Abstract
This article is devoted to analyzing the process of introducing Islamic financial services into the financial system of Uzbekistan, their economic significance, and the existing challenges in this field. Islamic finance is based on Sharia principles, which prohibit interest (riba), ensure fair risk-sharing, and promote financing backed by real assets. The study highlights the role of key Islamic financial instruments such as murabaha, ijara, musharaka, mudaraba, and sukuk in the economy.
According to the findings of the research, Islamic finance can contribute to attracting investments, expanding financial inclusion, and increasing financing opportunities for small businesses and entrepreneurs. However, several obstacles hinder the development of this sector, including the incompatibility of the current tax system, the shortage of qualified specialists, and infrastructural challenges. The article emphasizes that the implementation of international standards and the expansion of cooperation with international financial institutions are of great importance in overcoming these problems. Overall, the introduction of Islamic financial services can serve as an effective mechanism for diversifying Uzbekistan’s financial system, strengthening economic stability, and supporting sustainable economic growth.