Open Bank becomes first in Uzbekistan to secure Islamic banking licence
Uzbekistan’s Open Bank has become the country’s first financial institution to receive an Islamic banking licence, marking a new stage in the government’s efforts to introduce Sharia-compliant banking services.
The Central Bank of Uzbekistan approved the licence on 23 October 2026, allowing Open Bank to conduct Islamic financial operations under Article 5¹ of the country’s Law on Banks and Banking Activities.
The regulator announced the decision on 26 October.
Open Bank was registered by the Central Bank in late 2022. As of 26 October, its authorised capital stood at UZS 500bn ($42.2mn), while its shareholder was Future Open Technology Group, according to Uzbekistan’s Unified State Register of Enterprises and Organisations.
The Central Bank also reminded customers to verify financial institutions’ licences through its official website before using their services.
Uzbekistan expands Islamic finance regulations
The licensing decision follows legislation adopted in June 2026 that established a legal framework for Islamic banking in Uzbekistan.
The reforms are intended to help the country enter the global Islamic finance market, estimated to be worth $6tn.
Unlike conventional banking, Islamic finance prohibits interest-based transactions and relies on arrangements involving asset-backed financing, profit-sharing and other structures that comply with Islamic financial principles.
Uzbekistan’s Central Bank is developing additional standards for murabaha, a financing arrangement involving the sale of assets at an agreed profit margin, and mudaraba, a partnership in which one party provides capital and another manages the investment.
The regulator plans to introduce these standards gradually. By early August, it had already amended 15 regulatory documents covering Islamic banking licences, risk management and other operational requirements.
Islamic financial services were previously available through microfinance organisations, which are authorised to offer five types of financing: murabaha, Islamic ijara, salam, mudaraba and musharaka.
Open Bank’s licence marks the expansion of this framework into the commercial banking sector, although the bank has not yet announced when its Islamic banking products will become available to customers.
