HISTORICAL EVOLUTION OF COOPERATION BETWEEN UZBEKISTAN AND ISLAMIC BANKING INSTITUTIONS

Abstract

The article analyzes the evolution of cooperation between the Republic of Uzbekistan and the Islamic Development Bank (IsDB) as well as other Islamic banking institutions. It is emphasized that the partnership with the IsDB has become a strategic factor in attracting long-term investments for the socio-economic development of the country. The study focuses on key areas of cooperation, including financing infrastructure projects, modernization of the energy sector, support for agriculture, development of the social sphere, and the introduction of Islamic financial instruments. The impact of implemented projects on the sustainable development of Uzbekistan is assessed, particularly in terms of economic diversification and the transition to “green” growth. The results demonstrate that the IsDB and related institutions play a crucial role in the development of Islamic banking in Uzbekistan, support of small and medium-sized enterprises, and the integration of the country into the global Islamic financial community. In conclusion, the long-term nature of this cooperation and its significance for further economic modernization and strengthening of Uzbekistan’s position in the international arena are underlined.