Uzbekistan has issued its first license to carry out Islamic banking, granting 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 provided for in Article 5-1 of the Banks and Banking Activity Law.
The Central Bank asked the public to check on its official website that a financial institution holds the relevant license before using its services.
Uzbekistan earlier set the procedure and conditions for organizing and licensing Islamic banking. A document that took effect July 20, 2026 created the legal basis for establishing new Islamic banks and opening “Islamic windows” at conventional banks.
Organizations offering Islamic banking must have an Islamic finance council of at least three members, a senior manager with the relevant qualifications and a policy on compliance with Islamic finance standards.
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