Acumen:
International Journal of
Multidisciplinary Research
ISSN: 3060-4745
IF(Impact Factor)10.41 / 2024
Volume 2, Issue 1
127
Acumen: International Journal of Multidisciplinary Research
PRINCIPLES OF ISLAMIC SECURITIES IMPLEMENTATION
teacher Sadullaeva Gulnoza Usmanovna
Islomov Musobek Ismatulla ugli
Annotation
This article studies the principles of sukuk - Islamic securities introduction, their
economic efficiency and international experience. The main differences of sukuk from
traditional bonds, as well as the possibilities of introducing sukuk securities in the
conditions of Uzbekistan and their impact on the economy are analyzed. The article
presents statistical data based on international practice and develops proposals.
Keywords: Sukuk, Islamic finance, securities, Sharia principles, economic
efficiency, international experience.
Sukuk is that islamic securities, the main purpose of which is to implement
financing processes in accordance with Sharia principles. Since interest-bearing
transactions and speculative contracts are prohibited according to the principles of
Islamic finance, sukuk is developing as an alternative financial instrument to traditional
bonds. The sukuk market has been developing rapidly in recent years and is widely
used internationally to attract investment sources from various countries. This article
analyzes the essence, economic significance of sukuk, and the principles of its
introduction in the conditions of Uzbekistan.
Extensive research has been conducted in the international scientific literature on
sukuk securities. Siddiqi and Usmani (2019) analyzed the main features that distinguish
sukuk from traditional bonds and their economic efficiency in their studies. Chapra
(2000) and El-Gamal (2006) studied the foundations of Islamic finance in detail and
highlighted the importance of sukuk as a financial instrument. Among local studies, a
special place is occupied by the studies of the Center for Islamic Civilization of
Uzbekistan and scientists in the field of economics. However, the issue of introducing
sukuk in Uzbekistan has not yet been fully studied.
The essence and principles of sukuk are described as follows:
1. Sukuk funds are based on real assets and support economic activity.
2. Sukuk is based on equal sharing of risks and benefits between the issuer and
investors.
3. . Sukuk is based on income from assets, unlike interest-based income observed
in bonds.
Acumen:
International Journal of
Multidisciplinary Research
ISSN: 3060-4745
IF(Impact Factor)10.41 / 2024
Volume 2, Issue 1
128
Acumen: International Journal of Multidisciplinary Research
Among the types of sukuk, there are such main directions as ijara sukuk,
mudaraba sukuk, musharaka sukuk and istisna sukuk. Each type is suitable for specific
economic needs and conditions.
The introduction of sukuk securities in Uzbekistan can provide the following
advantages:
• Attracting new sources of financing for infrastructure projects;
• Increasing honesty and transparency in the economy;
• Attracting international investment flows.
The sukuk market has successfully developed in countries such as Saudi Arabia,
Malaysia, the United Arab Emirates and Indonesia. In Malaysia, sukuk accounts for
about 60% of the total securities market and plays an important role in financing
infrastructure projects. In Saudi Arabia, sukuk is widely used to finance projects related
to the oil and gas industry. In these countries, public-private cooperation on sukuk is
highly established.
According to data for 2023, the global sukuk market volume exceeded 700 billion
US dollars, and this figure is increasing every year. The Malaysian sukuk market
volume is 200 billion dollars, making it the largest in the world. Compared to the size
of the Uzbek insurance market or other traditional financial instruments, the
introduction of sukuk is expected to have a significant positive impact on the economy.
In conclusion, it can be said that the principles of introducing Islamic securities
and their impact on the economy were analyzed. The following proposals were put
forward:
1. Formation of legal frameworks for the introduction of Sukuk securities and
strengthening state support.
2. Studying the experience of Malaysia and other successful countries, develop a
model suitable for the conditions of Uzbekistan.
3. Use of Sukuk as a tool to support small and medium-sized businesses.
4. Development of cooperation with international financial organizations and
attraction of foreign investments in the issuance of Sukuk.
Through the implementation of these proposals, new financial instruments will be
introduced in the economy of Uzbekistan, economic stability and investment
attractiveness will increase.
REFERENCES
1. Ahmed, S. (1989), Islamic Banking and Finance, Journal of Monetary
Economics, Vol 24, pp. 157-167.
2. Blitz, R. and Long, M. (1965), The Economics of Usury Regulation. Journal of
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Acumen:
International Journal of
Multidisciplinary Research
ISSN: 3060-4745
IF(Impact Factor)10.41 / 2024
Volume 2, Issue 1
129
Acumen: International Journal of Multidisciplinary Research
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