Tashkent, 26 October. The Central Bank of Uzbekistan has issued the country's first licence for Islamic banking, to the commercial lender Open Bank, the regulator's press service said.
The central bank's board took the decision on 23 October. The bank received licence No. 1-I, which entitles it to carry out the Islamic financial operations provided for by Article 5-1 of the Law on Banks and Banking. Open Bank is an existing lender: in September 2025 it changed its name from Smart Bank to Open Bank and reissued its main licence No. 89. The new licence allows it to offer Islamic finance alongside conventional banking. The bank's shareholders approved the launch of Islamic banking as early as 29 June 2026.
Islamic banking is financial services built on the prohibition of interest: instead of interest-bearing loans, the bank earns from a trade mark-up, leasing or profit-sharing. In Uzbekistan the legal basis was laid by a law of 27 March 2026 that took effect on 29 June. It provides for six main types of transactions: mudaraba (investment with profit-sharing), wakala (an agency agreement), murabaha (the bank buys goods and sells them to the client in instalments at an agreed mark-up), salam (prepayment for goods delivered later), musharaka (joint financing and equity participation) and ijara (Islamic leasing, including lease-to-own). The absence of interest does not mean free money: the bank's income is simply named and calculated differently.
A separate licence is required both to set up a full-fledged Islamic bank and to open an "Islamic window" at a conventional bank. In the latter case the bank may offer both types of products but must keep separate accounts and set up an Islamic finance unit and a special council to check that its services comply with the standards.
Open Bank's sole shareholder is Future Open Technology Group, which owns all 500 million of the bank's shares with a nominal value of 500 billion soums. According to the iHamkor service as of September 2026, the group's founders are Sherzod Tashpulov, chairman of the bank's supervisory board (95.16%), and Infovest Capital — FZCO (4.84%).
What it means: Uzbekistan's first bank entitled to offer interest-free financing under Islamic principles is up and running: four months after the law took effect, the regulator issued a licence, giving clients an alternative to conventional loans and deposits.
Who benefits: Clients who do not use interest-bearing products for religious reasons; Open Bank, which gains first-mover status in a new market.
Background: Besides the six types listed, the 2026 law allows other Islamic transactions that conform to international banking practice and do not contradict Uzbek law. Komilkhodzha Sultanov (10%) and Zafar Adilov (4.9%) previously also held stakes in the bank; according to 2025 data, the parent company's main owner was Investment Development-Textile, linked to Sh.Tashpulov.
