SPECIFIC FEATURES OF BUSINESS FINANCING THROUGH ISLAMIC BANKING PRODUCTS

Hakimova Sevara,
PhD, teacher, “Tashkent institute of irrigation and agricultural
mechanization engineers “ National research university.
Toshkent,O‘zbekiston. Email: s_xakimova@tiiame.uz
ORCID: 0009-0007-9202-7313
JEL Classification: G24 Z10
Abstract: This article examines the essence and current state of Islamic finance, the role of Islamic banks in the economy, and the need for its introduction. This article presents research works by foreign and local economists on the importance of Islamic financing. It also describes in detail the definition of Islamic banking products and their mechanism, and considers the importance of their use in business financing. Furthermore, the issue of introducing Islamic finance in the case of Uzbekistan, the work carried out in this process, and the results achieved in this direction are also reflected in this article. In particular, the work carried out by commercial banks and investment funds on the basis of the principles of Islamic financing was analyzed. In addition, the state of use of Islamic financial products in 18 countries of the world where Islamic financing has been introduced, and the role and importance of murabaha in business financing in these countries were analyzed. Moreover, the article discusses the possibilities of introducing Islamic banks as an alternative system, as well as the complexity of the system, and examines the importance of introducing Islamic financing in terms of increasing the choice of business financing in the conditions of Uzbekistan. The article presents the need for introducing Islamic financing in the country based on the results of surveys conducted with the population and entrepreneurs. Based on the research and analysis conducted in this work, proposals and recommendations were developed on the widespread introduction, increase in popularity and development of business financing through Islamic banking services in the case of Uzbekistan.
Keywords: Islamic bank, musharaka, mudaraba, murabaha, musawama, leasing, salam, istisna, syndication, wakala, kafala, juala, tavwaruq, investment fund.