Transforming Finance in Uzbekistan

The world-class facilities, diverse learning environments, and access to the resources of both institutions allowed us to develop a deep understanding of Islamic Finance and its potential impact in our country's growing economy. Today, we are working at the forefront of financial innovation in Uzbekistan—at the Central Bank of Uzbekistan, Microcredit bank, and the International Islamic Academy of Uzbekistan —helping to shape the future of Islamic finance.

The support and mentorship from our professors were exceptional. Their expertise and passion for Islamic Finance helped us grasp and apply complex concepts practically. They encouraged critical thinking, preparing us to be problem-solvers in a developing financial landscape. Studying in Dundee also exposed us to a global perspective, fostering the ambition to make a meaningful contribution upon returning to Uzbekistan.

In Uzbekistan, where Islamic Finance is still emerging, we are now applying the skills and insights gained from our studies. With over 90% of the population being Muslim, the introduction of Islamic Finance is poised to create significant change. It aligns with the country’s ‘Uzbekistan – 2030’ Strategy, which aims to establish new Islamic banks and foster competition with conventional institutions. As estimated by experts, Islamic Finance is not just an alternative—it’s a disruptive force with the potential to attract, $10 billion in investment and generate $100 million in government revenue.

Mumtozaposho Kurbonova will be starting a new role in Spring 2025 as a lecturer and will graduate this November in MSc in Islamic Finance. Abdurakhmon Kamalov and G’olib Ro’zimurodov, both of whom have graduated with an MSc in Islamic Banking, Finance, and International Business. Abdurakhmon is presently employed at the Central Bank of Uzbekistan, while G’olib works at Microcreditbank.