Scientific progress volume ǀ issue ǀ

 

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SCIENTIFIC PROGRESS
VOLUME 3 
ǀ
ISSUE 2 
ǀ
2022 
ISSN: 2181-1601
Uzbekistan
 
www.scientificprogress.uz
 
Page 48
ISLAMIC FINANCE 
 
Oybek 
Akhmadjonov 
Akhrorjon 
Abdullaev 
Muxammadqodir 
Shamsiddinov 
Bobur Umarjonov 
Qo’qon Universiteti
 
ABSTRACT 
This article discusses the many things that are forbidden in Islamic finance: usury, 
gharar i.e. uncertainty, loans, IMI activities i.e. Islamic Financial Institutions and 
gambling. We hope that during the reading of this article you will find answers to many 
questions that you need and are interested in. 
Keywords
: Islamic finance, usury, gharar, Islamic financial institutions, IMI, 
futures, gambling 
The socially responsible goals of the Islamic financial system are based on certain 
prohibitions and 
incentives. As stated in the Qur’an, the prohibition of usury (interest) 
and allowing trade is said to be: “Allah has made the profit of trade lawful and has 
forbidden usury,” meaning supported businesses and operations. This means that all 
financial transactions must represent a real transaction or the sale of goods, services or 
concessions. 
Islam has also established a moral norm that is almost universal in all civilized 
societies of the world. The structure of Islamic finance revolves around the prohibition 
of any income (interest) borrowed and the legitimacy of income. Interest is an increase 
that is received from the borrower as a reward. This means income from transactions 
involving the conversion of money into cash or the addition of the agreed price to the 
sale of loans / borrowings at the expense of deferred payment. The Shari'ah forbade this 
because it caused imbalances in the economy. Because all operations related to the 
payment of interest are strictly prohibited. 
Thus, debt bonds cannot be sold at a premium or discount, and the exchange of 
goods that are dissatisfied with money or money, such as gold and silver, must be equal 
and manual. Although the term “equals” is clear, on the one hand any increase means 
interest, but as a business the exchange of money must also be done manually, because 
otherwise the person will lose the money he has used. may have benefited or received it 
without giving the opposite value to which the other party may benefit. 
The second prohibition is Gharar (uncertainty). Adhering to the principles of 
Islamic morality, Islamic finance protects from Gharar (uncertainty). Gharar means the 
conclusion of a contract in conditions of absolute risk or uncertainty about the final 
outcome of the contract, the nature and specification of the object, or the rights and 
obligations of the parties. Gharar is also involved even if there is a lack of information 

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SCIENTIFIC PROGRESS
VOLUME 3