Current cash operations will be adapted to Islamic banking activities
While in traditional banking practice, income is often expressed in the form of interest, in Islamic finance, it takes the form of profit, margin, or other forms.
Current cash operations will be adapted to Islamic banking activities
Cash and CIT (cash-in-transit) collection processes in banks have been improved.
The resolution of the Board of the Central Bank "On introducing additions and amendments to the Instruction on the organization of cash work, collection of cash and other valuables in commercial banks" was state registered at the Ministry of Justice on October 9, 2026, under No. 3028-11.
The amendments are primarily aimed at aligning current cash rules with the legislation on the introduction of Islamic banking activities in Uzbekistan.
While in traditional banking practice income is often expressed in the form of interest, in Islamic finance profit, markup, or other forms of income may be applied. For this reason, certain norms in the instruction were expanded, introducing the concept of "other income" alongside "accrued interest." Additionally, the phrase "deposits and accrued interest on them" was replaced with the broader concept of "funds."
This allows the requirements for cash operations to be applied to Islamic finance operations alongside traditional banking services.
The document also clarified the procedure for transporting cash and other valuables:
- interregional transportation of cash foreign currency and other valuables between commercial banks and their branches is carried out on the basis of an order of the Central Bank;
- transportations within a region are organized on the basis of orders of the relevant structural divisions of collection services.
In this case, Central Bank orders regarding the transportation of cash and other valuables are automatically generated in the "Electronic Orders" program and sent electronically to the sending and receiving bank divisions.
Furthermore, commercial banks that have organized a collection service based on established requirements are granted the opportunity to independently transport cash and other valuables between their divisions.
At the same time, escorting vehicles during the interregional transportation of cash and other valuables is carried out on the basis of a contract concluded with the Traffic Safety Service of the Public Safety Department of the Ministry of Internal Affairs.
These changes mainly regulate internal bank cash operations and collection processes. They serve to adapt cash operations to the specific aspects of Islamic banking activities, clearly define powers for transporting cash and valuables, and transfer the exchange of relevant orders into electronic form.