LEGISLATION AS AN ENABLER OF MARKET FORMATION: THE SIGNIFICANCE OF ADOPTING ISLAMIC BANKING PRINCIPLES FOR THE DEVELOPMENT OF ISLAMIC FINANCE IN UZBEKISTAN

Islamic finance has evolved from a niche segment into an important component of the mainstream global financial system. However, its development across jurisdictions remains uneven and is closely associated with the existence of an enabling statutory and regulatory framework. This article examines the significance of Law of the Republic of Uzbekistan No. O'RQ-1126 of 27 March 2026 on the introduction of Islamic banking, which entered into force on 29 June