Increasing The Economic Potential of Industrial Enterprises Based on The Development of Halal Industry

Abstract

The halal industry has gained significant global traction, driven by a growing Muslim population and rising consumer interest in products aligned with Islamic ethical and cultural values. In both Muslim-majority and non-Muslim countries, halal-certified goods and Islamic finance are increasingly perceived as reliable and socially responsible. However, despite global momentum, the development of the halal industry and Islamic finance in Uzbekistan remains in its early stages, facing systemic and regulatory barriers. This study aims to explore the economic potential of industrial enterprises in Uzbekistan through the advancement of the halal industry and the adoption of Islamic financial instruments. The research demonstrates that integrating Islamic finance can significantly enhance industrial output and align financial practices with religious and ethical standards. By examining sectoral contributions, SWOT analysis results, and survey data, the study finds that 38% of entrepreneurs and 55% of individuals avoid traditional loans due to religious constraints. The article presents a unique perspective by connecting halal principles with real economy stimulation and proposing Islamic finance as an alternative to interest-based loans that hinder equitable growth. Effective implementation of Islamic financial systems could not only boost enterprise-level productivity but also attract foreign investments aligned with halal standards. Developing legislation, training experts, and enhancing public awareness are vital steps toward establishing a resilient halal ecosystem that contributes to Uzbekistan’s sustainable economic development.