FOREIGN EXPERIENCE IN THE IMPLEMENTATION OF ISLAMIC FINANCE

Islamic banking, which is based on the principles of the Islamic economic system, is not limited to serving Muslim communities but aims to promote justice, transparency, and public welfare in accordance with Shariah principles. Today, Islamic finance has evolved far beyond a theoretical concept into a global financial industry supported by a well-developed legal framework, institutional infrastructure, and innovative financial instruments. While Islamic finance remained largely a theoretical discipline until the first half of the twentieth century, it began to develop in practice from the 1960s and has since become an integral component of the financial systems of many countries. This article provides a comparative analysis of the experiences of the United Kingdom, Malaysia, Bahrain, and Kazakhstan in implementing Islamic finance. Furthermore, it evaluates the legal, institutional, prudential, and practical factors that can be adapted for the development of Islamic finance in Uzbekistan and proposes recommendations for their effective integration into the national financial system.