ISSUES OF CREATING LEGAL BASES OF ISLAMIC FINANCE IN UZBEKISTAN

Abstract

At present, the role of financial institutions and their services that are based on the principles of Islam is increasing as an alternative to traditional financial institutions. In this article, specific features of Islamic finance and its difference from traditional finance were analyzed. The state of development of Islamic finance in Central Asian countries was also enlightened. The author analyzed activities on introducing Islamic finance in Uzbekistan and highlighted the main problems connected with introducing Islamic finance in the Republic of Uzbekistan. Certain ideas of the administration of the country on Islamic finance requires determining the main directions of acitivies in this field. The author stated that despite the political will of the head of the country on creating legal bases for the activities on Islamic financial institutions, steps in this sphere are being put very slowly. In this article, the author elaborated recommendations on creating legal bases for Islamic finance and further development on Islamic finance services in the Republic of Uzbekistan.