PROSPECTS FOR THE IMPLEMENTATION OF AN ISLAMIC FINANCIAL SYSTEM IN UZBEKISTAN

Abstract

This article analyzes the relevance, opportunities and prospects of introducing an Islamic financial system in Uzbekistan. In recent years, our country has been implementing large-scale reforms aimed at diversifying the financial market, introducing new investment instruments and attracting foreign capital. From this point of view, the introduction of services based on the principles of Islamic finance will not only stabilize the economic system, but also expand the opportunities for different segments of the population to use financial services. The article discusses the basic principles of the Islamic financial system, international experience, the existing legal and institutional framework, as well as the main obstacles to the implementation of this system in Uzbekistan and recommendations for their elimination. The results of the study show that the introduction of Islamic financial services can serve to increase the competitiveness of the country's financial market and ensure economic stability.