Open Bank announces Islamic banking authorisation in Uzbekistan

Open Bank has announced that it has received licence No. 1-I to conduct Islamic banking activities in Uzbekistan. The authorisation follows Central Bank Board Decision No. 28/1, dated October 23, 2026. The bank confirmed the licence in its October 26 announcement, presenting it as a new step in the development of its financial services.

The Central Bank lists Open Bank as a private joint-stock commercial bank. Its register records the bank’s main banking licence as No. 89, dated September 15, 2025. The newly announced document, No. 1-I, concerns permission to undertake Islamic banking activities.

Digital banking business and name change

Open Bank provides services to individuals and legal entities through remote channels. The institution previously operated as Smart Bank and received its initial operating licence in December 2022. It changed its name in June 2025, continuing its development as a digital bank.

Shareholders approved the Open Bank name at their meeting on June 17, 2025. The meeting had a quorum of 100%, and the name-change decision was unanimous. The decision also provided for the bank’s website domain to change to openbank.uz and assigned the management board the corresponding documentation updates.

Dated company figures

At October 1, 2026, the bank’s reported assets totalled 1.8 trillion Uzbek sum. Its company profile also identified the following figures:

• Charter capital of 500 billion Uzbek sum;
• Future Open Technology Group as the main shareholder, with an 85.1% stake.

The authorisation follows the introduction of Uzbekistan’s Islamic banking framework, which came into force in June 2026. That framework addresses the categories of Islamic financial operations, licensing requirements for banks and taxation arrangements. The bank’s new licence is the first issued in the country for Islamic banking activity.

Open Bank says it intends to offer customers services based on Islamic finance principles. Its licensing announcement identifies the relevant authorisation and Central Bank decision, without setting out prices, application conditions or the launch timetable for individual products.