ANALYSIS AND PROSPECTS OF ALTERNATIVE FINANCE ECOSYSTEM DEVELOPMENT INSTRUMENTS IN UZBEKISTAN

Authors

DOI:

https://doi.org/10.60078/3060-4842-2025-vol2-iss4-pp491-498

Abstract

The article analyzes the ecosystem of alternative finance in the Republic of Uzbekistan and examines its main instruments. In recent years, increasing attention has been paid to microfinance, crowdfunding, peer-to-peer (P2P) lending, social investments, and Islamic finance as tools to promote economic diversification and financial inclusion. The study highlights the current state, opportunities, and challenges of developing these instruments in Uzbekistan. Moreover, development scenarios of the alternative financial system under different market conditions are proposed, and the potential integration of crowdfunding with Islamic finance is explored.

Keywords:

alternative finance financial inclusion crowdfunding P2P lending microfinance social investment Islamic finance

References

Ahlers, G. K., Cumming, D., Günther, C., & Schweizer, D. (2015). Signaling in equity crowdfunding. Entrepreneurship Theory and Practice, 39(4), 955–980. https://doi.org/10.1111/etap.12157.

Armendáriz, B. & Morduch, J. (2010) The Economics of Microfinance. 2nd ed. Cambridge, MA: MIT Press.

Asian Development Bank (2022) Uzbekistan: Microfinance Sector Assessment. Manila: ADB.

Ethis. (2023). Islamic crowdfunding: Shariah-compliant investment alternative.

Freedman, S., & Jin, G. Z. (2017). The Information Value of Online Social Networks: Lessons from Peer-to-Peer Lending. Journal of Marketing Research, 54(4), 487–504.

Iqbal, Z. & Mirakhor, A. (2011) An Introduction to Islamic Finance: Theory and Practice. 2nd ed. Singapore: Wiley.

KPMG Uzbekistan (2024). Fintech va alternativ moliya bozorining tahlili.

Lambert, T. & Schwienbacher, A. (2010) ‘An empirical analysis of crowdfunding’, Social Science Research Network (SSRN), pp. 1–23.

Markaziy bank (2023). O‘zbekiston moliya bozori statistikasi.

Markaziy bank (2023). O‘zbekiston moliya bozori statistikasi.

Milne, A. & Parboteeah, P. (2016) The Business Models and Economics of Peer-to-Peer Lending. London: European Credit Research Institute.

Mohd Thas Thaker, M. A. (2018). Factors influencing the adoption of the Islamic crowdfunding model. ISRA International Journal of Islamic Finance, 10(1), 1–24. https://doi.org/10.1108/IJIF-05-2017-0007.

Rabbani, M. R., Khan, S., & Thalassinos, E. I. (2021). Fintech, blockchain and Islamic finance: An extensive literature review. International Journal of Economics and Business Administration, 9(2), 65–87. https://doi.org/10.35808/ijeba/704.

UzFinTech (2023-2024). Raqamli moliya rivojlanishi bo‘yicha yillik hisobot.

World Bank (2023) Financial Inclusion and Islamic Finance in Uzbekistan. Washington, DC: World Bank.

Zhang, B., Wardrop, R., Rau, R. & Gray, M. (2018) The 4th UK Alternative Finance Industry Report. Cambridge: Cambridge Centre for Alternative Finance.

Zhang, R., & Posso, A. (2020). The evolution of alternative finance. Journal of Financial Economics, 138(2), 386-405.

Ziegler, T., Shneor, R., Wenzlaff, K., Odorović, A., Johanson, D. & Hao, R. (2021) The Global Alternative Finance Market Benchmarking Report. Cambridge: Cambridge Centre for Alternative Finance.

Downloads

Published

How to Cite

Tojiboyev , X., Dadabaev , U., & Abdushukurova , M. (2025). ANALYSIS AND PROSPECTS OF ALTERNATIVE FINANCE ECOSYSTEM DEVELOPMENT INSTRUMENTS IN UZBEKISTAN. Advanced Economics and Pedagogical Technologies, 2(4), 491-498. https://doi.org/10.60078/3060-4842-2025-vol2-iss4-pp491-498