Based on English law
A delegation from Uzbekistan, which included representatives of the Central Bank and the country's largest commercial banks, visited London to participate in the international IFN UK Forum. During the trip, information about which was published with a delay of several weeks, Uzbek financiers held a series of negotiations with leading participants of the British market. Among them were the London Stock Exchange, the HSBC financial group, the UK Export Finance agency, as well as investment companies Gemcorp Capital and Baillie Gifford. Together with the organization TheCityUK, the Uzbek side organized a specialized meeting dedicated to the development of partnership ties.
The main topic of discussion was the introduction and expansion of Islamic finance instruments in Uzbekistan. Experts examined in detail the mechanisms for attracting international capital through the issuance of sukuk — Islamic bonds, whose holders receive a share of the profits from the funded projects instead of traditional interest. The choice of the British capital for these consultations is explained by the fact that the London Stock Exchange accounts for more than half of the global volume of US dollar-denominated sukuk issuances.
This visit highlights the consistent strengthening of the UK's financial influence in the Central Asian republic. The introduction of British standards is proceeding in several directions at once. In particular, the IPO of the National Investment Fund of Uzbekistan ("UzNIF") took place earlier, and starting from 2027, the republic plans to launch the Tashkent International Financial Centre, which will operate on the basis of English law.