THE PERSPECTIVES OF IMPLEMENTATION OF ISLAMIC FINANCIAL SERVICES IN UZBEKISTAN

The ideals and principles that Islamic finance upholds are universal in scope and have roots that predate the emergence of Islam. Their acceptance and application help build a sustainable society grounded in social justice, fair wealth distribution, and honesty. The Islamic Financial Services Industry (IFSI) has grown from a specialty to a global industry. By the end of 2016, the size of the IFSI was estimated to be around USD 2.29 trillion, and by 2020, it might be between USD 3 and 4.36 trillion. The research analyzes the core characteristics and operational models of Islamic banking in contrast to conventional systems, examining its role in financial stability, economic inclusion, and development. A central focus is the analysis of Uzbekistan's existing legislative framework, which currently inhibits the provision of Shariah-compliant services. By identifying specific legal and regulatory gaps—particularly in banking, tax, and securities laws—the study proposes targeted amendments and phased implementation strategies.