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Islamic Window or Full Islamic Bank?
How Uzbek Banks Can Define, Launch, and Scale Future-Ready Islamic Banking Models
 
As Uzbekistan advances its Islamic finance agenda, banks are increasingly evaluating how to participate in one of the region’s most promising financial growth opportunities. With regulatory momentum building and rising interest from both institutions and customers, the market is now moving from early exploration toward practical execution and scalable operating models.
 
One of the first strategic decisions banks must address is whether to launch Islamic finance services through an Islamic window within their existing conventional banking structure or establish a fully-fledged Islamic bank.
 
While both models provide viable pathways into Islamic finance, each introduces different considerations across governance, operations, technology architecture, compliance, investment requirements, customer experience, and long-term scalability. Banks must carefully assess how to balance speed-to-market with operational readiness, future growth ambitions, and sustainable profitability.
 
At the same time, successful implementation extends beyond regulatory readiness. Banks must also define their product strategy, operational model, Shari’ah governance framework, profit calculation and distribution mechanisms, digital customer experience, and integration approach with existing banking systems and channels.
 
This executive Digital Think Tank brings together senior banking leaders in Uzbekistan, alongside Azentio Subject Matter Expert Khaled Berjawi, SVP Product Management - Islamic Banking, to discuss practical approaches for defining, launching, and scaling Islamic finance operations while building sustainable, digitally enabled, and future-ready operating models.

Discussion

Topics

Islamic Window or Full Islamic Bank? What factors should banks evaluate when deciding between launching an Islamic window or establishing a fully-fledged Islamic bank? How do the two models differ from an operational, regulatory, investment, and scalability perspective? Which approach best supports phased market entry while preserving long-term strategic flexibility?

Building the Right Operating Foundation - What are the foundational building blocks required to successfully launch Islamic banking operations? How can banks establish governance, compliance, and operational segregation while minimizing disruption to existing structures?

Product Strategy & Early-Stage Priorities - Which Islamic banking products should banks prioritize during the initial phases of implementation? How can banks balance customer demand, operational complexity, and speed-to-market when defining their product roadmap?

Profit Calculation, Transparency & Shari’ah-Compliant Operations - What are the key considerations around profit calculation, profit distribution, and Islamic accounting mechanisms? How can banks ensure transparency, accuracy, auditability, and operational efficiency while maintaining Shari’ah compliance? What role can automation and intelligent monitoring play in strengthening operational control and customer confidence?

Technology Integration, Digital Enablement & Scalability - How can banks integrate Islamic finance capabilities into existing core banking and digital banking environments while minimizing complexity, risk, and duplication? How important are digital channels, APIs, and automation in scaling Islamic finance services successfully? What technology and operating models best support long-term scalability, agility, and ecosystem integration?

The Future of Islamic Finance in Uzbekistan - Could Uzbekistan become a leading Islamic finance hub within Central Asia? What role will conventional banks play in accelerating Islamic finance adoption and ecosystem development? What market, regulatory, and ecosystem developments will be critical for sustainable industry growth over the next five years?

SUBJECT MATTER EXPERT

Khaled Berjawi

Speaker 1

Senior Vice President Product Management at Azentio

Azentio

Khaled Berjawi is Senior Vice President Product Management - Global Islamic Banking at Azentio, with more than 23 years of experience across Islamic banking, financial technology, product strategy, and digital transformation. Throughout his career, Khaled has partnered closely with banks across global markets, supporting product innovation, core banking transformation, and the development of practical technology roadmaps. At Azentio, Khaled helps financial institutions translate business priorities into scalable, Shari’ah-compliant banking solutions that support growth, operational efficiency, and digital modernization.

ABOUT

Azentio

Azentio is a leading provider of purpose-built, intelligence-driven technology solutions designed to transform the banking, financial services, insurance (BFSI), and enterprise resource planning (ERP) sectors. By combining cutting-edge innovation with deep domain expertise, Azentio empowers businesses to accelerate growth, enhance operational efficiency, and stay ahead in a rapidly evolving market. With a strong presence across the Middle East, Africa, and Southeast Asia, Azentio delivers world-class technology that streamlines processes and delivers tangible results, enabling organizations to achieve sustainable success.