ISLAMIC FINTECH AND THE DIGITAL TRANSFORMATION OF ISLAMIC FINANCE: GLOBAL TRENDS, CHALLENGES AND PROSPECTS FOR UZBEKISTAN

The rapid digitalization of financial services is reshaping the structure, delivery and governance of Islamic finance. This thesis critically reviews the development of Islamicfintech and examines how blockchain, artificial intelligence (AI), digital payments, crowdfunding, peer-to-peer (P2P) financing and other digital technologies interact with Shariah requirements. The study is based on a structured narrative review of academic and institutional literature published primarily during 2018–2026, with earlier foundational works retained where they provide essential theoretical context. The review identifies five interrelated findings. The Uzbekistan case demonstrates a rapidly developing institutional environment: the Central Bank has introduced regulatory arrangements for Islamic financing services provided by microfinance organizations, created functions for regulating Islamic finance and is working with the Islamic Financial Services Board on a 2026–2030 national development roadmap. These developments indicate that Uzbekistan is moving from exploratory discussion toward institutional implementation. The thesis therefore argues that the development of Islamic fintech in Uzbekistan should follow a coordinated model combining regulatory modernization, Shariah governance, controlled experimentation, digital infrastructure, consumer protection and professional capacity building.