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Kinstellar supports Raiffeisen Bank International in landmark Uzbekistan market infrastructure mandate
Kinstellar has advised Raiffeisen Bank International (RBI), one of Austria's leading corporate and investment banks, on a significant Uzbekistan capital markets and regulatory infrastructure mandate. The matter involved advising RBI on Uzbekistan’s securities-market framework, the legal regime applicable to foreign custodians and intermediaries, the country’s Regulatory Sandbox regime, and the broader legal, political, and economic considerations relevant to RBI’s assessment of Uzbekistan as a market for expanded institutional activity. Kinstellar then assisted RBI with its registration as a participant in Uzbekistan’s Regulatory Sandbox regime and advised on the legal and regulatory framework enabling foreign
Uzbekistan introduces a legislative framework for Islamic banking
On 27 March 2026, the President of Uzbekistan signed Law No. LRU-1126 (the “Islamic Banking Law” or “IBL”), marking a historic milestone in the development of Uzbekistan’s financial sector. The Islamic Banking Law introduces a dual banking system designed to expand the scope of available financial services and introduce innovative banking products aligned with international Islamic finance standards. This framework enables Sharia-compliant financial services to operate concurrently and on equal footing alongside conventional banking. The Islamic Banking Law introduces comprehensive amendments to the Civil Code, Tax Code, Law on the Central Bank, and Law on Banks and Banking Activities. Its primary objective