underscored the need to accelerate the coordination of draft agreements on technical barriers to trade and mutual recognition of conformity assessment documents.

Second, the deepening of cooperation in the field of transport was identified as a key priority.

It was noted that bottlenecks persist in the CIS transport network, reducing the efficiency of existing corridors. In this regard, the establishment of information and logistics centers integrated across all modes of transport was deemed essential.

Considering the importance of attracting private investment for the modernization of freight transport infrastructure, the President proposed to hold a conference in Uzbekistan on expanding public–private partnership in the transport sector.

Third, stimulating mutual investment growth and supporting cooperation projects.

In this regard, it was proposed to develop a roadmap for supporting the development of special economic and industrial zones, as well as establishing a CIS Venture Platform to deepen cooperation and promote innovative startups with private sector participation. It was also suggested to hold an Innovation Industry Forum in Tashkent next year as part of the INNOPROM exhibition.

Fourth, enhancing energy cooperation.

The President of Uzbekistan noted that several major strategic projects are currently being implemented jointly with CIS partners in the field of traditional and alternative energy, including the construction of a nuclear power plant.

He called for the development and implementation of a long-term Program for the Innovative Development of the Energy Sector across CIS countries.

Fifth, cooperation in the field of digitalization.

The President of Uzbekistan noted that the International Forum “Development of Artificial Intelligence Technologies in the CIS”, held in Samarkand this August, demonstrated the growing mutual interest and potential for cooperation among member states. In this regard, he proposed developing a multilateral Action Plan to deepen practical cooperation in this field.

The Head of State also emphasized the importance of expanding joint projects and programs in the fields of science, education, culture, and the arts.

“Considering the dynamic development of the education sector and labor markets in our countries, we propose drafting a new Interstate Agreement on the Mutual Recognition of Diplomas, Qualifications, and Academic Programs, as well as introducing a Mechanism for the Harmonization of Professional Standards and Qualification Requirements”, the President said.

Uzbekistan also expressed its readiness to host the CIS Youth Forum in Khiva next year, with the agenda to include the establishment of a Youth Innovation Lab aimed at fostering an innovative ecosystem and supporting the creative and intellectual potential of the younger generation.

Addressing issues of regional security, the President of Uzbekistan emphasized the importance of maintaining systematic and close contacts between the foreign ministries and special services. The situation in Afghanistan requires particular attention.

“Uzbekistan remains firmly committed to ensuring long-term peace, stability, and sustainable development in Afghanistan. In this regard, we propose exploring opportunities for joint participation in major investment and infrastructure projects in this country”, the President stated.

In conclusion, Shavkat Mirziyoyev expressed his support for the reappointment of Sergey Lebedev as Secretary-General of the CIS and extended best wishes to the President of Turkmenistan Serdar Berdimuhamedov on assuming the chairmanship of the Organization.

During the meeting, heads of delegations from other CIS member states also delivered their remarks.

The summit concluded with the signing of a package of agreements and decisions aimed at strengthening cooperation across the priority areas within the Commonwealth of Independent States.

UzA

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The Central Bank forecasts the emergence of at least 10 Islamic banks by 2030

28.10.2025   114776   4 min.
The Central Bank forecasts the emergence of at least 10 Islamic banks by 2030

The Central Bank expects to establish at least 10 full-fledged Islamic banks by 2030. Also, “Islamic windows” — branches providing Sharia financial services — will appear in three state banks. The Central Bank considers Islamic finance as a tool for withdrawing funds from the shadow economy.

Why is this important

According to a UNDP survey, 68% of Uzbekistan’s population does not want to use traditional banking services due to religious beliefs. Launching Islamic banks will expand financial inclusion, increase bank assets, and reduce the share of the shadow economy. This is the largest transformation of the financial system since independence.

What happened

  • The Central Bank forecasts the emergence of at least 10 Islamic banks by 2030;
  • Three state banks (not yet defined) will create “Islamic windows”;
  • CB Deputy Chairman Abrorhuja Turdaliyev called Islamic finance a tool for bringing funds out of the shadows;
  • In September, the Legislative Chamber approved the law on Islamic banking activities in the first reading;
  • UNDP Survey: 68% of the population and 60% of businesses do not use traditional banks due to their religious beliefs.

Draft law

The document introduces the concepts of “Islamic banking activity”, “Islamic financial operations”, “investment deposit”, and others. A separate license is provided for Islamic banks. Classical banks will be able to organize “Islamic windows” if they have a license.

Islamic products: Murabaha (deferred trade financing), Mudaraba (investment partnership), Mushoraka (joint venture), Wakala (agency financing), Salam (prepayment of goods).

Features of regulation

  • Islamic banks will be able to conduct direct trade activities, establish legal entities, and acquire shares in the authorized capital without restrictions;
  • Islamic Finance Councils (Sharia Councils) will be established under the Central Bank and banks;
  • Notarial acts of Islamic banks are exempt from state duty;
  • A separate tax regime may be introduced, taking into account the specifics of Islamic finance.

Assessment of demand

The Deputy Chairman of the Central Bank clarified: when we talk about 50-60% of the population preferring Islamic finance, we are talking about those who prefer it. Those who categorically refuse traditional services are significantly fewer.

Context

Islamic finance prohibits the collection of interest (riba) and speculative operations. Instead, partnership models are used, where the bank and the client share profits and risks. Uzbekistan is a predominantly Muslim country (90%+ of the population), where a significant portion of citizens avoid traditional banks for religious reasons.

Creating 10 Islamic banks by 2030 is an ambitious task, given that there are currently around 35 commercial banks operating in the country. “Islamic windows” in state banks will allow large players (Uzpromstroybank, Halyk Bank, Asaka Bank) to enter a new segment of clients without creating separate structures.

The Central Bank sees Islamic finance as a tool for combating the shadow economy: religiously motivated citizens who do not trust traditional banks will be able to legalize funds through Sharia products.

A separate tax regime may include benefits for Murabaha-type operations, where the bank formally purchases goods and resells them to the client with a markup — to avoid double taxation.