Uzbekistan issues its first Islamic banking licence: Open Bank and a $1bn plan
On October 23 the Central Bank granted Open Bank the country's first Islamic banking licence. Here is the legal basis, the permitted Shariah-compliant services and the state's 2026–2030 attraction plan — verified facts only.
The Central Bank of Uzbekistan granted Open Bank Joint-Stock Company the country's first Islamic banking licence on October 23. Approved by the regulator's board and issued under number 1-I, the decision was announced on October 26. It marks the first practical step toward establishing Islamic banking in Uzbekistan.
The legal basis
Ahead of the licence, a law establishing the legal framework for Islamic banking was adopted. Signed by President Shavkat Mirziyoyev, it took effect on June 29, 2026, adding provisions on Islamic finance operations to the Law on Banks and Banking Activities and granting legal recognition to Shariah-compliant financial instruments.
Permitted services
The licence authorises the bank to use a range of Islamic financing methods: murabaha (instalment sale financing), musharaka (joint venture), mudaraba (profit-sharing partnership), wakala (agency), salam (advance payment for goods) and ijara (Islamic leasing).
The Central Bank's role
Under the law, the Central Bank is empowered to approve Islamic finance standards and to set up an Islamic Finance Council. Institutions offering Islamic banking must establish their own Shariah councils to ensure the compliance of their operations.
Financial inclusion and the plan
The reform aims to broaden access to finance for citizens and businesses that avoid conventional banking for religious reasons. According to official figures, Uzbekistan plans to attract about $1 billion in investment and deposits through Islamic banking between 2026 and 2030.
Context
The licence continues Uzbekistan's step-by-step build-out of an Islamic finance ecosystem, which also includes work on sukuk (Islamic bonds) and takaful (Islamic insurance). With the licence issued, the system has now entered its operational phase.
