Tashkent, Uzbekistan (UzDaily.com) -- The Law "On non-banking credit organizations and microfinance activities" was signed by the President. 

According to the law, a microfinance organization, pawnshops, and a mortgage refinancing organization are non-bank credit organizations.

Microfinance organizations can provide services such as leasing, providing guarantees, provide factoring services and Islamic finance services, issue consumer loans (up to 300 million soums).

Microfinance organizations can provide services related to Islamic finance - financial services developed by the Central Bank in accordance with the provisions of international organizations that set standards for the implementation of Islamic finance.

Pawnshops issue short-term (up to 1 year) microcredits (up to 50 million soums) on bail.

Non-bank credit organizations are not entitled to carry out production, insurance, trading activities and attract contributions (deposits).

The activities of a microfinance organization or an organization for refinancing a mortgage are carried out after registering an account in the relevant registers.

Pawnshop activity is carried out after confirmation by the Central Bank of receipt of a notification about the beginning of pawnshop activity.

State regulation and control over the activities of non-bank credit organizations is carried out by the Central Bank. 

This Law shall enter into force on the day of its official publication.