THEORETICAL MODELS FOR INTRODUCING ISLAMIC FINANCIAL SERVICES IN COMMERCIAL BANKS

Abstract

This thesis analyzes the theoretical models for introducing Islamic financial services in commercial banks from a scientific and academic perspective. Today, Islamic finance is regarded as one of the fastest-growing segments of the global financial market. Its core principles — the strict prohibition of interest (riba), equitable risk-sharing, linkage to real economic activity, and commitment to social justice — open new opportunities for commercial banking operations. The research explores several theoretical models for integrating Islamic financial services into commercial banking, namely the Islamic window model, the subsidiary model, and the full-fledged Islamic bank model. The advantages, limitations, and application opportunities of each model are examined in detail, along with their potential to expand Shariah-compliant financial services within the broader economic system. The paper also discusses the theoretical foundations and institutional as well as legal requirements for implementing Islamic financial mechanisms in commercial banks in Uzbekistan.