The Central Bank of Uzbekistan has granted Open Bank the country’s first licence to carry out Islamic banking operations. The board approved licence No. 1-I on 23 October 2026, allowing the private bank to offer six Islamic contracts, including murabaha, ijara and musharaka, under a new Islamic banking law, UzDaily reported on 26 October.
The details
- Who issued it: The board of the Central Bank of Uzbekistan, under Resolution No. 28/1.
- Who received it: Open Bank, a joint-stock commercial bank, whose shareholders approved the move at their annual meeting on 29 June 2026, including a three-year term for an Islamic finance council.
- What it covers: Six Islamic financial operations defined in law: mudaraba, wakalah, murabaha, salam, musharaka and ijara, plus other operations consistent with international practice and Uzbek law.
- Legal basis: A law on Islamic banking signed by President Shavkat Mirziyoyev on 27 March 2026, which came into force on 29 June 2026.
The licence caps a gradual opening. Uzbekistan allowed microfinance institutions to offer Islamic finance in 2022, with Central Bank rules following in July 2024. In July 2026, the Ministry of Justice registered changes to banking licensing rules that added requirements such as a three-year business plan. Under the new framework, conventional banks that open Islamic windows must keep separate accounts, set up a specialised unit and appoint a compliance council.
The timing is notable. Days earlier, the ICD-LSEG Islamic Finance Development Report 2026 named Uzbekistan among the markets that made notable gains on its development indicator, alongside Azerbaijan, Türkiye and several African countries.
Why it matters
Uzbekistan is a Muslim-majority country of more than 35 million people where Islamic banking has so far been limited to microfinance. A full banking licence moves Islamic finance into the mainstream financial system. For Islamic banks, fintechs and advisers in the Gulf, Malaysia and Türkiye, Central Asia is becoming a real expansion market rather than a long-term idea.
It also offers a template for other countries. Uzbekistan passed a dedicated law first, then licensing rules, then issued a licence to an existing bank, rather than waiting for a new bank to be built from scratch.
What’s next
According to UzDaily, the authorities plan two fully Islamic banks and Islamic banking units in at least one commercial bank between 2026 and 2030, with preliminary estimates of about US$1 billion in potential investment and deposits. In April 2026, Deputy Chairman Sanjar Nosirov said four or five foreign banks had shown interest in entering the market, and the regulator planned to adopt up to seven Islamic finance standards by the end of 2026. These are plans, not confirmed licences.
FAQ
Open Bank, which received licence No. 1-I on 23 October 2026.
Yes. It was signed on 27 March 2026 and took effect on 29 June 2026.
The authorities plan two full Islamic banks and Islamic windows by 2030, and several foreign banks have shown interest.
Source: UzDaily.uz, 26 October 2026.
