10-07-202656
On October 10, 2025, a scientific-practical roundtable entitled "Establishing Islamic Finance Windows in the Regions in the Context of Sustainable Development" was held at the premises of the Bogʻot District Hokimiyat. The event was dedicated to the issues of achieving sustainable economic development in the Republic of Uzbekistan, expanding financial inclusion, and developing the Islamic finance system in alignment with the United Nations Sustainable Development Goals (SDGs) being promoted at the international level.
The primary objective of the roundtable was to strengthen regional economic resilience by examining the mechanisms of the Islamic financial system, supporting entrepreneurial activity, and expanding the population's access to financial services. The event was also directly linked to SDG targets related to poverty eradication, economic growth, and the reduction of inequalities, viewing Islamic finance as a new driver of regional economic development.
The roundtable was opened by the Hokim of Bogʻot District, Nazarov Jahongir Bahramovich. The event was attended by: Professor of the International Islamic Academy of Uzbekistan, Doctor of Economic Sciences, and Academician of the Academy of Sciences of the Republic of Uzbekistan, N. Tukhliev; Professor of the International Islamic Academy of Uzbekistan, Doctor of Economic Sciences, R. Abdullayev; Head of the Sector at the Research Center for Scientific Foundations and Problems of Uzbekistan's Economic Development under Tashkent State Economic University, S. Abrorov; Director of Islamic Business and Finance, PhD J. Imomnazarov; and Head of the Khorezm Regional Branch of the Sustainable Development Center, Professor B. Ruzmetov. In addition, district hokimiyat officials, representatives of the banking and financial sector, entrepreneurs, and young scholars participated actively in the roundtable discussions.
The event was devoted to the analysis of the theoretical foundations, practical mechanisms of the Islamic financial system, and the possibilities of its integration into the Uzbek economy. According to specialists, the Islamic financial system fundamentally differs from the conventional financial system. The core principles of this system encompass the prohibition of riba (usury), the equitable distribution of risks and profits, adherence to Sharia norms in economic activity, and the channeling of investments into socially and environmentally sustainable projects.
This approach is directly aligned with SDG 12 (Responsible Consumption and Production) and SDG 13 (Climate Action). Investments facilitated through Islamic finance are typically directed toward projects that do not harm the environment, generate social benefit, and serve long-term sustainable development. In this manner, Islamic financial mechanisms ensure not only economic growth but also ecological and social responsibility.
The roundtable featured an in-depth comparative analysis of conventional and Islamic capital markets. Common features identified included the use of financial instruments, investment attraction, and strategies aimed at ensuring sustainable economic growth. The distinguishing features were explained by the fact that Islamic finance is grounded in ethical, social, and religious principles, the principle of interest-free financing, and mechanisms for distributing risks and profits on a partnership basis.
These distinctions, in turn, are consistent with SDG 16 (Peace, Justice and Strong Institutions), contributing to the reinforcement of principles of justice, transparency, and social trust within the financial system.
At the conclusion of the event, a number of practical proposals were put forward for the development of the Islamic finance system in the regions of Uzbekistan:
• Improvement of the regulatory and legal framework in the field of Islamic finance;
• Enhancement of the capacity of financial institutions and training of qualified personnel;
• Introduction of Islamic financial products based on digital technologies;
• Expansion of cooperation with domestic and international financial institutions;
• Promotion of financial literacy among the population and entrepreneurs.
These directions are directly linked to SDG 4, SDG 8, and SDG 17 and are being pursued in harmony with Uzbekistan's national development strategy.
The roundtable provided scientific and practical justification for the relevance of applying the Islamic financial system to the Uzbek economy. It was noted that Islamic finance serves as a crucial instrument not only for ensuring financial stability, but also for establishing social equity, maintaining environmental safety, and achieving the long-term strategic goals of sustainable development.
Furthermore, at the conclusion of the event, participants reached an agreement on the establishment of regional "sustainable development windows" based on Islamic finance, the conduct of relevant scientific research, and the expansion of practical experience in this field. This initiative was assessed as a significant step toward ensuring the socially oriented and ecologically sustainable development of the economy.
Head of the Khorezm Regional Branch of the Sustainable Development Center, Professor B. Ruzmetov