EFFICIENCY OF INTRODUCING ISLAMIC FINANCIAL INSTRUMENTS INTO THE ECONOMY OF UZBEKISTAN

This study examines the efficiency of introducing Islamic financial instruments into the economy of Uzbekistan, focusing on their role in enhancing financial inclusion, economic growth, and investment diversification. The primary objective is to evaluate how Islamic financial instruments such as sukuk, murabaha, ijara, and mudaraba can contribute to economic efficiency and sustainable development in Uzbekistan. The study employs a mixed-method approach combining qualitative analysis of regulatory frameworks and institutional readiness with quantitative assessment based on secondary macroeconomic data and comparative country analysis. The findings suggest that Islamic financial instruments can significantly improve access to finance, particularly for small and medium-sized enterprises (SMEs), while promoting risk-sharing and ethical investment practices. This research contributes to the literature by providing an empirical and conceptual evaluation of Islamic financial instruments within a transitional economy, offering insights into their adaptability outside traditional Islamic finance hubs.