Uzbekistan Issues First License for Islamic Banking to Open Bank

Uzbekistan's Central Bank has granted the country's first license for Islamic banking activity, its press service reported.

Under decision No. 28/1 of the regulator's board dated 23 October 2026, Open bank joint-stock company received license No. 1-I, which allows it to carry out Islamic banking. The license covers Islamic finance operations provided for in Article 5¹ of the law "On Banks and Banking Activity."

The Central Bank asked citizens to check on the regulator's official website that a financial institution holds the relevant license before using its banking services. The procedure for establishing and licensing Islamic banks was set earlier. A document in force since 20 July 2026 creates a legal basis for new Islamic banks and for "Islamic windows" in conventional banks. Organisations offering Islamic banking must have an Islamic finance council of at least three members, a qualified manager, and a policy ensuring compliance with Islamic finance standards.