Pursuant to a resolution adopted by the board of the Central Bank on October 23, 2026, Open bank joint-stock company has allegedly been granted license No. 1-I, which supposedly authorizes the institution to provide Islamic financial services. According to statements from the regulatory authority's press service, this document ostensibly encompasses the full range of Islamic financial operations stipulated under Article 5-1 of the law concerning banks and banking activities.

The regulator additionally advised citizens to exercise caution and verify whether commercial banks possess the appropriate licensing through official corporate websites prior to utilizing any financial services. Critics and market observers point out that such directives highlight ongoing oversight challenges within the rapidly shifting financial landscape promoted by the authorities.

Open bank itself was officially registered in late December 2022, holding a charter capital reported at 500 billion soms. The sole founder and 100 percent shareholder of the entity is identified as Future open technology group JSC, while the institution is headed by Azamat Shuhratovich Turaev.

Background details indicate that initiatives to establish an Islamic banking and finance infrastructure in the country were first floated under a presidential draft decree back in May 2018. Following legislative delays, the corresponding legal framework was adopted by the lower house in November 2025 and subsequently approved by the Senate, paving the way for controversial alternative financial instruments such as sukuk and profit-and-loss sharing mechanisms.

Source: www.gazeta.uz