Establishment Of Islamic Banking In Uzbekistan

Abstract

The Islamic banking system has been recognized around the world as an alternative to the fast-growing traditional banking system and in the short term has become an integrated mechanism that can fully compete with commercial banks. Unlike commercial banks, Islamic banks have been able to attract entrepreneurs and business people through a balanced distribution of profits and losses among participants in financing. The role and importance of the country's financial and credit system, as well as the implementation of research on the introduction of alternative banking services remain an essential issue. In addition, establishment of Islamic banking services has been waiting for many years for entrepreneurs of Uzbekistan. In particular, the country's financial and credit support in finding solutions to the issues of "expanding the scale of modernization and diversification of regional economies, reducing the gaps in the level of socio-economic development of regions through the rapid development of underdeveloped districts and cities, primarily through industrial and export capacity." The role and importance of the system, as well as the implementation of research on the introduction of alternative banking services remain a as crucial issue yet to be tackled. The article describes alternative Islamic banking services to national banking system in the context of sustainable development.

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Publisher

European Publisher

First Online

25.09.2021

Doi

10.15405/epsbs.2021.09.02.114

Online ISSN

2357-1330