KYIV, April 3. /Dunyo IA/. Uzbekistan is set to establish the Tashkent International Financial Center, launch the International Center for Digital Technologies, and introduce Islamic financing mechanisms into the banking system, reports Dunyo IA correspondent, citing Ukrainian business information portals “Open4business” and “Fixygen”.

It is noted that the current geopolitical situation opens up additional opportunities for attracting international capital. In this regard, special attention is paid to simplifying market access for investors, creating a transparent business environment, implementing international legal standards and providing additional preferences. The goal is to attract more than USD 50 billion in investment.

Among the key areas are the development of the financial and digital sectors, as well as the diversification of banking services through Islamic finance. It is expected that these new institutions will ensure an inflow of investment, job creation, export growth and the improvement of workforce skills.

As part of the initiatives, the establishment of the Tashkent International Financial Center (TIFC) with a special legal regime is planned, including an international commercial court and an arbitration center. Residents will be ensured free movement of capital, foreign exchange operations, access to digital assets, as well as tax and visa incentives. It is planned to attract up to USD 25 billion in investment by 2030 and create up to 15,000 jobs.

The launch of the “Enterprise Uzbekistan” International Center for Digital Technologies is also planned, featuring a special legal regime valid until the year 2100. This includes the implementation of a 'regulatory sandbox', startup development, and intellectual property protection. By 2030, it is expected to attract about 1,000 companies, create over 300,000 jobs and achieve an export potential of USD 5 billion.

In the banking sector, the introduction of Islamic financing instruments is planned, including Murabaha, Musharaka, Mudaraba, Wakala, Salam and Islamic leasing. Tax incentives will be established, and an Islamic Finance Council will be created under the Central Bank, along with specialized Sharia boards in commercial banks. This year, the launch of an “Islamic window” is planned in at least one bank, with the goal of establishing two fully-fledged Islamic banks between 2026 and 2030.The implementation of Islamic financial instruments is expected to attract an additional USD 1 billion in investments and deposits. Following the presentation, instructions were given to accelerate the realization of these initiatives.