Uzbekistan Launches Tashkent International Financial Center, IT Hub, and Islamic Banking Services
President Shavkat Mirziyoyev has reviewed ambitious plans to strengthen Uzbekistan’s financial and technological landscape, including the establishment of the Tashkent International Financial Center (TIFC), the Enterprise Uzbekistan digital hub, and the introduction of Islamic banking services.
1. Tashkent International Financial Center (TIFC)
Designed to become a key driver of investment and economic growth in Uzbekistan:
- Investment potential: Up to $25 billion by 2030
- Economic impact: Expected to contribute up to 1% additional annual GDP growth
- Job creation: Approximately 15,000 high-skilled jobs and professional development for 10,000 specialists
- Legal framework: Incorporates aspects of English and Welsh common law, with autonomy for internal regulations, an international commercial court, and an arbitration center
- Resident benefits: Free capital movement, modern payment systems including digital assets, tax incentives, and simplified visa procedures
- Core activities: Financial investment, banking, insurance, digital assets, securities, payment services, and fintech
2. Enterprise Uzbekistan – International Digital Technology Hub
The hub will foster innovation and attract tech investment:
- Long-term legal framework: Special regime valid until 2100
- Regulatory sandbox: Enables testing new solutions, payroll in foreign currencies, and international labor standards
- Key focus areas: Artificial intelligence, digital transformation, R&D, startups, certification, and data centers
- Economic impact: Expected to attract up to 1,000 companies, create 300,000 jobs, and reach $5 billion in exports by 2030
- Incentives: IP protection, investment safeguards, tax and customs benefit
3. Islamic Banking Services
Uzbekistan is introducing Sharia-compliant financial instruments:
- Key products: Murabaha, Mudaraba, Wakala, Salam, Musharaka, and Islamic leasing
- Tax incentives: VAT exemptions on margins, tax-free investment income, leasing contracts treated like conventional finance leases
- Governance: A Council for Islamic Finance under the Central Bank, with subsidiary councils in participating banks
- Investment potential: Expected to attract $1 billion in investments and deposits by 2030
Strategic Significance
President Shavkat Mirziyoyev emphasized that these initiatives position Uzbekistan as a modern financial and technological ecosystem in Central Asia, providing:
- Competitive advantage amid global geopolitical tensions
- A transparent, investor-friendly business environment
- Opportunities for international financial and tech companies to expand in a growing market
By combining financial innovation, digital infrastructure, and Islamic banking, Uzbekistan aims to attract global capital and strengthen its international economic profile.