Three prohibitions form the foundation: riba — income in the form of predetermined interest on provided money; gharar — excessive uncertainty in transaction terms; maysir — elements of gambling. Additionally, financing of activities deemed impermissible is excluded.
Instead of interest, income arises from actual operations or profit-sharing. Murabaha — sale of goods with disclosed markup and payment installments. Ijara — property lease for payment, similar in nature to rental and leasing. Musharaka and mudaraba — partnership forms where parties divide profits in an agreed proportion and distribute losses according to established rules. Sukuk — an instrument certifying a share in an asset or project and generating income from its use rather than fixed debt interest.
The key distinction from ordinary debt instruments is that financing is tied to a specific asset or operation. This changes the risk structure: sukuk holders are closer to project co-owners than creditors.
In Uzbekistan, interest in this model continues to grow, with certain organizations offering products based on such principles, and regulatory framework developing. Specific proposals should be evaluated by their actual structure rather than by name.