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Abstract
The rapid digitalization of financial services is reshaping the structure, delivery and governance of Islamic finance. This thesis critically reviews the development of Islamic fintech and examines how blockchain, artificial intelligence (AI), digital payments, crowdfunding, peer-to-peer (P2P) financing and other digital technologies interact with Shariah requirements. The study is based on a structured narrative review of academic and institutional literature published primarily during 2018–2026, with earlier foundational works retained where they provide essential theoretical context. The review identifies five interrelated findings. The Uzbekistan case demonstrates a rapidly developing institutional environment: the Central Bank has introduced regulatory arrangements for Islamic financing services provided by microfinance organizations, created functions for regulating Islamic finance and is working with the Islamic Financial Services Board on a 2026–2030 national development roadmap.
References
Aysan, A.F. and Unal, I.M. (2022) ‘Fintech in Islamic finance literature: A review’, Heliyon, 8(9), e10385. https://doi.org/10.1016/j.heliyon.2022.e10385.
Central Bank of the Republic of Uzbekistan (2024) ‘Comments on the Regulation on the Procedure for Provision of Islamic Financing Services by Microfinance Organizations’, 29 July 2024.
Central Bank of the Republic of Uzbekistan (2026a) ‘Department for the Regulation of Credit Organizations’, updated 20 July 2026.
Central Bank of the Republic of Uzbekistan (2026b) ‘Central Bank and IFSB Discuss Draft Roadmap for Developing Islamic Finance Industry in Uzbekistan’, 7 May 2026.
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