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ИД «Финансы и кредит»






Finance and Credit

Islamic finance in Uzbekistan

Vol. 26, Iss. 7, JULY 2020

Received: 1 June 2020

Received in revised form: 15 June 2020

Accepted: 29 June 2020

Available online: 30 July 2020

Subject Heading: Financial system

JEL Classification: F30, G20, N25, O16

Pages: 1555–1570


Nagimova A.Z. Institute of International Relations, Kazan (Volga Region) Federal University (KFU), Kazan, Russian Federation


Subject. The article discusses all economic relations that emerge from cash flows invested under Islamic finance principles in the Republic of Uzbekistan.
Objectives. The study is intended to determine the tendency and difficulties in the Islamic finance market of Uzbekistan. I examine the specifics of investment strategies Islamic investors choose to apply to the Republic of Uzbekistan.
Methods. I collected and analyzed vast empirical data on Islamic finance deals closed within 1991 through 2020 in Uzbekistan. Primarily, I used ZEPHYR and ORBIS (Bureau van Dijk) databases, which were significantly enriched through the content analysis of publicly available mass media and corporate data (press releases, presentations, annual reports, management interviews, etc.) and related transactions.
Results. I classified investors that put up their capital under the principles of Islamic finance. The article also describes distinctions of investment strategies Islamic investors follow in Uzbekistan. I determined the mix and specifics of Islamic investment in the republic.
Conclusions and Relevance. I quantified and evaluated the supply of the Islamic finance in Uzbekistan by the number of completed deals. The article outlines the future of the Islamic finance market and difficulties impeding the influx of Islamic capital into Uzbekistan. The study considerably contributes to proceedings on the role of Islamic finance throughout the Post-Soviet area. The findings can be used by ministries and agencies to raise investment, managers of banks and development institutions, investment and lease companies, direct and venture investment foundations, and financial and industrial groups that seek to raise or deposit capital in accordance with the Islamic finance principles.

Keywords: Islamic Finance, Islamic Development Bank, investment, Uzbekistan, CIS


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