The purpose of this article is to research the development experience of the Islamic finance industry in Malaysia, including the history of the development of Islamic finance, the formation of the necessary infrastructure for the establishment of Islamic finance services, the country's place in the Islamic finance development index, the importance of research institutions contributing to the development of the Islamic banking and finance industry, Islamic project finance practices and development barriers and solutions are explored. Also, the practice of Islamic financing of investment projects in Uzbekistan was analyzed, and directions for applying Malaysia's experience in Uzbekistan were considered in the development of measures to eliminate obstacles to the development of the Islamic financial system.

The Islamic finance industry resiliently grew by 17% in 2021, reaching nearly US$4 trillion in total assets. The growth was evident across sectors including Islamic banking, Sukuk, Islamic funds, and other financial institutions. Notably, Islamic banking, comprising 70% of assets, expanded due to government support, operational efficiency, and strong demand. Net income surged by 290%, while average return on assets also increased. The rise of fully digital Islamic banks globally and responses to the LIBOR transition, such as Malaysia's MYOR-i and Oman's Islamic money market instruments, highlighted industry innovation. Efforts to enhance sustainability, governance, knowledge, and awareness through the Islamic Finance Development Indicator (IFDI) underscore industry progress, positioning Islamic finance for continued growth and innovation.

The Islamic finance industry resiliently grew by 17% in 2021, reaching nearly US$4 trillion in total assets. The growth was evident across sectors including Islamic banking, Sukuk, Islamic funds, and other financial institutions. Notably, Islamic banking, comprising 70% of assets, expanded due to government support, operational efficiency, and strong demand. Net income surged by 290%, while average return on assets also increased. The rise of fully digital Islamic banks globally and responses to the LIBOR transition, such as Malaysia's MYOR-i and Oman's Islamic money market instruments, highlighted industry innovation. Efforts to enhance sustainability, governance, knowledge, and awareness through the Islamic Finance Development Indicator (IFDI) underscore industry progress, positioning Islamic finance for continued growth and innovation.

This article analyzes the current state, prospects, and current problems of business financing based on Islamic finance principles in Uzbekistan. Information is provided on the practical application of such instruments as murabaha, ijara, musharaka, mudaraba, their distribution and implementation by financial institutions. Islamic finance services are also analyzed using the example of the activities of Islamic leasing (Taiba Leasing), fintech (IMAN) and Islamic insurance (Apex Insurance) organizations. The article thoroughly covers obstacles such as the legal framework, infrastructure, financial literacy of the population, and staff shortage of Islamic finance. The importance and promising directions of cooperation with foreign experience and international organizations are indicated. Therefore, the article can have practical significance for scientific researchers, government bodies, and Islamic finance institutions.

This article examines the concept and essence of Islamic finance, consistent with the principles of Sharia, and its practical application, the development of the Islamic economy, the donation of international financial institutions and Islamic banks in the formation of banking resources. The role and importance of the development of Islamic finance in the process of transformation of the financial and banking system are also considered. The perspective of the development of Islamic finance and its role in the development of the country's economy is considered. Suggestions and recommendations on the implementation of the principles of Islamic finance are given.

An Islamic window is a separate branch, department or subsidiary of a bank operating under the principles of Islamic finance under traditional banks. The Islamic branch mainly operates in conditions where there is no legal basis for the activity of an Islamic bank, subject to any commercial bank within the framework of certain laws. We have analyzed about 25 articles on Islamic windows in this study. In the analysis, we mainly conducted a scientific research on the statistical analysis between the Islamic bank, the Islamic window and the traditional bank, their achievements, shortcomings and the quality of service and gave the necessary suggestions.

The purpose of this article is to study the experience of the development of the Islamic financial system in Turkey, in particular, the history of the development of Islamic finance (participation finance), the formation of the infrastructure for the organization of Islamic financial services, the obstacles to the development of the Islamic financial system and the reforms carried out to overcome them, the development of this field is to examine the importance of contributing research institutions and analyze the practice of Islamic finance in the country. A quantitative approach has been used to achieve these goals. Moreover, directions of using Turkey's experience in Uzbekistan have been considered.

This study explores how Islamic finance can be effectively introduced in non-Islamic economies, with a focus on Uzbekistan’s legal and economic environment. Through examining global models such as dual banking, hybrid systems, regulatory sandboxes, and institutional frameworks couple with case studies from the UK, Malaysia, Bahrain, Singapore, and Nigeria, the research highlights how diverse jurisdictions have adapted to Shariah-compliant finance. Using a qualitative methodology, it emphasizes the need for regulatory innovation and alignment with Islamic principles. The study offers policy recommendations to support inclusive, ethical, and sustainable financial development, positioning Islamic finance as a strategic tool for economic diversification in Uzbekistan.

Today, Islamic social finance is developing not only in Muslim countries, but also in non-Muslim countries. Especially after the Covid-19 pandemic, it gained its important place. This article examines the essence of the concepts of social finance and Islamic social finance, and also highlights the goals and objectives of Islamic social finance, including reducing unemployment and poverty, helping to improve the socio-economic condition of disadvantaged groups, and implementing social justice in distribution. and growing the economy. The analyzes are summarized and general conclusions are given at the end of the article.

This article has studied and analyzed various scientific works that describe the instruments of Islamic finance and project financing through Islamic finance, as well as its differences and advantages from the traditional financing system. During the study and analysis of scientific works, international experience was studied and ways to further improve the financing of projects through Islamic instruments were presented. At the same time, from the scientific works carried out within the framework of ScienceDirect, Google Scholar and Researchgate, 54 articles on the topic were studied, 24 of which were reflected in this article.

This article discusses the role of Islamic finance in Qatar’s economy, Islamic financial institutions located in Qatar, including Islamic banks, Islamic insurance companies, and the financial accounting standards used in them. The legal basis of the financial accounting standards used in Qatar will be covered. It examines the application of financial accounting rules in Qatari law to commercial organizations and Islamic financial institutions and reveals how two different financial accounting standards are used in the country.

The aim of this study is to develop a phased model for the gradual formation of an alternative finance ecosystem in Uzbekistan, taking into account the country’s existing financial market infrastructure, institutional capacity, and available alternative finance instruments. To achieve this objective, the study adopts a predominantly qualitative approach. The analysis results in the formulation of key policy directions and implementation stages for the development of an alternative finance ecosystem in the country. In particular, the study outlines the establishment of an institutional foundation to support alternative finance, the design of a human capital development strategy and the enhancement of awareness in the field of Islamic finance, the phased introduction of Islamic capital market instruments and the preparation and sequencing of development programs.

This article analyzes the methodological foundations for applying Islamic financial instruments in Uzbekistan and proposes key directions for their improvement in line with international standards. A comparative evaluation of AAOIFI and IFSB guidelines, along with the experiences of leading Islamic finance markets such as Malaysia, the UAE, and Turkey, is conducted. The findings indicate that the development of Islamic finance in Uzbekistan requires enhancements in the legal framework, institutional structure, product design methodology, risk management practices, Shariah governance, and tax treatment. Addressing these methodological gaps is essential for ensuring the sustainable and effective growth of Islamic finance in the country.

In this article, the need for a mortgage loan, its working mechanisms, and specific aspects of the Islamic mortgage offered by Islamic financial institutions were studied. Also, the Islamic financial instruments used in housing financing in different countries and their advantages were analyzed, and a comparative analysis of the Islamic mortgage and the mortgage offered by traditional banks was also carried out.

The article discusses the impact of Islamic finance on economic changes in the process of achieving economic stability and improving reforms in our country. At the same time, the author expressed his views as one of the most important factors leading to significant and complex changes in the structure, systems and activities of the modern economy, which is one of the most important factors that determine a stable increase in the level of production, competitiveness and general economic well-being. The author further strengthened these views based on the statistics presented by country and year.

This article provides information on the theoretical foundations, organizational and management system, and principles of practical application of the Islamic financial instrument Ijara (Islamic leasing), as well as the differences between Islamic and traditional leasing. In addition, Islamic finance in Uzbekistan, in particular, the practice of the ijara (Islamic leasing) contract and the possibilities of Islamic finance to attract domestic and foreign investments are presented.

The article examines the role of Islamic banking in stimulating the inflow of investments into the real sector of the economy. Islamic financial institutions, based on Sharia principles, ensure fair risk-sharing, transaction transparency, and a focus on projects with real economic value. Based on an analysis of theoretical foundations and the experience of countries with a developed Islamic financial system, it is revealed that Islamic banking contributes not only to attracting domestic and foreign investments but also to enhancing the stability of the financial sector. Particular attention is given to the prospects for implementing Islamic banking in Uzbekistan as a factor in supporting small and medium-sized businesses, developing infrastructure, and strengthening trust in the banking system.

This article discusses the ways of developing Islamic banking services in the activities of commercial banks and member countries of the Islamic Development Bank (IDB) group, as well as an analysis of existing problems and improving development prospects. The article also presents the existing problems in the prospects for developing the use of Islamic banking services in the activities of commercial banks of the Republic of Uzbekistan, as well as the author's approaches and proposals for their elimination.

This article examines the unique aspects of the experience of some countries in creating a legal framework for Islamic banks, which have gained their place in the global financial market and have shown stable growth rates. Scholarly commentary is presented on the experiences of neighboring countries such as Tajikistan and Kazakhstan, whose systems of government are similar to those of Uzbekistan and which want a democratic system. Some points are highlighted that should be paid attention to by a country that has begun to create a legal framework for Islamic banking. A study was conducted of the impact of legislative changes in leading countries.

This article presents scientific comments on the research of Muslim economists on the influence of Islamic banks on the economic growth of the country. It is dedicated to reflecting the factors of sustainable development of Islamic banks in 2021-2022 and the pace of change. The position of Islamic banks in different regions of the world is analyzed. The reasons for the changes are indicated and explained. The effectiveness of changes in legislation on the creation of Islamic banks in the leading countries of the world has been studied.

This article discusses the problems of Islamic finance and ways to solve them. In addition, the opinions of expert economists and foreign experience are considered, scientific, methodological, practical proposals and recommendations on problematic situations in the Islamic finance system and the ways to solve them have been worked out.

This article attempts to shed light on the general idea of Islamic FinTech and how concerning it is for the current Islamic financial ecosystem's evolution. Additionally, the main goal of this paper is to emphasize the beneficial effects of Islamic FinTech on social inclusion, particularly for people in isolated and underprivileged places. It gives examples of how Islamic FinTech has aided financial literacy, boosted the economy in underdeveloped areas, and empowered people and small companies.

This article explores and examines the experience of the UAE, where the Islamic finance system has significantly developed. The history of the development of the islamic financial system in the country, its current status, the establishment of Islamic banking, the practices of Islamic project financing, and the obstacles to its growth along with solutions for overcoming them have been analyzed. Furthermore, this article discusses the directions in which the UAE's experience in this field could be utilized to address the challenges faced in the development of Islamic finance in Uzbekistan.

This article presents issues of increasing the volume of Islamic investments in our country by studying the Islamic financial market. It provides useful theoretical implications for the economy of our country by analyzing the Islamic financial market and its segments.

Digitization and improvement of the financial system at the country level and improvement of the market conjuncture in the development of the financial system have always been of great importance. After 2008, the further improvement of this scale began. In this article, the approaches of many economists and general conclusions about Islamic finance and behavioral finance are widely covered.