Analysis of the Situation of Islamic Finance in Uzbekistan: Problems and Solutions
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Univer Publ
Abstract
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Islamic finance has gained significant attention globally as an alternative financial system that adheres to the principles of Shariah law. This paper aims to analyze the current situation of Islamic finance in Uzbekistan, identify the challenges it faces, and propose potential solutions. Utilizing a combination of qualitative and quantitative research methods, including literature review, case studies, and expert interviews, we examine the regulatory framework, market potential, and obstacles hindering the growth of Islamic finance in Uzbekistan. The findings highlight the need for addressing legal, educational, and awareness-related issues, as well as improving infrastructure and fostering collaboration among stakeholders. The paper concludes with a set of recommendations to enhance the development and integration of Islamic finance in Uzbekistan.
Keywords
islamic finance, banking, ribo, Ministry of Finance, mutual cooperation, interest rate