PROSPECTS OF IMPLEMENTING ISLAMIC INVESTMENT PRODUCTS IN UZBEKISTAN

Аннотация

Abstract: Globally, Islamic finance has accelerated, and many countries have integrated Islamic investment products into their financial systems.  Uzbekistan, a country with a majority of Muslims, has shown an increasing interest in expanding its Islamic financial sector.  This article analyzes commercial, regulatory, and economic aspects to examine the possibilities for introducing Islamic investment products in Uzbekistan.  In addition to comparing experiences around the world and emphasizing potential advantages and difficulties, the paper makes recommendations for a successful adoption.  The implementation of Islamic finance has the potential to boost economic growth, improve financial inclusion, and draw in international investment due to Uzbekistan's advantageous location in Central Asia.  But there are issues that call for extensive policy changes and stakeholder cooperation, such as the lack of a clear legal framework and the dominance of traditional banking institutions.