Ilmiy tadqiqot markazi

15%
10%
43%
10%
10%
4%
3%
2%
2%
1%
Saudiya Arabistoni
Malayziya
Eron
BAA
Quvayt
Qatar
Turkiya
Bahrayn
Indoneziya
Misr

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ADABIYOTLAR RO`YXATI 
1.
 
Shayx Muhammad Sodiq 
Muhammad Yusuf “Tafsiri hilol” 2019 y.
 
2.
 
E.A.Baydaulet, X.Xasanov “Islomiy moliya asoslari”, Botirxo`ja Jo`rayev tarjimasi, “O`zbekiston” 
NMIU- 2019 y. 
3.
 
Abdullayev SH.Z., Omonov A.A. “Tijorat banklari kapitali va uni boshqarish” O`quv qo`llanma./
 -T.: 
“Iqtisod –moliya” 2006
-120 bet 
4.
 
Omar M. (2013) Islamic Banking and finance. The article.(6/2017) 
5.
 
Renat Bekkin “Islom iqtisodiy modeli va zamon” 2019 y
 
6.
 
Ehson Shenojak “Islom iqtisodi:global inqirozdan chiqish” 2022y.
 
7.
 
https://islommoliyasi.uz/
 
8.
 
https://stat.uz
 
9.
 
https://tawhidbank.tj/
 
10.
 
 https://www.istisna. kz/rus/?p=1749 
11.
 
 https://www.aaoifi.com 
12.
 
 http://www.ifsb.org
MODERN PERSPECTIVE ON ISLAMIC FINANCE 
 
Yoldashaliev Boburshokh - 
University of world economy and diplomacy 
Student of the faculty of International Law 
Bachelor in Jurisprudence 
Islamic finance is a financial system based on Sharia law that emphasizes justice, 
fairness, and equality. It differs significantly from traditional economic systems that rely on 
interest, uncertainty, and speculation. Instead, Islamic finance is based on profit-and-loss 
agreements, asset financing, and risk-sharing, making it an ethical financial model that 
promotes social and economic justice, entrepreneurship, and long-term development. 
The principles of Islamic finance can be traced back to the time of Prophet Muhammad 
(peace and blessings be upon him), who emphasized fairness and honesty in business 
dealings. The Quran and Hadith contain several verses and sayings related to economic 
transactions, guiding Muslims in conducting business fairly and ethically.
It was proven that the Islamic economic system encourages trade and enterprise but is 
inimical to self-interest and undue profiteering. It is non-discriminatory to human society and 
builds a relationship between the individual and the community through co-operation, 
integration and duty. Being largely humanitarian in character and socially orientated, it 
provides satisfaction for human beings by enabling them to perform their obligations to Allah 
and Society.
1
During the early Islamic period, trade and commerce were important activities, 
and Muslim merchants travelled across the world, conducting business based on the 
principles of Shariah. The Islamic law of contracts (Fiqh al-
Mu’amalat) was developed during 
this period, which provided guidelines for commercial transactions, including partnerships, 
sales, and leasing. 
Islamic finance is a financial system that adheres to the principles of Islamic law, or 
Shariah, which governs the economic, social, and political aspects of Muslim societies. The 
principles of Islamic finance include the prohibition of interest (riba), the promotion of risk-
sharing through profit and loss sharing (PLS) contracts, the prohibition of speculative 
transactions (gharar), and the prohibition of investments in unethical industries and activities 
(haram). In practice, Islamic finance offers a variety of financial instruments and services that 
are designed to comply with these principles, such as Islamic banking, Islamic insurance 
(Takaful), and Islamic investment funds (Ijarah, Mudarabah, and Musharakah).
2
These 
principles have influenced the development of Islamic finance, which is built on the concept of 
risk-sharing and prohibits interest-based transactions. Islamic finance has grown in 

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popularity around the world and has become an important alternative to conventional 
finance. In addition, the principles of Shariah have also influenced the development of ethical 
investing, which seeks to align investment decisions with social and environmental values.
One of the key principles of Islamic finance is the prohibition of interest-based 
transactions (riba), which is mentioned in several verses of the Quran. For example, in Surah 
Al-
Baqarah, verse 278, it is stated: “O you who believe, fear Allah and give u
p what remains 
due to you of interest if you are indeed believers. And if you do not, then be warned of war 
(against you) by Allah and His Messenger, while if you repent you shall have your capital. Do 
not do wrong and you shall not be wronged.”
This prohibition on interest-based transactions is intended to promote fairness and 
prevent exploitation in financial transactions. 
The Islamic finance enterprise has come a long way in recent years and is now a 
significant player in the global financial system. According to estimates by the Islamic 
Financial Services Board, the industry is growing at an impressive rate of 15% to 25% per 
year. Islamic financial institutions around the world manage assets worth over 2.7 trillion 
USD.
3 
While the Middle East and Southeast Asia are leading the way in Islamic finance, 
countries like Saudi Arabia, United Arab Emirates, and Malaysia have also developed 
significant Islamic finance markets. Interestingly, there has also been a surge of interest in 
Islamic finance from non-Muslim countries such as the UK, Luxembourg, South Africa, and 
Hong Kong.
4
Apart from expanding geographically, the Islamic finance industry has diversified its 
product and service offerings, which have become increasingly sophisticated. Today, the 
industry offers various products and services, including Islamic banking, halal investment 
products and services such as Islamic insurance (takaful), Islamic bonds (sukuk), and Islamic 
investment funds. Halal investment refers to investment activities that comply with Islamic 
principles and values. Additionally, there is a growing focus on social responsibility and 
ethical investment in Islamic finance, with more and more Islamic finance institutions 
embracing environmental, social, and governance principles in their products and services.
During the 2008 global financial crisis, the Islamic finance industry demonstrated 
resilience and stability compared to conventional finance. According to a report by the 
International Monetary Fund (IMF) titled “Islamic Finan
ce: Opportunities, Challenges, and 
Policy Options,” the Islamic finance industry experienced some slowdown in growth during 
the crisis. However, it weathered the storm better than its conventional counterpart. The 
report states that the Islamic finance industry's focus on risk-sharing, asset-backed 
transactions, and the avoidance of interest-based transactions helped to insulate it from the 
crisis. The industry's emphasis on ethical and socially responsible investing practices also 
helped to mitigate risk and promote stability.
5
Several factors can explain the growth and innovation of the Islamic finance industry. A 
significant growth driver can be attributed to the increasing demand for Shariah-compliant 
financial products and services in Muslim-majority and non-Muslim-majority countries with 
significant Muslim populations. This heightened demand has resulted in the expansion of 
Islamic finance into new and diverse markets, such as Europe, Africa, and Asia. 
Another significant factor that has contributed to the growth of the Islamic finance 
industry is the development of supportive regulatory frameworks. Governments in many 
countries have recognized the potential of Islamic finance to promote financial inclusion and 
sustainable development. These regulatory frameworks have enhanced the Islamic finance 
industry's credibility and stability and encouraged greater investor interest and participation. 
Fintech solutions and digitalization rapidly transform the financial industry, and 
Islamic finance is no exception. Fintech refers to the use of technology to deliver financial 
assistance, and it is revolutionizing how financial services are provided and accessed.
6
In 

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Islamic finance, fintech solutions and digitalization are used to improve efficiency, increase 
accessibility, and enhance sharia compliance. 
Uzbekistan, for example, has significant potential for developing Islamic finance, 
especially in fintech. The country has a sizeable Muslim population and a growing demand for 
Islamic finance products and services. Furthermore, the government of Uzbekistan has 
supported the growth of the Islamic finance industry in the country and has taken steps to 
create a favourable regulatory environment for Islamic finance. A prime example of fintech 
development in Uzbekistan would be the Iman Invest. The company's investment approach is 
based on Islamic principles and complies with Shariah law. The company has been actively 
involved in discussions with government officials and regulators to help shape the country's 
Islamic finance regulatory framework.
7
Islamic finance has emerged as a noteworthy participant in the global financial system, 
garnering increasing recognition as a viable and ethical alternative to conventional finance. 
The principles of Islamic finance, which encompass the prohibition of interest-based 
transactions and the prioritization of social justice and ethical investment, align with the 
growing demand for sustainable and socially responsible investment practices. Concerning 
financial inclusion, Islamic finance has played a crucial role, particularly in Muslim-majority 
countries. By developing innovative financial products and services, such as microfinance and 
Islamic social finance instruments like zakat and waqf, the industry has facilitated greater 
access to finance for underserved communities and small businesses. These products and 
services have contributed to the reduction of poverty and the promotion of economic growth.
Furthermore, Islamic finance principles align with the United Nations' Sustainable 
Development Goals (SDGs), which seek to foster sustainable and inclusive economic growth.
8 
Islamic finance offers a range of products and services that align with the SDGs, such as green 
bonds, social impact bonds, and Islamic microfinance. These outgrowths and services have the 
potential to promote sustainable investment, thus contributing to sustainable development. 
To conclude, Islamic finance has a significant role in advancing financial inclusion and 
sustainable investment practices. Its principles and products are well-suited to meet the 
growing demand for ethical and socially responsible investment practices. Years of intense 
market activities forged Islamic finance into a new shape, and technologies allowed it to 
facilitate the progression better than any traditional economic pathway. Now, Islamic finance 
is reaching a new era of progress by offering services and practices aligned with Islamic 
business principles.