Islamic banking, sukuk and financial-centre strategy in Uzbekistan (2022–2033)

Muxtorova , Nafisa, Мухторова , Нафиса, Muxtorova , Nafisa

Илғор иқтисодиёт ва педагогик технологиялар · 2026-yil

Annotatsiya

On 29 June 2026 Uzbekistan began permitting full-scale Islamic banking by statute, a step few countries of the former Soviet space have taken. This article examines how the country moved from isolated microfinance experiments to Law No. ZRU-1126 of 27 March 2026, and what that change means for banks, capital markets and the planned Tashkent International Financial Centre (TIFC). Using official statements, Central Bank of Uzbekistan statistics, World Bank/IMF assessments and the reports of the Eurasian Development Bank, the Islamic Development Bank Institute and LSEG, the study assembles a dated chronology, quantifies the conventional banking base on which Islamic finance will be built, and compares forecasts of Islamic assets and sukuk volumes with current actual activity. The central finding is a large gap between regulatory ambition and market reality: Islamic financial services provided by microfinance organisations totalled only UZS 11.2 billion in the first quarter of 2026, whereas the banking sector held UZS 1,016.6 trillion in assets on 1 August 2026. The article concludes that the pace of bank licensing and sukuk issuance, rather than legislation itself, will decide whether the dual system becomes economically significant before 2033

Maqola ma’lumotlari
MualliflarMuxtorova , Nafisa, Мухторова , Нафиса, Muxtorova , Nafisa
JurnalИлғор иқтисодиёт ва педагогик технологиялар
NashriyotТошкент давлат иқтисодиёт университети ҳузуридаги «Ўзбекистон иқтисодиётини ривожлантиришнинг илмий асослари ва муаммолари» илмий-тадқиқот маркази
ISSN1994-2025
Nashr sanasi2026-10-09
Jild3
Son5
Betlar304-315
TilIngliz
Ilmiy sohaIqtisodiyot
DOI10.60078/3060-4842-2026-vol3-iss5-pp304-315
Indeksga qo‘shilgan2026-10-10

DOI: 10.60078/3060-4842-2026-vol3-iss5-pp304-315 · Maqolaning asl sahifasi

Kalit so‘zlar

Islamic finance, Islamic banking, sukuk, Uzbekistan, Tashkent International Financial Centre, financial inclusion, Central Asia, исламские финансы, исламская банковская деятельность, сукук, Узбекистан, Ташкентский международный финансовый центр, финансовая инклюзия, Центральная Азия, islomiy moliya, islomiy bank faoliyati, sukuk, O‘zbekiston, Toshkent xalqaro moliya markazi, moliyaviy inklyuziya, Markaziy Osiyo

Ilmiy soha

Iqtisodiyot

Iqtibos keltirish

APAMuxtorova , Nafisa, Мухторова , Нафиса, & Muxtorova , Nafisa (2026). ISLAMIC BANKING, SUKUK AND FINANCIAL-CENTRE STRATEGY IN UZBEKISTAN (2022–2033). Илғор иқтисодиёт ва педагогик технологиялар, 3(5), 304-315. https://doi.org/10.60078/3060-4842-2026-vol3-iss5-pp304-315
GOST (OAK)Muxtorova , Nafisa, Мухторова , Нафиса, Muxtorova , Nafisa ISLAMIC BANKING, SUKUK AND FINANCIAL-CENTRE STRATEGY IN UZBEKISTAN (2022–2033) // Илғор иқтисодиёт ва педагогик технологиялар. – 2026. – T. 3, № 5. – P. 304-315. – DOI: 10.60078/3060-4842-2026-vol3-iss5-pp304-315.
MLAMuxtorova , Nafisa, Мухторова , Нафиса, and Muxtorova , Nafisa. “ISLAMIC BANKING, SUKUK AND FINANCIAL-CENTRE STRATEGY IN UZBEKISTAN (2022–2033).” Илғор иқтисодиёт ва педагогик технологиялар, 3(5), 304-315, 2026. https://doi.org/10.60078/3060-4842-2026-vol3-iss5-pp304-315
ChicagoMuxtorova , Nafisa, Мухторова , Нафиса, and Muxtorova , Nafisa. “ISLAMIC BANKING, SUKUK AND FINANCIAL-CENTRE STRATEGY IN UZBEKISTAN (2022–2033).” Илғор иқтисодиёт ва педагогик технологиялар, 3(5), 304-315 (2026). https://doi.org/10.60078/3060-4842-2026-vol3-iss5-pp304-315
HarvardMuxtorova , Nafisa, Мухторова , Нафиса, and Muxtorova , Nafisa (2026) ‘ISLAMIC BANKING, SUKUK AND FINANCIAL-CENTRE STRATEGY IN UZBEKISTAN (2022–2033)’, Илғор иқтисодиёт ва педагогик технологиялар, 3(5), 304-315. https://doi.org/10.60078/3060-4842-2026-vol3-iss5-pp304-315
BibTeX
@article{muxtorovanafisa2026,
  title = {ISLAMIC BANKING, SUKUK AND FINANCIAL-CENTRE STRATEGY IN UZBEKISTAN (2022–2033)},
  author = {Muxtorova , Nafisa and Мухторова , Нафиса and Muxtorova , Nafisa},
  journal = {Илғор иқтисодиёт ва педагогик технологиялар},
  year = {2026},
  volume = {3},
  number = {5},
  pages = {304-315},
  doi = {10.60078/3060-4842-2026-vol3-iss5-pp304-315},
  url = {https://doi.org/10.60078/3060-4842-2026-vol3-iss5-pp304-315}
}

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