INTEGRATION OF ISLAMIC FINANCE INTO A DEVELOPING ECONOMY: OPPORTUNITIES AND TRANSFORMATIONAL IMPACT IN THE CASE OF UZBEKISTAN | Zenodo Skip to main Communities My dashboard Log in Sign up Published April 20, 2026 | Version v1 Publication Open INTEGRATION OF ISLAMIC FINANCE INTO A DEVELOPING ECONOMY: OPPORTUNITIES AND TRANSFORMATIONAL IMPACT IN THE CASE OF UZBEKISTAN Authors/Creators Iskandarov Og'abek Olimjonovich Student, National Research University "Tashkent Institute of Irrigation and Agricultural Mechanization Engineers" Institute Description Islamic finance has emerged as one of the fastest-growing segments of the global financial system, offering ethical, asset-backed, and risk-sharing alternatives to conventional finance. For developing economies, Islamic finance presents significant opportunities to expand financial inclusion, attract foreign investment, strengthen small and medium-sized enterprises, and promote sustainable growth. This article examines the prospects for integrating Islamic finance into the developing economy of Uzbekistan and analyzes its potential transformational impact. Uzbekistan, with its Muslim-majority population, strategic geographic location, and ongoing economic reforms, represents a promising environment for Islamic financial development. The study uses qualitative analysis, comparative review, and policy evaluation methods. Findings indicate that Islamic finance can diversify Uzbekistan’s banking sector, mobilize dormant savings, enhance infrastructure financing, and deepen integration with global Islamic capital markets. However, regulatory adaptation, legal reforms, professional capacity building, and public awareness remain essential prerequisites. The article concludes that successful integration of Islamic finance could become a strategic driver of inclusive and resilient economic transformation in Uzbekistan. Keywords: Islamic finance, Uzbekistan, developing economy, sukuk, takaful, banking reform, financial inclusion, economic transformation Files 183-191.pdf Files (324.4 kB) Name Size Download all 183-191.pdf md5:b1703555c22a0354c05ff6624d3ed5dd 324.4 kB Preview Download 76 Views 25 Downloads Show more details All versions This version Views Total views 76 76 Downloads Total downloads 25 25 Data volume Total data volume 9.4 MB 9.4 MB More info on how stats are collected.... Versions External resources Indexed in OpenAIRE Communities Details DOI DOI Badge DOI 10.5281/zenodo.19664656 Markdown [](https://doi.org/10.5281/zenodo.19664656) reStructuredText .. image:: https://zenodo.org/badge/DOI/10.5281/zenodo.19664656.svg :target: https://doi.org/10.5281/zenodo.19664656 HTML <a href="https://doi.org/10.5281/zenodo.19664656"><img src="https://zenodo.org/badge/DOI/10.5281/zenodo.19664656.svg" alt="DOI"></a> Image URL https://zenodo.org/badge/DOI/10.5281/zenodo.19664656.svg Target URL https://doi.org/10.5281/zenodo.19664656 Resource type Publication Publisher Zenodo Rights License Creative Commons Attribution 4.0 International The Creative Commons Attribution license allows re-distribution and re-use of a licensed work on the condition that the creator is appropriately credited. Read more Citation Export Technical metadata Created April 20, 2026 Modified April 20, 2026 Jump up About About Policies Infrastructure Principles Projects Roadmap Contact Blog Blog Support Help FAQ Developers REST API OAI-PMH Contribute GitHub Donate Funded by Powered by CERN Data Centre & InvenioRDM Status Privacy policy Cookie policy Terms of Use This site uses cookies. Find out more on how we use cookies Accept all cookies Accept only essential cookies