Best Islamic digital bank: Openbank
Openbank leads in Uzbekistan’s fast‑evolving Islamic digital banking market by combining execution and product depth with full Shariah compliance. During the review period, the bank demonstrated measurable traction in customer adoption and market innovation, underpinned by a purpose‑built digital model.
The strongest signal of performance has been rapid growth in Islamic digital engagement. Monthly active users on the bank’s Islamic digital platform more than doubled in 2025, reflecting effective distribution and sustained customer usage. All Islamic digital sales were conducted on a fully Shariah‑compliant basis, with digital current accounts opened within 30 minutes, setting a domestic benchmark for speed and accessibility.
Openbank has complemented this retail momentum with tangible contributions to the development of Islamic finance infrastructure in Uzbekistan. In partnership with the International Islamic Trade Finance Corporation and local peers, it helped structure and distribute a multi‑stage Islamic financing line for small and medium-sized enterprises (SMEs). Separately, the bank played a central role in arranging Uzbekistan’s first commodity murabaha transaction with an international bank, acting as organising bank and operational agent.
Technology and execution discipline underpin these outcomes. Openbank was the first in the country to introduce fully remote account opening using electronic digital signatures and runs its core operations on Oracle Flexcube, enabling scalable Islamic products across retail and corporate segments. Together, these capabilities position Openbank as a digital Islamic bank and a system‑builder in Uzbekistan’s Islamic finance ecosystem.
