FORMATION OF ISLAMIC FINANCE IN UZBEKISTAN: SIGNIFICANCE, ADVANTAGES, DISADVANTAGES AND MECHANISMS OF FORMATION

This article covers the issues of forming Islamic finance in Uzbekistan. The article discusses in detail the importance, advantages and disadvantages of Islamic finance. Also, the legal, economic and personnel related mechanisms necessary for the formation of the Islamic financial system in Uzbekistan were considered. Unlike conventional finance, Islamic finance is based on the principles of interest-free financing and aims to promote social justice, safe investments, and transactions based on real assets. This article provides an in-depth analysis of the opportunities and prospects for the development of the Islamic financial system in Uzbekistan.