Management and Economics
| Open Access |
DOI: The Malaysian Model of Islamic Economy as A Guideline: Strategic Integration of Islamic Finance and Halal Industry in Uzbekistan
Maxliyo Turayeva , Student, Faculty of Islamic Economics and International Relations, International Islamic Academy of Uzbekistan, Tashkent, Uzbekistan Musurman Khurramov , PhD in History of International Relations and Foreign Policy, UzbekistanAbstract
This article analyzes the institutional architecture of the Malaysian Islamic economic model and substantiates a strategy for its adaptation to the Republic of Uzbekistan. The study aims to conceptualize the integration of Islamic financial instruments and the real halal industry as a factor in ensuring inclusive growth. Based on an analysis of Malaysia's experience—from the Tabung Haji initiative (1963) to the implementation of IFSA in 2013—the author demonstrates that the system's success is determined by the synergy between government regulation (BNM, JAKIM) and the development of halal park infrastructure. The paper presents empirical data confirming the significant latent demand for ethical finance in Uzbekistan (81.3% of the population) and systematizes regulatory barriers, including the "regulatory dissonance" between traditional law and Sharia principles. The proposed roadmap includes implementing innovative solutions, such as "mortgage securitization through equity participation" (mortgage equity) and issuing targeted sukuk to finance high-tech industrial zones.
Keywords
Islamic finance, halal industry, Malaysian model
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