Central Bank issues Open Bank Uzbekistan's first Islamic banking license

The basis for this was the Central Bank Board's resolution No. 28/1 of October 23, 2026. The license allows operations listed in Article 5-1 of the Law "On Banks and Banking Activities". These include mudaraba (financing and deposits with profit sharing), wakala (under an agency agreement), murabaha (sale of goods to a customer in installments), salam (prepayment for goods), musharaka (partnership or participation in the authorized capital) and ijara (Islamic leasing with the right to purchase). The law also allows for other Islamic operations if they comply with international practice and do not contradict the legislation.

Open Bank is already operating as a commercial bank: in September 2025, it changed its name from Smart Bank. As Gazeta.uz writes, citing the disclosure of corporate information, the shareholders approved the launch of Islamic banking on June 29, 2026, and decided to create an Islamic Finance Council within the bank.

The law on the introduction of Islamic banking was signed by the President on March 27, 2026, and came into force on June 29. In March, at a meeting with the head of state, there was talk of plans to open at least one "Islamic window" in a commercial bank, and in 2026-2030, to create two full-fledged Islamic banks. This is expected to attract around $1 billion in investments and deposits.

The Central Bank called on citizens to check the bank's license on the regulator's official website before using its services.