ISLAMIC FINTECH INSTRUMENTS: NEW OPPORTUNITIES FOR DIGITAL ECONOMY OF UZBEKISTAN

ABSTRACT

The Islamic financial system is one of the fastest-growing systems in the world, which is actively strengthening and expanding its position internationally. This is evidenced by the rapid growth in the number of Islamic financial institutions, the opening of Islamic windows and branches by traditional banks, as well as the growth in sales of Islamic securities on leading stock exchanges. The global financial and economic crisis of 2008 and the global financial crisis caused by the COVID-19 pandemic made it an urgent task to use and expand Islamic financial mechanisms that rely on the real sector and contribute to the development of society. This article analyzes the growth of the Islamic financial sector, particularly Sukuk - Islamic securities in the global financial market and the current state of Islamic finance in Uzbekistan. Also presented are the results of the, including a survey on the introduction and development of Islamic finance in Uzbekistan. © 2021 ACM.