Organization of Effective Use of Islamic Financing Opportunities in Uzbekistan: Problems and their Solutions

Authors

  • Saydirasulov Laziz Alimovich Doktoral Student of Research Center for “Scientific Foundations and Problems of the Development of the Economy of Uzbekistan”

Keywords:

Islamic financing, non-Islamic states, sects, dualistic model, macro regulator.

Abstract

Based on the selection and implementation of the Islamic finance model acceptable for the conditions of development of the new Uzbekistan, the necessity and relevance of ensuring the effective use of Islamic financing opportunities for various projects are substantiated. The problems that have arisen in this situation have been identified. The following are given: a method of systematic research and evaluation of the level of effective use of financing opportunities for various projects in non-Islamic countries based on the rules of the five Islamic sects (Sharia school); ways to effectively use the opportunities of Islamic financing in the implementation of various projects in the conditions of the development of new Uzbekistan.

References

Decree No. PF-158 dated September 11, 2023 of the President of the Republic of Uzbekistan on the approval of the "Uzbekistan-2030" strategy;

Resolution PQ-292 dated September 4, 2023 "On measures to implement the tasks set in the open dialogue of the President of the Republic of Uzbekistan with entrepreneurs in 2023";

Resolution No. PQ-4224 dated March 5, 2019 of the President of the Republic of Uzbekistan "On measures to further expand and deepen partnership with Islamic Development Bank Group and Arab Coordination Group Funds";

Mirziyoyev Sh.M. Address of the President of the Republic of Uzbekistan on December 29, 2020 to the Oliy Majlis on the most important priority tasks for 2020 (https://kun.uz/99414458);

Open dialogue of the President of the Republic of Uzbekistan with entrepreneurs in 2023 (https://kun.uz/);

IFSB – A report on the sustainability of the Islamic financial industry (IFSI) 2021 [https://www.ifsb.org/download.php?id=6106&lang=English& pg=/index.php];

DinarStandard & Ellipses – Global Islamic fintech report 2021 [https://www.salaamgateway.com/specialcoverage/islamic-fintech-2021];

ICD-REFINITIV – Islamic Finance Development Report 2020 [https://icd-ps.org/uploads/files/ICD-Refinitiv%20IFDI%20Report% 202020160 7502893_2100.pdf];

Analytical data of the publication of Qardus (https://www.qardus.com/news/ the-islamic-financial-services-industry-statistics#:~: text=Currently%2C%20the%20 Islamic%20finance%20sector,over%202.7%20 trillion%20USD%20globally);

https://www.refinitiv.com/en/resources/special-report/islamic-finance-development-report; https://alhudacibe.com/pressrelease142.php#;

Report UNDP "Preliminary technical and economic development of green sukuk in the Republic of Uzbekistan"//UNDP, 2021 (www.uz.undp.org).

Analytical note by IMRI under the Cabinet of Ministers of the Republic of Uzbekistan “Analysis of the implementation of measures taken by ministries and departments to support the capital market and the mechanisms used on it”, 2023 г., www.imrs.uz.

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Published

2024-03-22

How to Cite

Saydirasulov Laziz Alimovich. (2024). Organization of Effective Use of Islamic Financing Opportunities in Uzbekistan: Problems and their Solutions. International Journal of Scientific Trends, 3(3), 36–47. Retrieved from https://scientifictrends.org/index.php/ijst/article/view/249

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Section

Articles