The central Asian nation of Tajikistan has opened its first full-fledged Islamic bank.
OJSC Tawhidbank opened in September and is licensed under the central bank, the National Bank of Tajikistan, it said in a statement on September 20.
Tawhidbank has its roots in conventional mid-sized bank Sohibkorbank, which was set up in 1999.
The joint stock bank converted to become a full-fledged Shariah-compliant financial institution after partnering with the Islamic Corporation for the Development of the Private Sector (ICD), a member of the Islamic Development Bank Group.
It currently has five branches and 48 banking services throughout the former Soviet bloc nation.
The majority-Muslim country of around 9.3 million people is a member of the Organisation of Islamic Cooperation (OIC).
Tajikistan currently has seventeen banks, including Tawhidbank, according to data from the central bank.