OPPORTUNITIES FOR DEVELOPING ISLAMIC FINANCE IN UZBEKISTAN: EVIDENCE, LEGAL PATHWAYS, AND MARKET DESIGN
DOI:
https://doi.org/10.17605/Keywords:
Islamic finance, Uzbekistan financial system, shariah-compliant banking, sukuk market development, financial inclusion, green sukuk, sustainable finance, islamic capital markets, regulatory framework, shariah governance, macroeconomic reforms, banking sector development.Abstract
This article analyzes the adoption of the new Law on the Implementation of Islamic Finance in Uzbekistan and the potential for implementing the Islamic financial system in Uzbekistan through this law. The analysis is based primarily on official data from the World Bank and the International Monetary Fund, the structure of the banking sector, and international Islamic finance indicators. The analysis explores the high latent demand and potential for financial inclusion among the population, the development of a national regulatory framework that includes Sharia-compliant governance and tax incentives, and the potential for developing a sukuk market based on the experience of the existing conventional bond market.
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