The Role of Uzbekistan in Advancing Islamic Banking 

This paper explores Uzbekistan’s potential role in advancing Islamic banking by leveraging its rich historical legacy in Islamic scholarship and governance. It argues that the country is well-positioned to develop a comprehensive Islamic financial system aligned with the objectives of Shariah, including justice, equity, and inclusive wealth distribution.

The study examines international experiences in Islamic banking transformation, highlighting Malaysia, Bahrain, and Pakistan as key models for regulatory development and system-wide conversion. It emphasizes the importance of adopting global standards, strengthening legal and regulatory frameworks, and building institutional capacity.

Key focus areas include public awareness, SME financing, financial inclusion, and the integration of fintech and digital innovation. The paper also stresses the development of Islamic capital markets and liquidity instruments to support a complete financial ecosystem.

It concludes that Uzbekistan can emerge as a global hub for Islamic finance by developing an integrated ecosystem that combines banking, capital markets, regulation, and innovation under strong Shariah governance.