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Anvar Tursunov, Lecturer in the department of “Budget Accounting and
TreAndijan State University named after Z.M.Boburry, Tashkent Institute
of Finance
DIRECTIONS OF DEVELOPMENT OF ISLAMIC BANKING SERVICES IN
COMMERCIAL BANKS OF UZBEKISTAN
A. Tursunov
Abstract: Islamic finance has successfully overcome the global financial
crisis, has proved its resilience to systemic risks, is viable and flexible in the
secular legal environment, and contributes significantly to overall economic
growth. At the same time, it offers opportunities for those who apply for
Islamic finance based on their religious beliefs, and for those who wish to
better meet their financial needs through the system. This article analyzes
establishment of Islamic window in commercial banking system, its
development and its role in the world. There are recommendations on the
relevance and practical application of this system in Uzbekistan.
Keywords: Digital Islamic economy, Islamic banking, commercial bank,
Islamic window, interest (ribo), zakat (property tax), customer, Digital
Islamic services.
The Islamic banking system was founded in the 1970s. In a short period
of time, it has become an integrated mechanism that can fully compete with
commercial banks. Unlike commercial banks, Islamic banks have attracted
entrepreneurs and business people through a profit-and-loss sharing
system (credit system). The system, with its fairness and low level of
financial crisis, has attracted not only Muslims but also members of other
religions. Today, Islamic finance, Islamic banking, Islamic insurance
(takaful), Islamic fund are fully formed and operate as a stock system. Today,
the Islamic banking system remains one of the fastest growing sectors in the
world and includes innovative financing mechanisms. In recent years, the
total assets of Islamic financial institutions have reached $ 2.5 trillion,
growing by 15-20 percent per year. [1] Therefore, it is important to attract
the funds of existing banks, investment funds and companies based on
Islamic finance in developed countries in order to support the socio-
economic development of Uzbekistan and the private sector.
Nowadays, the Digital Islamic Services landscape has therefore been
defined under nine key industry verticals and areas (excluding
Pharmaceuticals and Cosmetics), which constitute the pillars of the global
Digital Islamic Economy: Halal Food, Halal Travel, Islamic Finance, Modest
Fashion, Islamic Art and Design, Islamic Economy Education, Smart
Mosques Islamic Media all centered around associated Islamic Standards
and Certifications.
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Figure 1. Number of universities offering academic courses in Islamic
banking and finance
Islamic banking and finance are being trained at more than 130
universities around the world. In particular, special courses have been
organized at the following most famous universities in the world (Harvard
University, Oxford University, Cambridge University, Durham University,
Liverpool University, Bolton University, London School of Economics, Al
Madina International University and others). Students study at the
bachelor's, master's and doctoral levels.
Kazakhstan was the first Central Asian country to obtain a permit in
March 2010 to conduct the first Islamic bank operation, Al-Hilal. On August
17, 2017, Zamanbank received a license to provide Islamic services and
began operations. In April 2009, Kyrgyzstan adopted amendments to the
Law of the Kyrgyz Republic "On Banks and Banking" and others. [2]
CONCLUSIONS AND RESULTS
The government needs to develop Islamic banking to make available for
public digital Islamic product and services. It attracts foreign direct
investment and encourage muslim entrepreneur doing business. the
majority of the population of our country is Muslims, if an Islamic bank or
Islamic banking services are established, the number of depositors in the
bank will increase sharply. This, in turn, will allow cash to flow through the
bank and reduce inflation.
Furthermore, additional jobs will be created. The most important thing
is to study the rapidly growing system in the world today, put it into practice
and benefit from it for the future of our country.
In order to implement the Islamic financial and banking system, it is
necessary to do the following.
1. Training of qualified personnel. Establishment of joint faculties with
foreign universities;
2. Establishment of a window of Islamic services under commercial
banks;
3. Sending existing staff for internships in Islamic banks;
0
10
20
30
40
50
60
70
UK
Malaysia
UAE
Saudi
Arabia
US
Pakistan
70
44
39
25
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24
O…
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4. Establishment of a Sharia Council at the center of Islamic civilization.
In contrast to the norm of profit-interest rate in the Islamic economy, a
more efficient and rational mechanism of resource allocation is a system
that counteracts many negative trends of the modern economy
(monopolization, the sharp gap between rich and poor, financial crises, etc.).
It also deserves serious study.
References:
1.
Ahmad, M. Abu-Alkheil (2012) "Ethical Banking and Finance: A
Theoretical and Empirical Framework for the Cross-Country and Inter-bank
Analysis of Efficiency, Productivity, and Financial Performance" Ltd.
Germany
2.
Bekkin R.I., 2009, Islamic economic model and modernity. Marjani
Publishers, Moscow
3.
Citibank annual report 2018, Citi Research, Reuters, SNL Research
4.
Chapra M.U What is Islamic Economics?-Jeddah 2001, p-33
5.
6.
7.
8.
Hurriyat Khudoykulova, Chief expert of the State Committee of the
Republic of Uzbekistan on statistics Freelance Researcher (PhD) at
Tashkent State University of Economics
DISTRIBUTION OF DISTRICTS AND CITIES OF THE REPUBLIC OF
UZBEKISTAN BY LEVEL OF DEVELOPMENT
H. Khudoykulova
Abstract:
The socio-economic development of the districts and cities
included in primary administrative-territorial units of the Republic of
Uzbekistan was evaluated on the basis of the results of the evaluation using
the composite index based on the optimal combination of socio-economic
indicators selected by the method of the principal component analysis
(PCA)and the second administrative territorial units were distributed
according to the levels ofsocio-economic development.
Keywords:socio-economic development; Principal component analysis
(PCA), Composite Index.
JEL classification: C01, R12, R58
