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All Journal Journal of Islamic Contemporary Accounting and Business
Ugli, Jalilov Mehroj Erkin
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Economics, Econometrics & Finance

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Unlocking Islamic Finance Potential in Uzbekistan and Central Asia: A Forward-Looking Perspective Ugli, Jalilov Mehroj Erkin; Nugraha, Nugraha; Umarova, Zulayho
Journal of Islamic Contemporary Accounting and Business Vol. 4 No. 1 (2026): JICAB (Article in Press)
Publisher : Tazkia Islamic University College

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Abstract

The development of Islamic finance in Uzbekistan and Central Asia faces significant challenges and barriers despite the growing interest in the region. Islamic finance, which financial system operates in compliance with Shariah principles, offers an alternative to conventional financial systems, emphasizing risk-sharing, ethical investments, and financial inclusion. However, in Central Asia, the sector's growth is hindered by several factors, including limited awareness and understanding of Islamic financial products, lack of regulatory frameworks, and insufficient infrastructure to support such systems. Additionally, the region's predominantly secular legal and financial systems present a challenge to integrating Shariah-compliant instruments. Cultural perceptions, a lack of trained professionals, and political resistance also complicate the establishment of Islamic finance in the region. This paper explores these barriers, the potential for growth, and the steps needed to create an enabling environment for Islamic finance to thrive in Uzbekistan and Central Asia.
Co-Authors Nugraha Nugraha Umarova, Zulayho