Crossroads Asia | Economy | Central Asia

Will Islamic Finance Expand Financial Inclusion in Uzbekistan?

Does removing a religious objection make financing accessible and affordable?

On October 23, the Central Bank of Uzbekistan (CBU) issued its first license granting official permission to provide Islamic banking services to Open Bank Joint-Stock Company, marking a new page in the country’s attempt to expand financial inclusion. 

Uzbekistan has been trying to expand access to financial services and bring more money into the formal banking system for years. In 2019, Uzbekistan became a member of the International Islamic Trade and Finance Corporation and the Investment and Export Credit Insurance Islamic Corporation.

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On October 23, the Central Bank of Uzbekistan (CBU) issued its first license granting official permission to provide Islamic banking services to Open Bank Joint-Stock Company, marking a new page in the country’s attempt to expand financial inclusion. 

Uzbekistan has been trying to expand access to financial services and bring more money into the formal banking system for years. In 2019, Uzbekistan became a member of the International Islamic Trade and Finance Corporation and the Investment and Export Credit Insurance Islamic Corporation.

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