THE NEED TO IMPLEMENT ISLAMIC FINANCE IN THE REPUBLIC OF UZBEKISTAN
Keywords:
Islamic finance, Musharakah, Mudharabah, Sharia-compliant instruments, General partnership agreement, Legislative framework, Uzbekistan legislation, Financial integration, Business contracts, Sharia principles, Ethical finance, Regulatory adaptation, Financial instruments, Legal harmonization, Financial regulations.Abstract
The majority of the Muslim population in the Republic of Uzbekistan wants to have financial instruments that correspond to their religious beliefs. This article explores how Islamic finance, with its Shariah-approved tools, can bridge this gap and promote financial inclusion. In addition, the profit and risk sharing models of Islamic financing offer good solutions for the revitalization of small and medium-sized businesses. As a result, the diversification of the financial sector can attract new investments and develop the economic direction of Uzbekistan. The article explores potential barriers and solutions to overcome them.
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