The Central Bank of Uzbekistan issued Open Bank the country's first Islamic banking license. The regulator made this decision on October 23, 2026. The license covers Islamic financial operations provided for in Article 5¹ of the Law on Banks and Banking Activities.
About the Bank
According to UIREO portal data, the Central Bank registered Open Bank in late 2022. As of October 26, 2026, the bank's capital is 500 billion soums. The organization's shareholder is Future open technology group.
Regulator's Notice
The Central Bank's press service noted that before using services, one must verify that a financial organization has a license. Documents can be checked on the regulator's website.
Regulatory Framework Development
The Islamic banking law was adopted in June 2026. It is expected to allow Uzbekistan to enter the global Islamic finance market worth $6 trillion.
- The Central Bank is developing Islamic standards in phases, including murabaha and mudaraba standards.
- As of early August 2026, changes reflecting Islamic banking have been incorporated into 15 documents.
- The innovations affected licensing requirements for Islamic finance operations, risk management, and other standards mandatory for financial organizations.
Microfinance Organizations
Microfinance organizations in the country already provide Islamic finance services under special provisions. They can currently offer five types of such services: murabaha, Islamic ijara, salam, mudaraba, and musharaka.