This article analyzes the current state of the financial markets of Turkey and the UAE, countries with dualistic financial systems. In particular, the article conducts a comparative analysis of the Islamic and conventional financial systems of Turkey and the UAE (United Arab Emirates), examining the state of participation of Islamic finance in the general financial market, the comparative state of participation of Islamic capital market, Islamic insurance market and Islamic investment funds in the financial market.

The aim of this study is to analyse the formation of instrument-level, institutional, sectoral, and system-level competition in Uzbekistan’s financial market through the introduction of a dualistic financial system. Using a qualitative research approach, the study examines the institutional, legal, and economic implications of the dualistic model and explores its potential for enhancing competition. The findings indicate that the financial market remains insufficiently diversified, with financing sources relying predominantly on the banking sector. The study also identifies that the dualistic financial system may generate a new form of competition inter-system competition thereby improving efficiency within the financial services segment and contributing to market diversification. The research substantiates the institutional prerequisites, infrastructural requirements, and priority directions necessary for the implementation and sustainable development of this system

The world’s nations are accelerating measures to introduce green financing practices in the financial market, deeply evaluating the impact of every project they finance on the environment, business entities, and public health. This process necessitates the complete and perfect development of mechanisms for raising capital through green financial instruments, increasing the need to regulate them with legislative norms, and demanding more active cooperation and institutionally effective establishment of collaboration between investors and issuers. Consequently, the need to develop methodological approaches that ensure the formation and development of the green finance market is sharply increasing, and the issue of creating an effective market infrastructure is becoming urgent. This article provides scientific and theoretical analyses concerning the methodology of organizing, improving, increasing the efficiency, and regulating the green finance market

The global Islamic finance industry, now exceeding USD 4.5 trillion in assets, operates under a distinct audit governance framework that remains underexplored in comparative regulatory scholarship. This study examines the trajectory of audit standardization within Islamic financial institutions (IFIs), focusing on the standards issued by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) against the backdrop of the International Auditing and Assurance Standards Board (IAASB) of the International Federation of Accountants (IFAC). Drawing on documentary analysis, regulatory review, and a structured comparative methodology, the paper critically evaluates the current AAOIFI Auditing Standards for Islamic Financial Institutions (ASIFIs) alongside the proposed draft Standard on Auditing (SOA) 1 "Fundamentals of Auditing." Key findings reveal significant structural gaps in the AAOIFI framework, including the absence of a conceptual assurance framework analogous to the IAASB's International Framework for Assurance Engagements, outdated standards that have remained unchanged for over two decades, and an overly consolidated draft standard that risks impeding practitioner comprehension. The study proposes a set of actionable recommendations for AAOIFI reform, including the development of a standalone "AAOIFI Concept for Assurance Engagements," the urgent revision of ASIFI 1–3 and ASIFI 5, and the adoption of IAASB structural conventions. The findings carry particular relevance for jurisdictions actively developing Islamic finance regulatory environments, including Russia, Malaysia, Bahrain, and the Gulf Cooperation Council (GCC) states

This article explores the necessity of introducing an Islamic finance system in Uzbekistan, as well as analyzing the current legal frameworks and institutional environment. Islamic finance operates in accordance with Sharia principles, which prohibit interest (riba), gambling (maisir), and excessive uncertainty (gharar). Although Islamic finance is a relatively new concept in Uzbekistan, the demand for fair, ethical, and Sharia-compliant financial services is steadily increasing, particularly among the predominantly Muslim population. The article examines the core principles of Islamic finance and highlights financial instruments such as sukuk, mudarabah, and musharakah. It also discusses the legal mechanisms required to implement them effectively. The existing gaps in national legislation, the insufficient development of regulatory bodies, and international best practices are assessed in the context of Uzbekistan. Finally, the article proposes conceptual recommendations to support the establishment and sustainable growth of an Islamic financial system in the country.

This article presents views on financial management and the results obtained through the application of modern information technologies in it. It also describes the importance of the application of information technologies to management processes in the financial system in increasing the efficiency of modern financial institutions, improving the quality of services and gaining customer trust, and describes the main types of their application in the financial system.

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.

This article examines the digital transformation of Islamic financial instruments, the methodological framework for their implementation in Uzbekistan, and their alignment with international best practices. The study demonstrates that digital technologies including blockchain, smart contracts, tokenization, e-KYC, and API integration enhance transparency, operational efficiency, and Shariah compliance in Islamic financial operations. A comparative assessment of Malaysia, the UAE, and Saudi Arabia provides insights into the legal, technical, and methodological requirements needed to develop a national digital Islamic finance model. The findings highlight the importance of establishing digital Shariah audit mechanisms, defining the legal status of smart contracts, developing tokenization regulations, and creating a Shariah-compliant fintech ecosystem to ensure sustainable sectoral development

This study investigates the role of ESG-driven innovation as a strategic source of competitive advantage in the banking sector, with a comparative focus on state-owned and private banks across emerging and developed markets. Drawing on the Resource-Based View and Dynamic Capabilities theory, it develops a novel ESG Innovation Index that captures the depth and integration of sustainability technologies, such as AI-based ESG analytics, carbon tracking platforms, and digital reporting systems into core banking functions. Using a panel dataset of 68 banks from Central Asia and benchmark economies (2015–2024), the study employs fixed-effects and system GMM models to assess the impact of ESG innovation on profitability (ROA, ROE), operational efficiency, market share, and investor attractiveness. Results reveal that ESG innovation significantly enhances financial and operational performance, while the magnitude of its impact is substantially higher among private banks. The findings highlight that ownership structure moderates the innovation–performance nexus, with private banks leveraging technological agility for greater returns, whereas state-owned banks tend to pursue compliance-oriented sustainability agendas. The research contributes to strategic management and sustainable finance literature by framing ESG innovation as a contingent dynamic capability and offers policy insights for regulators seeking to balance innovation incentives across ownership types.

This article examines the impact of “Islamic windows” a key segment of the alternative finance market, on the financial sectors of various countries. The study explores the concept of “Islamic windows” their economic efficiency within traditional banks, their role in enhancing financial inclusion, and their capacity to meet market demand by offering services compliant with Sharia principles. The paper also analyzes the effect of this mechanism on banking sector stability and the attraction of foreign investments in developing countries. Combining empirical findings and theoretical approaches, the article highlights the prospects of “Islamic windows” in the global financial market.

This paper examines the development of global Islamic finance, its role in the global financial system, as well as the main trends and prospects for its development in the coming years. Special attention is given to the analysis of the structure of Islamic financial assets in various countries such as the Gulf States, Southeast Asia, Turkey, and the UK. Data on the volumes of Islamic financial assets for 2021-2024 are presented with forecasts for 2025. The study also includes a comparative analysis of asset structure across categories such as banking products, sukuk, real estate, and project investments. The conclusion draws insights on the further growth and development of Islamic financial instruments and their impact on the stability of the global financial system.

This article is dedicated to reflecting the significance of fiscal policy instruments in the development of the green economy in various countries. Analyses have been conducted on different types of fiscal tools in green financing systems of countries, and information is provided on their importance for sustainable development. Comments are given, and conclusions are drawn based on the development trends observed over past periods. As a result of the analysis, proposals and conclusions have been formulated for Uzbekistan's economy.

The article investigates the objective necessities and prospects of introducing and developing Islamic insurance  the takaful system in the financial market of Uzbekistan. It analyzes instances where the population and business entities abstain from traditional insurance due to religious beliefs, highlighting the economic and legal advantages of the takaful model. Furthermore, within the context of digital transformation, the role of mobile applications and FinTech solutions in shaping the takaful market and enhancing public awareness is substantiated on the basis of scientific hypotheses.

Currently, the issues of improving the financial planning system, which is the main functional element of financial management, are widely studied all over the world. In particular, in the context of a global pandemic, targeted research is being conducted on the formation of a financial planning system capable of quickly adapting to changing conditions in foreign markets and its perfect model in combination with strategic plans. Also, one of the main functional elements of financial management is focused on improving the organizational architecture of financial diagnostics, which embodies a wide range of indicators for a comprehensive assessment of financial and economic activities of companies.

This article analyzes the concept of sustainable development and the role of green finance in the banking sector. The study examines the practices of managing environmental and financial risks in commercial banks, foreign experiences, and examples from banks in Uzbekistan. The results indicate that green finance ensures not only ecological responsibility but also strategic development of banks. This approach contributes to financial stability, economic modernization, and strengthening environmental security

This article analyzes the theoretical foundations, content, significance and role of green financing in ensuring sustainable development. Within the framework of the study, various scientific approaches to the concept of green financing are summarized, and its importance in climate change mitigation and adaptation processes is highlighted. Also, the main directions of green financing, financial instruments and development trends of the global green finance market are analyzed. The results of the study show that green finance is an important strategic mechanism for ensuring environmental sustainability, economic growth and social well-being, and conclusions and proposals for the development of this area have been developed

This article provides a scientific analysis of the development of green financing mechanisms in the context of Uzbekistan during a period of economic recession. The study examines the country’s macroeconomic indicators, green finance instruments, and their impact on economic stability. In addition, based on the scientific works of international and domestic scholars, the theoretical foundations of green finance are discussed, and its practical state is assessed. The analysis substantiates the importance of green financing mechanisms in increasing investment activity, ensuring energy efficiency, and reducing economic risks. At the same time, existing problems in this area are identified, and scientifically grounded proposals and recommendations for addressing them are developed

This article examines the modeling of climate change-related financial risks in Uzbekistan. Based on official reports from the World Bank, Asian Development Bank (ADB), United Nations Development Programme (UNDP) and the Central Bank of Uzbekistan, the country's vulnerability level to climate change is determined and the current state of climate risk management in the banking sector is assessed. The physical and transition components of climate risks and practical possibilities for their modeling using stress testing and Climate VaR methodologies are explored. Based on the research findings, scientific conclusions and practical recommendations for integrating climate risks into Uzbekistan's financial system and developing green finance are formulated

This research examines the influence of environmental risk management (ERM) on the credit portfolio stability of commercial banks in Uzbekistan, utilising secondary data from sustainability reports, regulatory publications, and international financial institutions. The results show that banks with more advanced ERM frameworks, which include environmental screening, green lending, and sustainability governance, have lower non-performing loan (NPL) ratios and better asset quality. On the other hand, banks that don’t use ERM as much are still more vulnerable to environmental and credit risks. The study finds that integrating environmental risks into the banking system in Uzbekistan is necessary to make it more financially stable and in line with global standards for sustainable finance

This article discusses the issues of improving the audit of intangible assets (IA) using the example of Asakabank JSCB operating in the banking system of Uzbekistan. The study analyzed software, internet banking platforms, mobile applications, brand value and other intellectual property objects recorded in the bank's balance sheet in accordance with the requirements of IFRS 38 "Intangible Assets" and IFRS 3 "Business Combinations". The main problems encountered in the process of auditing IIA at Asakabank - subjectivity in valuation, insufficient completeness of the legal documents base, discrepancies in depreciation policies - were identified, and proposals and recommendations based on advanced international practices were developed to eliminate them. In particular, measures such as standardizing the valuation methodology, integrating digital technologies into the audit process, improving the skills of auditors and strengthening intellectual property rights were proposed. The results of the study will serve to increase the transparency of the audit of intangible assets at Asakabank JSCB and ensure the reliability of financial statements.

This article provides information about the Islamic financial instruments market, explaining what they are and how they are distributed to the financial market, and their important role in the economy. In the process of studying financial instruments in the world, the world experience of Islamic financial instruments is studied and the world experience of Islamic financial instruments is presented.

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

The article develops practical recommendations to identify problematic aspects of the current system for attracting international financial resources in Uzbekistan, increase the efficiency of resource use, strengthen transparency and accountability, and improve institutional coordination.

This article examines the content of Islamic accounting. An attempt is made to reveal its essence more broadly by comparing Islamic accounting with traditional accounting. The rates proposed by various scholars on Islamic accounting are presented and analyzed. For a complete understanding of Islamic accounting, the main features of the Islamic financial system are also discussed. Existing reports in financial statements and additional reporting forms added to them in Islamic accounting are also considered. The reasons for the appearance of additional items in the balance sheet and financial statements, the balance sheet items covered by these items, and a description of the financial transactions related to profits and losses are provided. In conclusion, the differences between the objectives of Islamic accounting and traditional accounting are highlighted

This article highlights the theoretical and practical aspects of maintaining a separate accounting policy in economic sectors, its adaptation to international and national standards, and the importance of sector-specific approaches. The processes of reforming the accounting and financial reporting system in the Republic of Uzbekistan, in particular the gradual implementation of IFRS standards, are analyzed. The study examines the specific features, challenges, and opportunities of accounting policies in agriculture, industry, services, and the banking-finance sector. International and national practices are compared, and methodological recommendations tailored to the sector are developed.