The President of the Republic of Uzbekistan signed the "Nonbank Financial Institutions and Microfinance Activities" Law – 20 April 2022

This Law provides for rules aimed at:
 

• expansion of sources of financing for the activities of non-bank credit institutions;
   
• Increasing the availability of financial services, including the creation of a legal framework for the provision of Islamic finance services by microfinance organizations;
   
• establishing the possibility of testing new financial services within the framework of the “regulatory sandbox”;
   
• reduction of the regulatory burden as a result of the application of proportional regulation of the activities of non-bank credit institutions;
   
• improvement of the system for protecting the rights of consumers of services of non-bank credit institutions.

The Law comes into force from the date of its official publication.