This article analyzes the current state of the financial markets of countries such as Malaysia, Indonesia, and Bangladesh, which operate in a dualistic financial system by integrating the alternative financial system into the conventional financial system. In particular, this article focuses on a comparative analysis of the participation of Islamic and conventional banks in the financial markets of Malaysia, Indonesia, and Bangladesh, examining the state of financing of the production and service sectors, attracting investments, and other types of service activities. This study mainly uses a quantitative approach.

This article analyzes the methodological foundations for applying Islamic financial instruments in Uzbekistan and proposes key directions for their improvement in line with international standards. A comparative evaluation of AAOIFI and IFSB guidelines, along with the experiences of leading Islamic finance markets such as Malaysia, the UAE, and Turkey, is conducted. The findings indicate that the development of Islamic finance in Uzbekistan requires enhancements in the legal framework, institutional structure, product design methodology, risk management practices, Shariah governance, and tax treatment. Addressing these methodological gaps is essential for ensuring the sustainable and effective growth of Islamic finance in the country.

This article examines the economic essence of the performance efficiency of Islamic financial institutions, their role in the modern financial system, and their significance in financing the real sector of the economy. The paper analyses the fundamental principles of Islamic finance, including the prohibition of riba, gharar and maysir, the reliance of financial transactions on real assets, the equitable distribution of profit and loss, and the compliance of financial operations with Shariah requirements. Particular attention is paid to the economic content, operational mechanisms, risk characteristics and profitability potential of Islamic financial instruments such as musharakah, mudarabah, murabahah, ijarah, salam, istisna, sukuk, qard hasan and takaful. The study substantiates the role of Islamic financial institutions in expanding financial inclusion, supporting small and medium-sized enterprises, financing investment projects and reducing systemic financial risks. The AAOIFI and IFSB international standards are considered important methodological foundations for the legal, accounting and prudential regulation of Islamic financial institutions. The article argues that the efficiency of Islamic financial instruments is reflected in their ability to distribute risks fairly, ensure asset-backed financing, strengthen social responsibility and contribute to sustainable economic development.

The aim of this study is to develop a phased model for the gradual formation of an alternative finance ecosystem in Uzbekistan, taking into account the country’s existing financial market infrastructure, institutional capacity, and available alternative finance instruments. To achieve this objective, the study adopts a predominantly qualitative approach. The analysis results in the formulation of key policy directions and implementation stages for the development of an alternative finance ecosystem in the country. In particular, the study outlines the establishment of an institutional foundation to support alternative finance, the design of a human capital development strategy and the enhancement of awareness in the field of Islamic finance, the phased introduction of Islamic capital market instruments and the preparation and sequencing of development programs.

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.

In the article, the development of dualism in economic systems during the emergence of new relations of production and the state's policies and institutions during this period to ensure that they support and help new methods of production, dualism studied by several economists methodological problems specific to the financial system are studied. The author has studied how the dualistic financial system affects the emergence of crises and conflict situations in the economy, in particular, its negative impact on the stable improvement of product production, competitiveness and general economic well-being. The author has further strengthened his views on these relations with a comprehensive analysis of the financial literature, which is presented in the cross-section of countries and years. According to the results of the study, due to the review of the dualistic financial system, the authors consider important proposals for the existing problems of the economy. The article examines the economic relations of the formation, distribution and use of monetary funds in the dualistic financial system and emphasizes the effects of their use.

This article provides an in-depth analysis of the economic and environmental importance of green finance instruments in improving the field of waste processing. Currently, increasing industrial emissions, increasing environmental problems, and the need to use resources wisely require the development of a waste recycling system. Green financial instruments are emerging as an important financial mechanism in this process. The article explains the nature of financial instruments such as green bonds, environmental loans, government subsidies, and grants, and analyzes their practical application in the waste recycling sector. During the study, the current state of the Waste Recycling Industry, existing financial problems and investment constraints were studied. In particular, it is justified that traditional sources of financing cannot fully meet the technological modernization and environmental safety requirements of enterprises. Therefore, the need to form a long-term and sustainable financing system through green financial instruments is emphasized.

This article analyzes the theoretical models of digitalization in institutional development and their relevance to the financial system. Based on scholarly sources and international experience, it is demonstrated that digital technologies enhance transparency, ensure accountability, reduce transaction costs, and increase economic efficiency in the relations between the state and the private sector. The Technology Acceptance Model, the Diffusion of Innovations Theory, and Institutional Theory are examined as the main approaches to implementing digital solutions. The study also highlights national-level challenges, including insufficient digital infrastructure integration, weak incentive mechanisms for small and medium-sized enterprises, and cybersecurity risks. According to the author’s conclusions, aligning digital technologies with institutional reforms and international standards is a key factor in strengthening the stability of Uzbekistan’s financial system and building public trust.

This article examines the processes of integration of traditional and Islamic banking activities, their impact on the global financial market, and the opportunities and challenges in this area. The study analyzes the economic efficiency of the creation of “Islamic windows” within traditional banks, their role in ensuring financial stability, and the possibilities of diversifying the financial market. It also highlights the importance of this integration in the stability of the banking system in developing countries and attracting foreign investment based on empirical and theoretical approaches. The article reveals the prospects for international financial cooperation and strengthening the position of Islamic finance in the global financial market.

This scientific article analyzes the theoretical foundations, economic mechanisms, and institutional aspects of supporting the participation of state-owned enterprises in financial markets. Based on empirical and statistical data, the study demonstrates that the participation of state-owned enterprises in capital markets contributes to increasing market liquidity, attracting long-term investment resources, and reducing the burden on the state budget. In particular, the role of the public sector in capital markets is revealed through the analysis of IPO and SPO activities as well as corporate bond issuance dynamics. The research findings indicate that supporting the participation of state-owned enterprises in financial markets is a key factor in strengthening financial stability, developing market infrastructure, and ensuring the long-term growth of the national economy.

This study investigates the impact of Environmental, Social, and Governance (ESG) disclosure on bank profitability and market value in Uzbekistan an underexplored emerging economy in Central Asia undergoing rapid financial and sustainability reforms. Using a panel dataset of 22 commercial banks from 2015 to 2024, we construct a hand-collected ESG disclosure index through systematic content analysis of annual and sustainability reports, supplemented by financial data from the Central Bank of Uzbekistan. Net profit margin serves as the primary measure of profitability, while Tobin’s Q and market capitalization proxy for market value. Employing fixed effects, random effects, and System Generalized Method of Moments (GMM) estimators to address endogeneity and unobserved heterogeneity, we find that higher ESG disclosure is significantly associated with improved bank profitability. Notably, this relationship is driven almost exclusively by the governance (G) pillar, while environmental (E) and social (S) disclosures show no statistically significant effects highlighting the context-specific materiality of ESG dimensions in transitional economies. Robustness checks, including lagged specifications, sub-sample analyses by ownership type, and alternative ESG measures, confirm the reliability of our findings. The results suggest that in Uzbekistan’s institutional environment characterized by ongoing corporate governance reforms and nascent green finance infrastructure transparency in board oversight, risk management, and anti-corruption mechanisms enhances operational efficiency and stakeholder trust, thereby boosting net margins. Our study contributes to the limited literature on ESG-finance linkages in Central Asia and challenges universalist assumptions about ESG materiality by demonstrating that governance remains the most financially relevant pillar in early-stage reform contexts. The findings carry important implications for regulators, bank managers, and international investors: prioritizing credible governance disclosure offers a strategic pathway to both financial performance and market legitimacy. As Uzbekistan advances its National Strategy for Green Economy Development, this research provides empirical grounding for sequenced, institutionally attuned ESG integration in the banking sector.

This article explores the experience and practical analysis of using Islamic finance instruments with a focus on successful project case studies. It examines how key instruments such as mudaraba, musharaka, sukuk, and ijara have been applied in financing infrastructure, energy, and business projects across Muslim-majority countries, with particular emphasis on Malaysia and the Middle East. The study highlights that these instruments not only provide alternatives to conventional credit but also ensure ethical, risk-sharing, and sustainable approaches to financing. Lessons from successful projects are discussed for possible implementation in Uzbekistan.

The article analyzes the economic content, forms and modern mechanisms of cooperation with international financial and credit institutions. Also, proposals and recommendations have been developed for the further development of relations with international financial institutions and increasing economic efficiency in the conditions of  Uzbekistan.

Digitization and improvement of the financial system at the country level and improvement of the market conjuncture in the development of the financial system have always been of great importance. After 2008, the further improvement of this scale began. In this article, the approaches of many economists and general conclusions about Islamic finance and behavioral finance are widely covered.

This article examines the current state of Uzbekistan’s financial market and the key institutional challenges emerging in the course of its development. In particular, it provides a scholarly analysis of such factors as low investor confidence, the relatively high cost of capital, the quality of corporate governance, and the limited availability of long-term financing sources. In addressing these challenges, the paper elaborates on the economic foundations and mechanisms for integrating ESG (Environmental, Social, Governance) principles into the financial system. Drawing on the findings of international empirical studies, it synthesizes the impact of ESG factors on risk reduction, enhanced information transparency, and improved access to capital. Furthermore, the study formulates scientific and practical recommendations regarding the priority areas and institutional mechanisms for the implementation of ESG principles in the context of Uzbekistan.

This article aims to assess the effectiveness of financial-credit instruments, particularly investment loans from commercial banks and fiscal preferences, in enhancing the investment attractiveness of regions, and to develop scientifically grounded proposals for improving these mechanisms. The paper identifies systemic problems in financing regional economic growth and substantiates the necessity of aligning centralized resource allocation with regional specialization.

This research investigates the function of corporate governance in enhancing the application of ESG (Environmental, Social, and Governance) within Uzbekistan’s commercial banking industry. This research employs secondary data from sustainability reports, annual disclosures, and publications by the Central Bank of Uzbekistan and international financial institutions to critically examine the impact of governance structures-such as board independence, gender diversity, and oversight committees-on ESG integration and financial stability. The results show that more and more Uzbek banks are reporting on ESG issues. In 2019, just two banks did this, but by 2024, eight banks will be doing it. Banks with boards that are more independent and diverse show far better ESG performance and financial strength, which is shown by greater returns on assets and fewer loans that are not performing. The paper also points out ongoing problems, such as a lack of ESG knowledge, no standardised reporting standards, and uneven policy implementation. The study finds that corporate governance is both a base and a force behind sustainable finance. To bring Uzbekistan's banking practices in line with global sustainability standards, it calls for a national ESG disclosure standard, more accountability at the board level, and stronger institutional capacity building.

The article examines the role of green bonds and their subtype, green mortgage-backed securities, in the global financial market, as well as the prospects for their application in Uzbekistan. Green bonds are increasingly used as an important financial instrument that enables investors to channel funds into environmentally sustainable projects. In the United States, green mortgage-backed securities issued by major agencies play a leading role in financing the energy-efficient housing market. The experience of Europe, Canada, and Australia likewise demonstrates the steady international development of this instrument. In Uzbekistan, the green mortgage market is only beginning to take shape, being gradually introduced through national strategies, pilot projects supported by international financial institutions, and commercial bank products. The research findings indicate that green mortgage-backed securities are not only a source of financial returns, but also an important mechanism for combating climate change and supporting the transition to a sustainable economy.

This article analyzes the prospects for developing green finance products and creating innovative products in commercial banks. The research results indicate that green loans, ESG investments, and green bonds serve as essential tools for ensuring environmental, social, and economic sustainability in banking activities. Additionally, improving ecological risk management systems, cooperation with state and international financial institutions, and engaging young professionals and innovative ideas have been identified as key strategic directions.

The article presents information on the study of the legal and economic characteristics of incentive instruments used by the state, banks, and international financial institutions to support various sectors of the economy, attract investments, and ensure sustainable development.

The article analyzes the role of international financial institutions in financing innovative projects and their implementation. The strategy, financial instruments, and technical assistance of such large financial institutions as the World Bank, the Asian Development Bank, and the International Monetary Fund in supporting innovations will be highlighted. At the same time, the effectiveness of cooperation with international institutions based on the experience of the CIS countries, in particular Uzbekistan, will also be considered. The article provides an in-depth analysis based on the views of scientists, practical examples, existing problems, and promising proposals.

This article analyzes the impact of financial technologies (FinTech) on the development of Uzbekistan’s financial system. It is argued that FinTech projects serve as an essential tool for improving financial inclusion, enhancing service efficiency, and boosting economic productivity through digital payments, mobile banking, and microcredit services. The discussion is based on statistical data, international practices, and national legislation, highlighting the future potential of FinTech in the country.

At the moment, the currency system is a set of various forms of organization of currency relations of certain countries. The main elements are the national currency, national authorities responsible for currency regulation, the regime of the national currency exchange rate, regulation of the convertibility of the national currency, the regime of gold markets and the currency of a certain country. The modern currency system is not subject to any strict rules of operation.

This article discusses the role of Islamic finance in Qatar’s economy, Islamic financial institutions located in Qatar, including Islamic banks, Islamic insurance companies, and the financial accounting standards used in them. The legal basis of the financial accounting standards used in Qatar will be covered. It examines the application of financial accounting rules in Qatari law to commercial organizations and Islamic financial institutions and reveals how two different financial accounting standards are used in the country.

This article examines the key differences between financial markets and security markets, highlighting their distinct characteristics, dynamics, and implications for market participants. Financial markets are primarily focused on managing market risks, leveraging complex pricing models, and executing trading strategies, with a regulatory framework centered on maintaining overall market stability. In contrast, security markets emphasize company-specific fundamentals, valuation techniques, and portfolio management, within a regulatory environment that prioritizes investor protection and mitigating individual security-related risks. The article discusses the importance of recognizing and adapting to these industry-specific differences in order to make informed decisions and effectively navigate the complexities of each market domain. It underscores the need for continuous learning, adaptability, and the incorporation of industry-specific reports, trends, and best practices. As the financial landscape evolves, with the increasing integration of technology and the growing emphasis on sustainability, the ability to differentiate between financial markets and security markets becomes even more crucial for professionals and investors seeking to optimize their performance and manage risks.