Factors influencing the small and medium enterprises’ intentions towards Islamic finance in Uzbekistan

Purpose The adoption of Islamic finance among small and medium-sized enterprises (SMEs) in Central Asia, particularly Uzbekistan, remains under-researched despite growing global interest in the Islamic financial system. The purpose of this study is to investigate the determinants of SMEs’ intentions to adopt Islamic finance in Tashkent, Uzbekistan. Design/methodology/approach The primary analysis examined the relationships involved in SMEs’ decisions to adopt Islamic finance regarding their knowledge of Islamic finance, religious commitment, perceived benefits, firm characteristics and social influence. Survey data were collected from 216 SME entrepreneurs. Findings The findings of this study show that perceived benefits and religious commitment significantly influence positive attitudes toward Islamic finance. Furthermore, attitudes were a significant predictor of adoption intentions, with social influence acting as a moderator. Male and corporate owners demonstrated higher levels of knowledge and stronger intention to adopt Islamic finance, compared to female entrepreneurs and other business types. However, knowledge itself did not affect attitudes. Research limitations/implications These results highlight the need for targeted educational and awareness programs on Islamic finance for women and small business owners to address knowledge gaps and enhance the adoption intentions. This study provides actionable insights for policymakers, financial institutions and other stakeholders to promote inclusive financial development and support SME growth in Uzbekistan. Originality/value This study offers new evidence on Islamic finance adoption among Uzbek SEMs and provides practical recommendations to enhance financial inclusion in Central Asia.