Uzbekistan issues its first Islamic banking license — Open Bank is the recipient

First license for Islamic banking

The Central Bank of Uzbekistan announced the issuance of the country's first license to conduct Islamic banking activities. Under the regulator's board resolution No. 28/1 of October 23, 2026, Open Bank JSC was granted license No. 1-I, giving it the right to engage in Islamic banking. This was reported by the Central Bank's press service, as well as by the outlets Daryo.uz, UzNews.uz, Gazeta, Spot.uz and Kun.uz.

What the license permits

The license covers Islamic financial operations provided for by Article 5¹ of the law 'On Banks and Banking Activity.' According to UzNews.uz and Spot.uz, these include: financing a client or attracting funds into investment deposits on a profit-sharing basis; issuing and raising money under an agency agreement; financing through the sale of goods in installments; financing through advance payment for goods; financing through joint activity (partnership) or participation in the charter capital of legal entities; leasing property under Islamic lease with a buyout option (ijara). Banks conducting Islamic activities may also carry out other Islamic financial operations that do not contradict the legislation of Uzbekistan and comply with generally accepted international banking practice.

Open Bank: brief facts

According to Gazeta, Open Bank was registered on December 24, 2022. The bank's charter fund is 500 billion soums, its founder and 100-percent shareholder is Future Open Technology Group JSC, and its head is Azamat Shukhratovich Torayev.

How the regulatory framework was prepared

The first plans to create an Islamic bank in Uzbekistan were discussed back in May 2018: a draft presidential resolution provided for a ban on interest (riba), profit-and-loss sharing proportional to participation in a project, and the development of rules for takaful (Islamic insurance), ijara and sukuk. The law on Islamic banking was adopted by the Legislative Chamber on November 11, 2025 and approved by the Senate on February 5, 2026; the president signed it on March 27, 2026. The law introduced a separate license for Islamic banking, defined the legal foundations of Islamic financial operations, investment deposits and their taxation, and provided for the creation of Islamic finance councils at the Central Bank and at the relevant banks. The procedure for licensing Islamic banks and 'Islamic windows' entered into force on July 20, 2026: it requires an Islamic finance council of at least three members, a qualified executive officer, and a policy of compliance with Islamic financing standards.

The regulator's plans and context

In March 2026, a meeting with the president was told of plans to open an 'Islamic window' in at least one commercial bank and to establish two fully Islamic banks in 2026–2030; under these plans an additional approximately $1 billion in investments and deposits is expected to be attracted. In October 2025, Central Bank Deputy Chairman Abrorkhoja Turdaliev stated that by 2030 up to 10 Islamic banks could open in the country and three state banks would create 'Islamic windows'; the regulator views Islamic finance as a mechanism for channeling funds from the shadow sector into the banking system. In August 2026, Central Bank Deputy Chairman Sanzhar Nosirov said that licensing of interested banks had already begun and that before full-fledged Islamic banks appear, 'Islamic windows' are expected in traditional banks, through which the population will be able to place Islamic — investment — deposits. The Central Bank urged citizens, before using banking services, to verify that the financial institution holds the appropriate license on the regulator's official website.

Why this matters

The issuance of the first license moves Islamic banking in Uzbekistan from the legislative preparation stage into practical implementation: Open Bank has become the first bank legally able to offer operations under Article 5¹ of the law — from profit-sharing investment deposits to ijara. For citizens, this means the emergence of a new type of banking service, while for the banking system it represents the regulator's declared channel for attracting funds from the shadow sector and, according to the government's plans, up to $1 billion in additional investments and deposits by 2030. At the same time, sources have not yet reported on the timeline for launching specific Open Bank products.