Thursday, May 15, 2014

Tajikistan to pass Islamic banking law by the end of June


IFN Asia Forum 2014
11 days to go
Thursday 15th May 2014
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TAJIKISTAN: Speaking to Islamic Finance news, the National Bank of Tajikistan (NBT) has confirmed that the country’s lower chamber of the parliament (Majlisi Namoyandagon) approved the draft law of the Republic of Tajikistan entitled “On Islamic Banking Activity”, on the 14th May 2014. The central bank confirmed that the law will be tabled and subsequently be approved by the Higher Chamber of the Parliament (Majlisi Milli) in June.

The upcoming legislation will provide a foundation to facilitate Islamic banking activities in the country. Following the passing of the law, relevant authorities will be able to develop regulations and a legal framework for the setting up of standalone Islamic banks as well as Shariah compliant windows.

The draft law was presented by Abdujabbor Shirinov, the chairman of NBT, during a meeting of the Majlisi Namoyandagon, according to a local daily. Abdujabbor said that the 2009 global financial and economic crisis prompted numerous international financial institutions to shift towards the principles of Islamic finance. He also pointed out that Islamic finance principles have demonstrated resilience to successfully overcome the crisis. As a result, this led to the introduction of Islamic finance principles in countries such as the US, some countries of the EU, China, Russia, Azerbaijan, Kyrgyzstan, and Kazakhstan.

Tajikistan’s Islamic banking law has been on the cards since 2012 (see IFN Vol.9 Iss.49). With a 98% Muslim population, the republic has shown significant interest in Islamic banking, particularly in the area of Shariah compliant microfinance (see IFN Vol. 11 Iss. 15).


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