Uzbekistan grants first Islamic banking licence to Open Bank
Uzbekistan’s Central Bank has granted Open Bank the country’s first Islamic banking licence, allowing the lender to offer Shariah-compliant financial services as part of efforts to develop the country’s Islamic finance sector.
The licence was approved on October 23 and announced by the regulator on October 26, following the introduction of legislation earlier this year establishing a legal framework for Islamic banking. Open Bank is authorised to conduct Islamic banking operations under Article 5¹ of the country’s Law on Banks and Banking Activities.
The decision marks the extension of Islamic financial services into Uzbekistan’s commercial banking sector. Previously, such services were available through microfinance organisations permitted to offer products based on Islamic financing principles.
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Muhammad Ali Bandial