This article is dedicated to reflecting the dynamics of changes in sukuk, a relatively new instrument of Islamic finance, from 2001 to 2022 using the examples of Malaysia, Indonesia, and Turkey. It includes analyses of various types of sukuk according to different classifications. Comments are provided based on the study of the reasons for changes over the past period. Conclusions are drawn regarding the established trends in sukuk. Based on the analyses, proposals and conclusions for Uzbekistan have been formulated.

The article analyzes the potential of the “green sukuk” instrument for financing sustainable development in Uzbekistan. It examines the country’s economic and financial situation, the current state of Islamic finance and the sukuk market, as well as the theoretical foundations of green sukuk. The study also identifies the challenges associated with introducing this instrument and outlines its prospects. Scientific conclusions and practical recommendations are provided regarding the implementation of green sukuk, including the development of an appropriate regulatory and legal framework.

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.

Capital markets play a very important role in providing financial resources necessary for the production of goods and services in the real sector of the economy. In this regard, it is crucial to develop the capital markets within the framework of the Islamic financial system, expanding its capabilities and providing new financial instruments for market participants. This article analyzes the theoretical foundations of the Islamic capital market, the experience of countries around the world in its organization, the activities of institutions in the Islamic capital market, research and discussions on investments in securities markets. The paper explaines the principles of the Islamic capital market and the processes of implementing contracts used in this market. It provides some suggestions on using the advantages of the Islamic capital market in our country

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 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.

The article analyzes the role of regulatory institutions in the ecosystem of the Islamic capital market and their contribution to the sustainable development of the market. The Islamic capital market is a significant component of the global financial system, ensuring economic stability through offering financial instruments such as sukuk, Islamic stocks, and others. The article highlights the importance of Shariah supervisory boards, international standard-setting organizations such as AAOIFI and IFSB, and other regulatory institutions.