The Central Bank of Uzbekistan has announced the issuance of the country’s first licence to provide Islamic banking services.
The licence, numbered 1-I, was granted to Open Bank. The regulator’s board approved the decision on October 23.
The licence authorises the bank to conduct Islamic financial operations provided for under Article 5−1 of the Law on Banks and Banking Activities. These include:
- Financing clients or accepting investment deposits on a profit-sharing basis (mudaraba);
- Providing funds and accepting money into accounts under agency agreements (wakala);
- Financing clients through instalment sales (murabaha);
- Financing clients through advance payments for goods (salam);
- Financing clients through joint ventures or equity participation in legal entities (musharaka);
- Providing assets under Islamic leasing arrangements with an option to purchase (ijara).
The English version of this material was generated with the assistance of AI translation tools and may differ slightly from the original text.
