Yo’ldosheva Iroda,
Teacher of the “Banking” department of the Tashkent Institute of Finance,
Tashkent, Uzbekistan, Email: irodayuldosheva5gmail.com
Tillaev Khurshidjon,
PhD, Deputy Dean of Tashkent Financial Institute
Abstract: In this article, the necessity and development opportunities of Islamic banks in Uzbekistan, the possibility of introducing Islamic financing mechanisms, the ways of implementation of work on the establishment of Islamic finance windows, the granting of loans based on Islamic finance were discussed and conclusions were drawn. Today, Islamic finance, the Islamic banking system, which is developing around the world, is considered the best option to eliminate the interest-based banking system. Islamic finance differs from worldly knowledge in many ways, that is, Islamic teachings help to regulate not only Sharia law, but also to regulate economic life and solve various economic issues. One of the main principles of Islamic finance is the prohibition of riba and gharar. In the modern banking system, if profit is received in exchange for interest, then it is formed on the basis of partnership.Currently, the total volume of Islamic banking and financing globally has exceeded 2.6 trillion dollars, and by 2024 this indicator is expected to increase to 3.5 trillion dollars. The growth figures of Islamic finance ensure its strength and global acceptance. Importantly, the fact that the global financial crisis in 2008 did not cause significant damage to Islamic finance and Islamic banking proved the fundamentals of Islamic finance and Islamic banking.
Key words: Islamic finance, Islamic economy, Islamic banks, customer, commercial banks, murabahah, musharakah, murobah, sukuk, salam, exception, Islamic funds, investors.