LEVERAGE IN ISLAMIC FINANCE: PRINCIPLES, PRACTICE, AND LESSONS FOR UZBEKISTAN

This article investigates the concept of leverage in Islamic finance, comparing it with conventional finance. It assesses whether leverage is permissible (halal status) under Shariah. A real-world example of the Islamic Development Bank (ISDB) will demonstrate how leverage mechanisms adhere to Islamic principles and can be applied practically. Finally, it debates the potential outcomes for implementing such models in Uzbekistan, a country that is significantly exploring Islamic financial practices. For further analysis and visualization, hypothetical financial data is included in this study.