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TAJIKISTAN:
The law ‘On Islamic Banking Activity’ approved in draft form by the
Republic of Tajikistan’s lower chamber of parliament (Majlisi
Namoyandagon) in May, has come into force this week, according to
reports by local press. The law, which has been mooted by Tajikistan’s
government since 2012 with the aim of granting licenses to financial institutions
operating on Shariah principles and regulating their activities, came
into effect on the 5th August following its publication in
the official government gazette.
The
IDB has played a crucial role in the development of Tajikistan’s
Islamic banking law, confirming via an email to Islamic Finance news that
technical assistance of US$300,000 was granted in 2012 for the initial
development of the legislation. Malaysia-based law firm Zaid Ibrahim
& Co was selected by the National Bank of Tajikistan to draft two
versions: a banking law with amendments and a standalone law on Islamic
banking. The standalone submission was chosen by the government to go
before parliament and has become the first law on Islamic banking to be
approved by a post-Soviet country, according to the IDB.
To
date the IDB has provided financing totaling US$264.9 million for 48
projects in Tajikistan, 17 of which are still currently active.
Technical assistance to aid in the implementation of the country’s
Islamic banking law will also be provided; details are still to be
determined but it is expected that the new round of technical
assistance will be made available in October, following submission of a
final report by Zaid Ibrahim & Co.
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