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Meeting of the Leasing Association of Uzbekistan on the Results of 2025

On February 5, 2026, the regular meeting of the Leasing Association of Uzbekistan was held online. During the event, the results of the leasing sector’s development in 2025 were summarized, key market trends were reviewed, factors constraining industry growth were identified, and expectations for the current year were outlined.

A comprehensive analytical review was presented by Zafar Mustafaev, Chairman of the Leasing Association of Uzbekistan. In his report, he highlighted the dynamics of the leasing market, presenting key quantitative and structural indicators, institutional changes, and the main drivers of industry growth.

Key Market Indicators

By the end of 2025, the total leasing portfolio in Uzbekistan demonstrated strong growth and reached UZS 11.39 trillion, which is 28% higher than in 2024.

The volume of new leasing transactions amounted to UZS 6.4 trillion, also significantly exceeding the previous year’s level. Growth was driven primarily by increased activity of major lessors, as well as the entry of new companies into the market.

At the same time, the total number of concluded contracts decreased to 10,362, indicating a shift in market focus toward more capital-intensive and investment-oriented projects. The average deal size increased to UZS 620 million, compared to UZS 411 million a year earlier.

Structure of Lessors in the Market

As of the end of 2025, leasing activities were carried out by 156 organizations, including approximately 120 specialized leasing companies and 36 commercial banks.

The main volume of operations continues to be generated by leasing companies, which account for:
  • 93.2% of the volume of new transactions;
  • 91.8% of the total leasing portfolio.
The share of banks in the market structure remains relatively small, confirming the dominant role of specialized leasing companies.

Sectoral Structure of Leasing

In the distribution of new transactions by asset type, agricultural machinery traditionally holds a leading position:

 • Agricultural machinery — 68.8%
(leaders: Uzagrolizing, MK Leasing, Autosanoat Agro Lizing)

 • Motor vehicles — 16.2%
(leaders: Fincom Leasing Group, MK Leasing, Uzbek Leasing International A.O.)

 • Technological equipment — 7.2%
(leaders: Hamkorbank, Nano Lizing, Ijara Leasing)

 • Construction machinery — 4.1%
(leaders: Hamkorbank, Uzbek Leasing International A.O.,  Ijara Leasing)

 • Real estate — 3.7%
(leaders: Asaka-Trans-Leasing, Ijara Leasing, Xalq Bank)

Regional Distribution

The largest shares of new leasing transactions in 2025 were recorded in:

 • Tashkent city — 15.3%;
 • Fergana region — 11.5%;
 • Andijan region — 9.0%.

Market Leaders

By volume of new transactions:

1. O’zagrolizing — UZS 3,579.3 billion
2. MK Leasing — UZS 712.0 billion
3. Fincom Leasing Group — UZS 543.6 billion
4. Hamkorbank — UZS 375.5 billion
5. Autosanoat Agro Lizing — UZS 206.7 billion
6. Uzbek Leasing International A.O. — UZS 184.3 billion
7. Ijara Leasing — UZS 180.7 billion
8. Asaka-Trans-Leasing — UZS 86.3 billion
9. Truck Asia Leasing — UZS 61.1 billion
10. Taiba Finance — UZS 59.9 billion

By leasing portfolio volume:

1. O’zagrolizing — UZS 6,711.8 billion
2. Uzbek Leasing International A.O. — UZS 697.3 billion
3. MK Leasing — UZS 695.1 billion
4. Hamkorbank — UZS 615.7 billion
5. Fincom Leasing Group — UZS 543.6 billion
6. Autosanoat Agro Lizing — UZS 474.3 billion
7. Ijara Leasing — UZS 222.3 billion
8. Asaka-Trans-Leasing — UZS 200.1 billion
9. Mogo Lend — UZS 139.7 billion
10. Qurilishmashlizing — UZS 127.0 billion

Factors Constraining Industry Development

During the discussions, the Association identified a number of systemic constraints that negatively affect the development of the leasing market:
  •  the requirement to record leased assets exclusively on the lessee’s balance sheet;
  •  restrictions on the import of vehicles and specialized equipment;
  •  the absence of leased equipment in the “Shaffof Qurilish” rating system.
The Leasing Association of Uzbekistan continues active cooperation with relevant government authorities aimed at improving the regulatory framework and eliminating existing barriers to the further development of the industry.

Initiatives and Activities of the Association

Throughout 2025, the Leasing Association of Uzbekistan implemented a number of significant educational, institutional, and international initiatives aimed at enhancing the professional capacity of market participants and developing the leasing industry as a whole. Key areas of activity included:
  • organization of industry seminars and specialized training programs for market participants;
  • implementation of educational programs in the field of Islamic finance;
  • organization of events focused on risk management and the sustainability of leasing businesses;
  • participation of Association representatives in international leasing forums, conferences, and professional platforms;
  • preparation and submission of proposals to relevant ministries, agencies, and authorities aimed at improving the regulatory framework and developing Uzbekistan’s leasing ecosystem.

Expectations for 2026

In 2026, the Association and market participants expect further steady development of the leasing sector, including:
  • maintaining sustainable growth rates of the leasing market in Uzbekistan;
  • deeper digitalization and automation of leasing operations;
  • growth in the volume of financial leasing within lessors’ activities;
  • implementation of ESG approaches and development of “green” financing instruments;
  • broader application of Islamic finance instruments among leasing companies and banks.
The full set of presentations is available at the following link:
https://drive.google.com/drive/folders/1AzCWAoDccLupB3Z4XrzNFwTz6fO_Nd3O?usp=drive_link