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DEVELOPING OF THE FINANCIAL MARKET BASED ON THE ISLAMIC MODEL
Bokieva L.D. -
Tashkent Financial Institute, Faculty of Economics
Islamic finance and Islamic banking system is the hope for the financial system spread
all over the world and is considered as the best option to overcome the disadvantages of the
interest based system in the financial industry. Today, the total volume of Islamic banking and
financing globally exceeds $2.6 trillion and is expected to increase to $3.5 trillion by 2024. The
growth figures of Islamic finance ensure its strength and global acceptance. Importantly, the
fact that the recent global financial crisis did not cause significant damage to Islamic finance
and the Islamic banking industry proved the rationale behind Islamic finance and Islamic
banking. For this reason, issues related to the implementation of the principles of Islamic
financial institutions in the country's economic system have recently appeared in many
countries. In recent years, taking into account the global migrant policy, the governments of
Great Britain, France, Germany along with the CIS countries (Kazakhstan, Kyrgyzstan) have
started to develop Islamic finance in their countries. At the same time, interest in Islamic
finance and banking system is growing in our country and it is considered as one of the
important issues to be studied. The President of the Republic of Uzbekistan, Shavkat
Mirziyoyev, in his address to the Parliament on December 29, 2020, emphasized how
important the Islamic financial system is for our country: "The time has come to create a legal
framework for the introduction of Islamic financial services in our country. In this regard,
experts from the Islamic Development Bank and other international financial organizations
will be involved." The launch of the system in Uzbekistan will first of all create a basis for the
use of honest and transparent banking practices, in particular for the prevention of "bribery",
which is considered an evil that destroys the society, and for changing the attitude of the
population towards our banks. Mainstream financial markets are finding clear evidence that
Islamic finance is already present in the global financial system and that it has the potential to
help end extreme poverty and increase overall prosperity. Islamic finance is capital-based,
asset-backed, ethical, sustainable, environmentally and socially responsible finance. It helps
spread risks, connects the financial sector to the real economy, and promotes financial
inclusion and social well-being.
If we talk about Islamic banking and Islamic financial system in developed countries:
Great Britain
has been a leader in the development of Islamic finance for more than
decades. Islamic finance first entered the UK in the 1980s with the introduction of Murabaha
transactions. Al Baraka international, the first UK Islamic bank, was launched in 1982. After
that, Shariah-compliant products ordered in trade finance, leasing and project financing grew.
At the same time, the offer of retail Islamic finance services has grown significantly, providing
choice to more than 2,5 million Muslims living in the UK.
Luxemburg
is considered the birthplace of Islamic Finance in Europe, as the firs Islamic
bank in the West was opened here in 1978. Daral-Malal-Islami international financial group is
headquartered in Geneva.
Major European banks such as
ABN AMRO, Societe Generate and JP Morgan Chase
have an Islamic finance branch. Islamic mortgages appeared in Europe in the summer of
2003, when two major banks - HSBC and United National Bank - began issuing Islamic
mortgage loans in Great Britain. Bank of America Citibank has been cooperating with Islamic
financial institutions for a long time and has allocated about 1 billion dollars to Islamic
financial funds. In 1997, Citibank opened an investment bank in Bahrain with a charter
capital of $20 million. Currently, the capitalization of more than 250 Islamic-financial
organizations is about 15 billion dollars.
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If we also start a comprehensive movement of the Islamic financial services industry in
Uzbekistan, we will open the door of the following opportunities:
✓
increase and diversification of foreign investments;
✓
creation of a fair and transparent competitive environment in the banking network
and the possibility of diversifying the assets of the banking system;
✓
ensuring the maximum participation of free funds available to the population and
business representatives in the development of the economy;
✓
development and diversification of the capital market in the country;
✓
create many new jobs;
✓
increase the activity of the population in the financial market by increasing the
financial literacy of the population;
✓
Coordinate and upgrade infrastructure in the country by developing the Islamic
financial services industry;
✓
establishment of new financial institutions;
✓
contribute to the implementation of the state program to fight against poverty;
✓
creating a personnel training program in a new direction.
In order to develop the Islamic financial market in the country, first of all, it is necessary
to establish an educational system in this field. Based on this, the following proposals were
developed:
•
Development of personnel training program on Islamic finance;
•
Establishing contacts with advanced foreign universities;
•
Introduction of Islamic finance and Islamic economics textbooks;
•
Organization of Islamic finance lines;
•
The possibility of opening branches of advanced foreign universities in Uzbekistan.
The experience of developed and developing countries shows that it is important to
introduce the Islamic finance and banking system in our country in order to develop the
economy and have an alternative banking system.
In conclusion, it should be noted that Islamic finance is a concept that has gained rapid
momentum and is accepted all over the world today, regardless of religious beliefs. In light of
the recent financial crises and the unprecedented pandemic, its development and stability
have not only confirmed its practical benefits, but also increased its potential. At the same
time, it is clear that many of the challenges it still faces are the reasons why Islamic finance
has not yet reached its full potential. Understanding the nature of such problems should be
the first step to solve them, because it is impossible to prescribe the appropriate drugs
without first identifying the disease.
ISLOM MOLIYASI, XULQ-ATVOR MOLIYASI VA MOLIYA BOZORIGA OID
BOSHQA YANGI YONDASHUVLAR
Tojiyeva Muhayyo Valiyevna
Turon Zarmed Universiteti
тIqtisodiyot yo’nalishi o`qituvchisi
Shodmonov Shahzod Shuxratovich
Turon Zarmed Universiteti
тIqtisodiyot yo’nalishi talabasi
Islom moliyasi tizimi
—
bu pul
mablag‘laridan foydalanish va taqsimlash jarayonida
Islom huquqi qoidalariga mos keluvchi iqtisodiy munosabatlarni o‘z ichiga oladigan Islom
ekotizimining bir qismidir. Masalan, Islom dinida qarz berish yoki qarz olish evaziga foyda
ko‘rish taqiqlangan, ba
rcha moliyaviy jarayonlar esa haqiqiy iqtisodiy faoliyatga asoslangan
