Achieving Financial Inclusion in Tajikistan through Islamic Financing Mechanisms for Small and Medium-Sized Enterprises

Tajikistan, a predominantly Muslim country in Central Asia, is striving to achieve financial inclusion through the adoption of Islamic financing mechanisms for small and medium-sized enterprises (SMEs), amid the structural challenges faced by conventional microfinance institutions and the lingering effects of the global financial crisis. This study aims to examine the feasibility of implementing an Islamic finance model that can integrate wider segments of society—particularly entrepreneurs and SME owners—into the formal financial system. A quantitative research method was employed, using field surveys conducted in the cities of Dushanbe and Khujand to analyze the relationship between independent variables such as attitude toward success, personal norms, perceived behavioral control, and financial inclusion–related factors including awareness, social norms, product knowledge, trust, and the dependent variable of customers’ intention to engage with Islamic finance. Regression analysis revealed that 44.2% of the variance in intention could be explained by these variables, with a statistically significant relationship confirmed by the F Change test. The study recommends future research employing advanced statistical tools and incorporating additional variables such as digital infrastructure and supportive government policies, while emphasizing the design of context-specific financial policies that enhance trust and awareness. The dissemination of findings among policymakers and stakeholders is also recommended, to foster broader financial inclusion and sustainable economic development in Tajikistan.