ISSUES OF CAPITAL GUARANTEE IN MUDARABAH CONTRACT FROM THE PERSPECTIVE OF ISLAMIC FINANCE NORMS

Abstract

In this article, the issue of guaranteeing capital raised under the mudarabah contract is analyzed from the perspective of Sharia. In the Islamic financial system, mudarabah is a form of partnership established for profit, where financial losses are solely attributed to the investor (rabb-ul-mal). The mudarib is liable only for losses resulting from their negligence, mistakes, or actions contrary to the contract. The article highlights two different approaches put forward by scientists. The first group of experts considers the guarantee of capital to contradict the true essence of the mudarabah contract, as this situation brings the contract closer to an interest-bearing loan and does not comply with the principles of Islamic finance. In their opinion, the guarantee requirement turns mudarabah into an unfair financial operation. The second group tries to justify the possibility of a guarantee from a third party, thereby increasing investor confidence and ensuring financial stability. The article also examines the current situation in Uzbekistan. In particular, it is indicated that in the absence of Islamic banks, some non-bank financial organizations are attracting investors using the mudarabah contract. According to the legislation of Uzbekistan, in transactions concluded within a limited partnership, there is no guarantee of capital, that is, all participants are liable for losses to the extent of their shares. At the same time, it is recommended to use a third-party guarantee to improve the work of non-bank financial organizations operating in accordance with Islamic finance. This approach creates the need to maintain a balance between Islamic requirements and current legal norms. The article thoroughly analyzes the role of the mudarabah contract in the modern financial system, its compatibility with Sharia rules, and possibilities of integration with national legislation.