Uzbekistan grants first Islamic banking license to Open Bank
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Uzbekistan has issued its first license for Islamic banking, awarding it to Open Bank, a joint-stock company, the Central Bank press service said.
The regulator’s board approved the license in Decision No. 28/1 dated Oct. 23, 2026. License No. 1-I covers the Islamic finance operations set out in Article 5-1 of the Banks and Banking Activity Law.
The Central Bank urged the public to verify on its official website that a financial institution has the appropriate license before using its services.
Uzbekistan had earlier established the procedure and conditions for organizing and licensing Islamic banking. A document that came into force on July 20, 2026 created the legal basis for setting up new Islamic banks and opening “Islamic windows” at conventional banks.
Organizations providing Islamic banking must have an Islamic finance council with at least three members, a senior manager with the required qualifications, and a policy for compliance with Islamic finance standards.