ISLAMIC FINANCE IN THE CONTEXT OF GLOBAL TRANSFORMATIONS: CHALLENGES AND OPPORTUNITIES FOR UZBEKISTAN

Abstract

This article analyzes the development of Islamic fnance in Uzbekistan, with particular attention to its impact
on the national economy. Islamic fnance, rooted in Sharia principles, is a vital and rapidly expanding segment of the
global fnancial market, gaining traction in many countries, including Uzbekistan. The article examines global trends in
Islamic fnance such as the role of sukuk, Islamic banks, and emerging technologies like FinTech and their influence on
economic stability and the growth of small and medium-sized enterprises (SMEs). Special attention is paid to Uzbekistan’s
legislative efforts aimed at building a sustainable and transparent fnancial system in line with Islamic standards. The
paper also explores how Islamic fnancial instruments are used to attract investment into infrastructure projects and
highlights the contribution of international organizations, such as the International Islamic Trade Finance Corporation
(ITFC), in supporting socially oriented and sustainable initiatives in the country. Overall, Islamic fnancial tools signifcantly
impact the Uzbek economy by enhancing the diversifcation and resilience of the fnancial system, thereby serving as a
key driver of economic growth and fnancial inclusion.