35

This study explores how Islamic finance can be effectively introduced in non Islamic economies, with a focus on Uzbekistan’s legal and economic environment. Through examining global models such as dual banking, hybrid systems, regulatory sandboxes, and institutional frameworks couple with case studies from the UK, Malaysia, Bahrain, Singapore, and Nigeria, the research highlights how diverse jurisdictions have adapted to Shariah-compliant finance. Using a qualitative methodology, it emphasizes the need for regulatory innovation and alignment with Islamic principles. The study offers policy recommendations to support inclusive, ethical, and sustainable financial development, positioning Islamic finance as a strategic tool for economic diversification in Uzbekistan.

  • Read count 35
  • Date of publication 30-05-2025
  • Main LanguageIngliz
  • Pages14-26
English

This study explores how Islamic finance can be effectively introduced in non Islamic economies, with a focus on Uzbekistan’s legal and economic environment. Through examining global models such as dual banking, hybrid systems, regulatory sandboxes, and institutional frameworks couple with case studies from the UK, Malaysia, Bahrain, Singapore, and Nigeria, the research highlights how diverse jurisdictions have adapted to Shariah-compliant finance. Using a qualitative methodology, it emphasizes the need for regulatory innovation and alignment with Islamic principles. The study offers policy recommendations to support inclusive, ethical, and sustainable financial development, positioning Islamic finance as a strategic tool for economic diversification in Uzbekistan.

Ўзбек

Ushbu tadqiqot islomiy moliyani islom bo‘lmagan iqtisodiyotlarda, xususan O‘zbekistonning huquqiy va iqtisodiy muhiti sharoitida samarali joriy etish imkoniyatlarini o‘rganadi. Dunyo bo‘yicha qo‘llanilayotgan ikkilik bank tizimi, gibrid tizimlar, “regulyator qumloq modeli” (sandbox), institutsional yondashuvlar va Buyuk Britaniya, Malayziya, Bahrayn, Singapur hamda Nigeriyadagi tajribalarni tahlil qilgan holda, tadqiqot turli yurisdiktsiyalarning Shariatga muvofiq moliya tizimiga moslashuvini yoritadi. Sifatli (qualitative) metodologiyadan foydalangan holda, tadqiqot islomiy tamoyillar bilan moslashgan tartibga solish innovatsiyalarining zarurligini ta’kidlaydi. Ishda O‘zbekistonda iqtisodiyotni diversifikatsiya qilish vositasi sifatida islomiy moliyani ilgari suruvchi, inklyuziv, axloqiy va barqaror moliyaviy rivojlanishni qo‘llab-quvvatlashga oid siyosiy tavsiyalar ilgari suriladi.

Русский

Данное исследование изучает возможности эффективного внедрения исламских финансов в неисламских экономиках, с акцентом на правовую и экономическую среду Узбекистана. Анализируя мировые модели — такие как дуальное банковское обслуживание, гибридные системы, регуляторные песочницы и институциональные подходы — а также используя кейсы из Великобритании, Малайзии, Бахрейна, Сингапура и Нигерии, исследование показывает, как различные юрисдикции адаптировали шариатское финансирование. Используя качественную методологию, подчеркивается необходимость регуляторных инноваций и соответствия исламским принципам. Исследование предлагает рекомендации по политике в поддержку инклюзивного, этичного и устойчивого финансового развития, позиционируя исламские финансы как стратегический инструмент диверсификации экономики Узбекистана.

№ Author name position Name of organisation
1 Abdul Jalil M.. - Mirzo Ulug‘bek nomidagi O‘zbekiston Milliy universiteti
№ Name of reference
1 Abdullah, A., and Saiti, B. (2016). A Re-examination of musharakah bonds and waqf development: The Case of Singapore. Intellectual Discourse, 24.
2 Abdullah, D. V., and Chee, K. (2013). Islamic Finance: Why It Makes Sense (For You)— Understanding its Principles and Practices. . Marshall Cavendish International Asia Pte Ltd.
3 Ahmad, A., awan, R., and Malik, M. (2011). An overview of the Operations/products offered by Islamic banks in Pakistan. African Journal of Business management, 5(11), 4185.
4 Ahmed, S., and Sukdaven, M. (2021). Application of themes from Al-Mawwaq's work in reforming the Deoband curriculum in Islamic education in the South African Darul Ulooms. Theological Studies, 77(4).
5 Ajouz, M., and Abuamria, F. (2023). Unveiling the potential of the Islamic fintech ecosystem in emerging markets. Al Qasimia University Journal of Islamic Economics, 3(1), 115-148.
6 Alduaij, D. (2020). Ensuring Shariah compliance in Islamic financial institutions as an essential interest of shareholders (Doctoral dissertation, Cardiff University). Cardiff: Cardiff University.
7 Alhejaili, M. (2025). Harmonising derivatives with Shari’ah: ethical practices and regulatory insights. . International Journal of Islamic and Middle Eastern Finance and Management.
8 Ali, R. (2011). An Overview of the Sukuk market. In Sukuk and Islamic Capital Markets:A Practical Guide (pp. 7-20).
9 Alkhan, A. M. (2020). Analysing Product Utilization by Islamic Retail Banks: The Case of Bahrain Islamic Baank and Kuwait Finance House-Bahrain. Asian Economic and Financial Review, 10(4), 415-426.
10 Arab, S., Zakariyah, H., and Abdullatif, A. (2021). Contemporary Developments in Waqf Beneficiaries- A Case Study of the Awqaf of the United Arab Emirates. In In International Business and Technology (pp. 97-119). Springer International Publishing.
11 Arshed, N., Yasmin, S., and Gulzar, M. (2020). Islamic financing portfolio and its comparative growth potential. Islamic banking and finance review, 7, 60-91. De Castro, K. (2022). The Future of Islamic Banking in the Ph
12 De Castro, K. (2022). The Future of Islamic Banking in the Phillipines:Finding a niche. 10(3). de Rosmorduc, E., and Stainier, F. (2013). Luxembourg: a leading domicile for Shari'ah compliant investments. In Islamic Finance in Europe (pp. 179-191). Edward Elgar Publishing.
13 Duqi, A., and Al-Tamimi. (2019). Factors affecting investors decision regarding investment in Islamic Sukuk. Qualitative Research in Financial Markets, 6-72.
14 Efunniyi, C. P., Obiki-Osafiele, A. N., Osundare, O. S., Agu, E. E., and Adeniran, I. A. (2024). Strengthening corporate governance and financial compliance: Enhancing accountability and transparency. . Finance and Accounting Research Journal, 1597-1616.
15 Farrar, S. (2011). Accomodating Islamic banking and finance in Australia. The University of Sydney Law School, 34(1), 413.
16 FitchRatings. (2023). Nigerian Islamic Finance Industry to Continue Growth on Policy Push. London: FitchRatings.
17 Furqani, H., Laldin, M., and Mulyany, R. (2016). Good Finance: Integration of Ethics and Shariah in Islamic Finance. International Journal of Islamic Business Ethics, 1(2), 121-130.
18 Graham, J. (2014). Canada: A Promising Emerging Market for Islamic Finance. In The Islamic Finance Handbook (pp. 77-92). Wiley Online Handbook.
19 Gungoren, M. (2014). The Development of the Islamic Financial System in Turkey Strategies Applications. In Managerial Issues in Finance and Banking: A Strategic Approach to Competitiveness (pp. 225-236). Springer Nature.
20 Hajjar, M. (2019). Status of Islamic Finance in France in 2019. In Islamic Finance in Europe: A Cross Analysis of 10 European Countries (pp. 109-148). Springer Nature.
21 Hermala, I., Sunitiyoso, Y., and Sudrajad, O. Y. (2025). Green Financing Using Islamic Finance Intruments in Indonesia: A Bibliometrics and Literature Review. International Journal of Energy Economics and Policy, 15(1), 239-248.
22 Hotiana, S. (2007). A comparative analysis of Islamic home mortgage models in US and Canada: a case for improvement of the Canadian model. Unversity of Toronto.
Waiting