Landscaping analysis of islamic finance instruments in uzbekistan

Table 4: Estimation of effective IF products in the market 

What type of Islamic financial products will be the most effective in 

Uzbekistan and why? 

Banks 

Numbers 

Percentages 

Musharakah and Mudarabah because they are based on 

partnership 

22 

81.48% 

Murabaha because it gives opportunity to purchase goods by 

deferred payment scheme 

18 

66.67% 

Ijara because it is similar to leasing which is already widely use in 

the country and therefore it will be easy to implement 

18 

66.67% 

Salam, because it allows advance payment in agriculture, which is 

very helpful to farmers 

11 

40.74% 

---

35 

 

Istisna, like Salam gives opportunity for advance payments in 

project financing and construction, considering fast-growing 

construction industry and high demand 

11 

40.74% 

Sukuk, because it gives opportunities for capital markets 

development, which is consistent with the government policy 

12 

44.44% 

I don’t know 

0 

0%