ISLAMIC FINANCE: A NEW FINANCIAL MODEL FOR UZBEKISTAN

Abstract

The article analyzes the economic and legal foundations for implementing Islamic finance in Uzbekistan, the population's needs for financial services, and opportunities to increase investment activity through Islamic banking. The study scientifically highlights the differences between Islamic finance and the traditional financial system, specifically the prohibition of interest (ribo), the sharing of risks and profits on a partnership basis, asset-backed financing, and the principles of social justice.  The results of the study show that Islamic finance can serve as an important financial model for expanding financial inclusion in the country, supporting small businesses and entrepreneurship, and increasing the flow of foreign investment. At the same time, the article develops scientific and practical proposals for improving the regulatory framework for the development of the Islamic finance system in Uzbekistan, training qualified specialists, and implementing international standards