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 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.