aspg-21-4171-1791468706 20261008141146 American Scientific Publishing Group admin@americaspg.com American Scientific Publishing Group International Journal of Neutrosophic Science IJNS 2692-6148 2690-6805 2026 27 1 Muhammad Eid Balbaa Tashkent State University of Economics, Tashkent, Department of World Economy and International Economic Relations, Uzbekistan Olim Astanakulov DSc, Professor, International Islamic Academy of Uzbekistan, Head of “Islamic Economics and Finance, Pilgrimage, Tourism” Department, Tashkent, Uzbekistan Tonguc Cagin College of Business Administration, American University of the Middle East, Kuwait Akhmedova Ugilshod Musurmonkul 4hD student, Research Center “Scientific Foundations and Problems of the Development of the Economy of Uzbekistan” at the Tashkent State University of Economics, Tashkent, Uzbekistan 16.00 Normal false false false RU X-NONE AR-SA DefSemiHidden="false" DefQFormat="false" DefPriority="99" LatentStyleCount="371"> UnhideWhenUsed="true" QFormat="true" Name="heading 2"/> UnhideWhenUsed="true" QFormat="true" Name="heading 3"/> UnhideWhenUsed="true" QFormat="true" Name="heading 4"/> UnhideWhenUsed="true" QFormat="true" Name="heading 5"/> UnhideWhenUsed="true" QFormat="true" Name="heading 6"/> UnhideWhenUsed="true" QFormat="true" Name="heading 7"/> UnhideWhenUsed="true" QFormat="true" Name="heading 8"/> UnhideWhenUsed="true" QFormat="true" Name="heading 9"/> Name="index 1"/> Name="index 2"/> Name="index 3"/> Name="index 4"/> Name="index 5"/> Name="index 6"/> Name="index 7"/> Name="index 8"/> Name="index 9"/> UnhideWhenUsed="true" Name="toc 1"/> UnhideWhenUsed="true" Name="toc 2"/> UnhideWhenUsed="true" Name="toc 3"/> UnhideWhenUsed="true" Name="toc 4"/> UnhideWhenUsed="true" Name="toc 5"/> UnhideWhenUsed="true" Name="toc 6"/> UnhideWhenUsed="true" Name="toc 7"/> UnhideWhenUsed="true" Name="toc 8"/> UnhideWhenUsed="true" Name="toc 9"/> Name="Normal Indent"/> Name="footnote text"/> Name="annotation text"/> QFormat="true" Name="header"/> QFormat="true" Name="footer"/> Name="index heading"/> UnhideWhenUsed="true" QFormat="true" Name="caption"/> Name="table of figures"/> Name="envelope address"/> Name="envelope return"/> Name="footnote reference"/> Name="annotation reference"/> Name="line number"/> Name="page number"/> Name="endnote reference"/> Name="endnote text"/> Name="table of authorities"/> Name="macro"/> Name="toa heading"/> Name="List"/> Name="List Bullet"/> Name="List Number"/> Name="List 2"/> Name="List 3"/> Name="List 4"/> Name="List 5"/> Name="List Bullet 2"/> Name="List Bullet 3"/> Name="List Bullet 4"/> Name="List Bullet 5"/> Name="List Number 2"/> Name="List Number 3"/> Name="List Number 4"/> Name="List Number 5"/> Name="Closing"/> Name="Signature"/> UnhideWhenUsed="true" Name="Default Paragraph Font"/> Name="Body Text"/> Name="Body Text Indent"/> Name="List Continue"/> Name="List Continue 2"/> Name="List Continue 3"/> Name="List Continue 4"/> Name="List Continue 5"/> Name="Message Header"/> Name="Salutation"/> Name="Date"/> Name="Body Text First Indent"/> Name="Body Text First Indent 2"/> Name="Note Heading"/> Name="Body Text 2"/> Name="Body Text 3"/> Name="Body Text Indent 2"/> Name="Body Text Indent 3"/> Name="Block Text"/> Name="Hyperlink"/> Name="FollowedHyperlink"/> Name="Document Map"/> Name="Plain Text"/> Name="E-mail Signature"/> Name="HTML Top of Form"/> Name="HTML Bottom of Form"/> Name="Normal (Web)"/> Name="HTML Acronym"/> Name="HTML Address"/> Name="HTML Cite"/> Name="HTML Code"/> Name="HTML Definition"/> Name="HTML Keyboard"/> Name="HTML Preformatted"/> Name="HTML Sample"/> Name="HTML Typewriter"/> Name="HTML Variable"/> Name="Normal Table"/> Name="annotation subject"/> Name="No List"/> Name="Outline List 1"/> Name="Outline List 2"/> Name="Outline List 3"/> Name="Table Simple 1"/> Name="Table Simple 2"/> Name="Table Simple 3"/> Name="Table Classic 1"/> Name="Table Classic 2"/> Name="Table Classic 3"/> Name="Table Classic 4"/> Name="Table Colorful 1"/> Name="Table Colorful 2"/> Name="Table Colorful 3"/> Name="Table Columns 1"/> Name="Table Columns 2"/> Name="Table Columns 3"/> Name="Table Columns 4"/> Name="Table Columns 5"/> Name="Table Grid 1"/> Name="Table Grid 2"/> Name="Table Grid 3"/> Name="Table Grid 4"/> Name="Table Grid 5"/> Name="Table Grid 6"/> Name="Table Grid 7"/> Name="Table Grid 8"/> Name="Table List 1"/> Name="Table List 2"/> Name="Table List 3"/> Name="Table List 4"/> Name="Table List 5"/> Name="Table List 6"/> Name="Table List 7"/> Name="Table List 8"/> Name="Table 3D effects 1"/> Name="Table 3D effects 2"/> Name="Table 3D effects 3"/> Name="Table Contemporary"/> Name="Table Elegant"/> Name="Table Professional"/> Name="Table Subtle 1"/> Name="Table Subtle 2"/> Name="Table Web 1"/> Name="Table Web 2"/> Name="Table Web 3"/> Name="Balloon Text"/> Name="Table Theme"/> Name="List Paragraph"/> Name="Intense Quote"/> Name="Subtle Emphasis"/> Name="Intense Emphasis"/> Name="Subtle Reference"/> Name="Intense Reference"/> UnhideWhenUsed="true" Name="Bibliography"/> UnhideWhenUsed="true" QFormat="true" Name="TOC Heading"/> Name="Grid Table 1 Light Accent 1"/> Name="Grid Table 6 Colorful Accent 1"/> Name="Grid Table 7 Colorful Accent 1"/> Name="Grid Table 1 Light Accent 2"/> Name="Grid Table 6 Colorful Accent 2"/> Name="Grid Table 7 Colorful Accent 2"/> Name="Grid Table 1 Light Accent 3"/> Name="Grid Table 6 Colorful Accent 3"/> Name="Grid Table 7 Colorful Accent 3"/> Name="Grid Table 1 Light Accent 4"/> Name="Grid Table 6 Colorful Accent 4"/> Name="Grid Table 7 Colorful Accent 4"/> Name="Grid Table 1 Light Accent 5"/> Name="Grid Table 6 Colorful Accent 5"/> Name="Grid Table 7 Colorful Accent 5"/> Name="Grid Table 1 Light Accent 6"/> Name="Grid Table 6 Colorful Accent 6"/> Name="Grid Table 7 Colorful Accent 6"/> Name="List Table 1 Light Accent 1"/> Name="List Table 6 Colorful Accent 1"/> Name="List Table 7 Colorful Accent 1"/> Name="List Table 1 Light Accent 2"/> Name="List Table 6 Colorful Accent 2"/> Name="List Table 7 Colorful Accent 2"/> Name="List Table 1 Light Accent 3"/> Name="List Table 6 Colorful Accent 3"/> Name="List Table 7 Colorful Accent 3"/> Name="List Table 1 Light Accent 4"/> Name="List Table 6 Colorful Accent 4"/> Name="List Table 7 Colorful Accent 4"/> Name="List Table 1 Light Accent 5"/> Name="List Table 6 Colorful Accent 5"/> Name="List Table 7 Colorful Accent 5"/> Name="List Table 1 Light Accent 6"/> Name="List Table 6 Colorful Accent 6"/> Name="List Table 7 Colorful Accent 6"/> /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-parent:""; mso-padding-alt:0in 5.4pt 0in 5.4pt; mso-para-margin-top:0in; mso-para-margin-right:0in; mso-para-margin-bottom:8.0pt; mso-para-margin-left:0in; line-height:107%; mso-pagination:widow-orphan; font-size:11.0pt; font-family:"Calibri",sans-serif; mso-ascii-font-family:Calibri; mso-ascii-theme-font:minor-latin; mso-hansi-font-family:Calibri; mso-hansi-theme-font:minor-latin; mso-bidi-font-family:Arial; mso-bidi-theme-font:minor-bidi; mso-ansi-language:RU;} This work analyzes the econometric efficiency in the use of finance instruments applied by microfinance institutions, using a Neutrosophic methodological framework; it develops with emphasis in terms of financial performance and social impact for 2018-2023. The study aims to fill important gaps in understanding how alternative financial instruments affect operational efficiency, poverty mitigation and institutional sustainability within a changing regulatory and development context. The mixed-methods was used by combining the N-MCDM and DEA technique with panel data regression analysis techniques. The sample consisted of 89 MFIs (including traditional and alternative-finance-based ones) in all 14 administrative regions. The method used for efficiency estimation was two-stage DEA, GMM was used to estimate the dynamic panel model, and Tobit regression model a set of key explanatory variables for performance. Input data were institutional annual financial reports, operation indicators, borrower information as well as macro-prudential regulatory metrics from central financial authorities. The outcomes indicate that microfinance institutions (MFIs) using alternative finance have higher social efficiency at 0.863 compared with their Conventional counterparts (at 0.741), while they conserve the same financial efficiency (0.694 versus 0.708). Murabaha-type financing models had a 26% better portfolio quality so that portfolio-at-risk percentages were as high as 2.6% compared to conventional frameworks of 3.5%. Musharaka-utilizing systems captured 21% higher likelihoods of loan recovery, whereas Ijarah-based models showed 18% lower odds of default. Moreover, rural outreach efficiency improved by 34% and women’s participation ratio became 81% instead of 64%, in conventional institutions. With marginally lower average ROA (1.97% compared to 2.24%), alternative-finance players revealed a higher level of alignment with priorities on value-creating expansion and impact on society. In conclusion, the results highlight the power of neutrosophic econometric analysis for assessing trade-offs among complex financial and social decisions, providing a strong decision-support system for policymakers and financial regulators aiming to design the optimal balance between profitability, efficiency and social welfare in microfinance schemes. 2026 337 358 4171 https://creativecommons.org/licenses/by/4.0/ 10.54216/IJNS.270129 https://www.americaspg.com/journal/21/article/4171 https://www.americaspg.com/storage/81761597608.pdf