Capital markets play a very important role in providing financial resources necessary for the production of goods and services in the real sector of the economy. In this regard, it is crucial to develop the capital markets within the framework of the Islamic financial system, expanding its capabilities and providing new financial instruments for market participants. This article analyzes the theoretical foundations of the Islamic capital market, the experience of countries around the world in its organization, the activities of institutions in the Islamic capital market, research and discussions on investments in securities markets. The paper explaines the principles of the Islamic capital market and the processes of implementing contracts used in this market. It provides some suggestions on using the advantages of the Islamic capital market in our country

This article examines the historical evolution of capital market theory, its modern development trends, and the fundamental regularities of market mechanisms within the global financial system. The study explores theoretical and practical aspects of diversification, risk–return relationships, price formation mechanisms, information transparency, liquidity, and investor behavior. Differences between developed and emerging markets, the growing impact of digital technologies and artificial intelligence on capital market models, and the specific features of Uzbekistan’s capital market are also analyzed. The findings demonstrate that although capital market theory has universal principles, it must be adapted to the institutional environment of each country

This article explores the applicability of the Risk-Based Capital (RBC) framework to the insurance market of the Republic of Uzbekistan. Drawing upon international best practices, especially the APRA model from Australia, the study empirically assesses the capital structure comprised of premium, claims liability, and asset risks. The analysis revealed the dominant role of insurance-related risks in capital requirements and emphasized the need to transition from rigid normative regulation to a more risk-sensitive and adaptive supervisory approach. The paper provides policy recommendations for a phased implementation of RBC, including the development of a localized model, creation of a national actuarial database, and modernization of regulatory frameworks.

This article analyzes the impact of capital adequacy and financial stability on the competitiveness of commercial banks in the financial market. The study examines capital adequacy ratios within the banking system, risk management mechanisms, and the institutional foundations for ensuring the financial stability of banks. Based on international financial standards, particularly the Basel III framework, the relationship between bank capital and competitiveness is analyzed. The results of the study demonstrate that maintaining financial stability in banks is a crucial factor in strengthening the competitive environment within the financial market.

In modern socio-economic theories, human capital is recognized as the most important resource for sustainable development. Human capital is a labor force with innate, formed and accumulated knowledge, skills, abilities and health, which, when used in the labor process, provide certain benefits to its owner in the form of income and the economy of the country as a whole. However, it is often ignored that the individual's ability to accumulate this capital is not equal and directly depends on the conditions of his existence, the economic environment in which he lives and operates. In this article, we will look at how material conditions determine the possibilities of forming and implementing human capital, and how this affects the economy as a whole.

The article describes the current state of capital investments in enterprises, practical problems of their accounting, issues of improving capital investment accounting based on international experiences in the context of the formation of a digital economy.

This article examines theoretical issues relating to the optimization of a company’s asset and capital structure, analyses indicators for assessing the efficiency of asset utilization, and reviews the trends in the structure and the asset-to-capital ratio of Uzbektelecom JSC over recent years. Based on financial statements prepared in accordance with International Financial Reporting Standards, an assessment of the company’s fair value has been carried out, and proposals have been made to optimise the company’s asset and capital structure in order to increase its fair value

This article examines the structure of resource bases and capital adequacy mechanisms in major international commercial banks, with a focus on JPMorgan Chase and Wells Fargo. The analysis reveals that deposits remain the primary source of funding, while long-term liabilities and shareholder equity play a crucial role in ensuring financial stability. The Basel Committee’s capital adequacy standards serve as an essential benchmark, enhancing banks’ capacity to absorb risks. The findings are of practical relevance for Uzbekistan’s banking sector in terms of diversifying resource bases, optimizing capital structure, and strengthening liquidity management.

The article examines the circulation of venture capital in the process of reproduction, it reflects the movement of economic entities of capital, the change in the forms of capital in the process of circulation and its characteristics.

The article reveals the essence and content of venture capital, its theoretical foundations, as well as the contribution of Western, Russian and Uzbek scientists to the development of venture capital theory.

The article reveals the current tasks of capital investment accounting, including the harmonization of capital investment accounting for investment property in enterprises in the green economy with international experiences, and the accounting and reporting of these assets, taking into account the specific characteristics of investment property objects.

The article reveals issues of improving the accounting and analysis of human capital and investments in business entities. The interpretation of investments in human capital as an element of financial statements is explained and a methodology for their reflection in accounts and reports is proposed.

Urbanization is an important process in the economic and social development of countries, having a significant impact on human capital. Human capital, including education, skills and health of the population, is the basis for sustainable economic growth and social stability. This article analyzes how urbanization contributes to improving the quality of human capital, using the experience of various foreign countries as an example.

This article analyzes current issues in the development of the stock market, as well as factors contributing to the activation of joint-stock companies’ participation in the capital market. In addition, the main problems hindering the development of the stock market state intervention, infrastructure deficiencies, low financial literacy of the population, and weak liquidity in the securities market are examined on a scientific basis. The empirical part of the study reveals the role of the capital market in economic growth based on the dynamics of global IPO proceeds and the capitalization of Apple Inc. The results of the article serve as a basis for developing scientific and practical recommendations for the development of the stock market

In Uzbekistan, attracting large-scale foreign capital has become a priority. The country has seen a significant increase in fixed capital investment, including foreign direct investment (FDI). The author studied the potential of the republic's regions in the use of foreign capital, in particular the trends in the distribution of foreign invested enterprises, their contribution to the export-import activities of the regions of Uzbekistan. Regional disparities are identified and measures are proposed to improve the management of foreign capital attraction

This article analyzes the ways to strengthen the competitiveness of the banking system through the development of digital culture and human capital potential. The study compares the experience of banks in Singapore, the United Kingdom, and South Korea with the current practice in Uzbekistan. The results reveal that the integration of digital culture and human capital is a key factor in enhancing the efficiency of banking services and ensuring sustainable competitiveness.

The article identifies and evaluates the emergence of financial stability in banks and its specific characteristics. Scientific studies by local and foreign scholars on this category have been examined and systematized. The perspectives of scholars regarding indicators such as capital adequacy and liquidity in ensuring financial stability have been analyzed. Based on the research, scientific conclusions and recommendations have been developed.

This article analyzes the current state of investment activity in Uzbekistan's capital market, focusing on existing institutional and financial challenges and potential solutions. Based on international experience, the study examines the investment climate, trading volume dynamics, and the diversification of financial instruments. The findings suggest that enhancing investment activity in the capital market requires the introduction of innovative instruments, the development of digital infrastructure, and the strengthening of investor confidence as key strategic directions.

The article analyzes the role of regulatory institutions in the ecosystem of the Islamic capital market and their contribution to the sustainable development of the market. The Islamic capital market is a significant component of the global financial system, ensuring economic stability through offering financial instruments such as sukuk, Islamic stocks, and others. The article highlights the importance of Shariah supervisory boards, international standard-setting organizations such as AAOIFI and IFSB, and other regulatory institutions.

This article examines the issues of forming an efficient securities portfolio in the capital market of Uzbekistan based on Markowitz’s mean-variance optimization model. The study uses 748 daily observations covering the period from July 23, 2022 to August 14, 2025 and forms equally weighted, minimum variance, and tangent portfolios based on the shares of six joint-stock companies actively traded on the Republican Stock Exchange “Tashkent” - three banks (Hamkorbank, Ipoteka-bank, and Ipak Yuli) and three non-bank companies (Uzbekistan Metallurgical Combine, Uztelecom, UZRTXB, and CHBSK). Portfolio performance is evaluated using the Sharpe ratio, Treynor ratio, Jensen’s alpha, and M² measure, and a comparison of banking and non-banking sector indices is carried out based on 1,000 potential portfolios using Monte Carlo simulation. The results of the study show that the tangent portfolio composed of bank shares demonstrates the highest performance (E(P) = 40.80%, σp = 4.68%, Sharpe ratio = 6.83).

The article provides a scientific analysis of the main factors influencing the emergence of crisis situations in commercial banks. It substantiates that a banking crisis is directly related to the quality of the loan portfolio, liquidity, capital adequacy, deposit stability, interest rate risk and currency risk. Based on statistical data on the banking system of Uzbekistan for 2024-2025, the article analyzes non-performing loans, assets, deposits and capital indicators. The findings show that assessing crisis risk in commercial banks should rely not on separate indicators, but on a comprehensive risk management approach

This paper examines the key factors of professional success and their economic aspects in the context of a modern economy. Due to globalization, technological transformation, and increasing labor market competition, the requirements for professionals are rapidly changing. The study explores theoretical foundations of professional success, including human capital and social capital theories, as well as the importance of hard and soft skills. Special attention is given to the impact of the economic environment, labor market conditions, and educational investments on career development. The paper also analyzes effective strategies for achieving success, such as personal development planning, networking, and financial literacy. Practical recommendations for students and young professionals are provided

The article examines the essence of social services and their role as an economic category based on various theoretical approaches. Scientific interpretations of social services are systematized within the frameworks of institutional theory, public and merit goods theory, welfare state concepts, and human capital theory. The role of social services in ensuring social justice, social stability, and improving the efficiency of human capital utilization is substantiated. The approaches of foreign and national scholars, as well as definitions of social services in the legislation of the Republic of Uzbekistan, are analyzed. An authorial interpretation of social services as an investment-oriented and institutional mechanism influencing economic growth and sustainable development in a transition economy is proposed.

This article analyzes the importance, scientific, theoretical, and legal foundations for attracting investment in innovation. Investment is viewed as a key factor in transforming scientific ideas into new products and technologies. Scientific and theoretical approaches to the relationship between investment and innovation (Schumpeter, Drucker, the concept of national innovation systems, and endogenous growth models) are discussed. The legislative framework of the Republic of Uzbekistan is examined from a legal perspective, including the Laws "On Investments and Investment Activities" (2019), "On Innovation Activities" (2020), and the Innovative Development Strategy for 2022-2026. Venture capital financing mechanisms, regulatory testing platforms for startups, and international experience are discussed. The need for a comprehensive approach combining government support, private capital, and legal guarantees to ensure sustainable innovative growth is emphasized.

The article analyzes the challenges and development directions of stock trading on Uzbekistan’s capital market. It provides recommendations to increase issuer activity, reduce state ownership, protect investor rights, and ensure balance in dividend policy