The modern financial system is developing dynamically and is constantly looking for new concepts to ensure its modernization. The Islamic Institute of Finance is one of the modern phenomena of the named system, especially for the traditional banking system of Tajikistan. With the advent of this institution, a number of legal problems have arisen that are awaiting resolution, one of which is consumer lending. The fact is that the Islamic finance institute does not engage in lending in the traditional sense of the word. That is why this institution cannot provide consumer loans. However, there is a need to determine what alternative it can provide to traditional consumer lending. Developing such an alternative is a complex task that requires detailed analysis and an objective approach. The article examines the Islamic institution of finance, develops an Islamic alternative to traditional consumer lending, and also puts forward the concept of «islamic consumer finance» for the first time in legal science.
banking system of Tajikistan, Islamic Institute of Finance, Islamic consumer financing, consumer crediting, Islamic alternative
1. Law of the Republic of Tajikistan «On the National Bank of Tajikistan» dated on June 28, 2011 № 722; [Electronic resource]. ‒ Access mode: http://ncz.tj/legislation (date of appeal: 01/10/2024).
2. Law of the Republic of Tajikistan «On Islamic Banking» dated on July 26, 2014 № 1108; [Electronic resource]. ‒ Access mode: http://ncz.tj/legislation (date of appeal: 01/10/2024).
3. Instruction of the National Bank of Tajikistan № 238 «On the Procedure for Regulating the Activities of Islamic Credit Organizations» [Electronic resource]. ‒ Access mode: https://nbt.tj/ru/islamic_banking/ ( date of appeal: 01/10/2024).
4. Akhkubekova Zh. D. Some Issues Related to the Peculiarities of Regulating Obligations with the Participation of Islamic Banks under Islamic Law / Zh. D. Akhkubekova // Business in Law. – 2012. – № 6. – PP. 25-31.
5. Bekkin R.I. Specificity of services of Islamic banks / R.I. Bekkin // Banking services. – 2007. – № 8. – PP. 19-32.
6. Valinurova A. A. Analogues of credit products in Islamic Banking / A. A. Valinurova, A. O. Smirnova, O. L. Ksenofontova // Modern science-intensive technologies. Regional application. – 2020. – № 3(63). – PP. 8-14.
7. Gadzhimagomedova A. M. Development of Islamic Banking in Russia / A. M. Gadzhimagomedova // Priority directions for the development of science and education: collection of articles of the II International Scientific and Practical Conference. Penza, May 10, 2018. – Penza: Science and Enlightenment, 2018. – PP. 121-123.
8. Danchenko E. A. Development of the Market of Banking Products Based on Islamic Banking: dis. ...cand. econ. Sciences: 08.00.10 / E. A. Danchenko. – Rostov-on-Don, 2015. – 172 pp.
9. Ermakova E. P. Civil Process, Arbitration and Mediation in North African Countries (Algeria and Egypt) / E. P. Ermakova. – Moscow: Infotropik Media, 2019. – 264 pp.
10.Ermakova E. P. Islamic Banking in Malaysia / E. P. Ermakova // Proceedings of the Institute of State and Law of the Russian Academy of Sciences. – 2017. – V. 12. – № 5. – PP. 182-195.
11.Ermakova E. P. Resolution of Disputes in the Field of Islamic Banking (Mualamat) in Malaysia / E. P. Ermakova // Arbitration Court. – 2015. – № 1(97). – PP. 78-82.
12.Ibadov E. S. Services Provided by Banks in the Islamic Republic of Iran / E. S. Ibadov, A. I. Shmyreva // Finance and credit. – 2015. – № 4(628). –PP. 55-64.
13.Ivanov E. A. Innovative Financial Products in the Islamic Financial System in the Field of Credit Relations / E. A. Ivanov, M. R. Akhtakhanov // Economics of Education. – 2013. – № 3(76). – PP. 111-125.
14.Madaminov A. Features of the Islamic Banking System / A. Madaminov, A. Tsapok, E. V. Popadinets // Current problems of accounting, analysis and audit: materials of the VI International Youth Scientific and Practical Conference. Kursk, June 03, 2014 / Executive editor E. A. Bessonova. – Kursk: University Book, 2014. – PP. 180-184.
15.Margolin A. M. Islamic Financing and New Investment Prospects for the Russian Economy / A. M. Margolin, A. F. Penkin // International scientific journal. – 2016. – № 6. – PP. 7-21.
16.Mikhailova N. S. Theoretical Aspects of the Functioning of Islamic Banking / N. S. Mikhailova // Theory and practice of world science. – 2018. – № 3. – PP. 14-17.
17.Mikheeva I. E. Legal Features of Financing under a Murabaha Agreement in Accordance with Islamic Law / I. E. Mikheeva // Journal of foreign legislation and comparative law. – 2016. – № 2(57). – PP. 65-71.
18.Murtazakulov D. S. Development of Islamic Lending in Russia and the Republic of Tajikistan: possibilities for integrating the legislative model / D. S. Murtazakulov, O. A. Serova // Legislation. – 2016. – № 4(24). – PP. 33-38.
19.Murtazakulov D. S. Development of Islamic Lending in Russia and the Republic of Tajikistan: possibilities for integrating the legislative model / D. S. Murtazakulov, O. A. Serova // Legal science and practice. – 2017. – V. 13. – № 4. – PP. 20-26.
20.Murtazaliev Sh. M. Prohibitions in Islamic Financing as a Form of Protecting the Interests of Bank Clients / Sh. M. Murtazaliev // Bulletin of the Bishkek Humanitarian University. – 2014. – № 2(28). – PP. 353-355.
21.Murtazaliev Sh. M. Theoretical Foundations of the Application of Islamic Principles of Lending in Modern Conditions / Sh. M. Murtazaliev // Science and new technologies. – 2011. – № 1. – PP. 155-159.
22.Pashkov R.V. Islamic Banking / R.V. Pashkov, Yu.N. Yudenkov. – Moscow: Rusigns, 2017. – 250 pp.
23.Podmarkova I. P. Possibilities of Using the Principles of Islamic Banking in a New Type of Banking System / I. P. Podmarkova // Development of the regional economy in the conditions of digitalization: collection of materials of the International scientific and practical conference dedicated to the 80th anniversary of the «Chechen State University», Grozny, September 24–25, 2018 / Responsible editors: Tsakaev A. Kh., Saidov Z. A., Arsakhanova Z. A. - Grozny: Chechen State University, 2018. - PP. 304-310.
24.Rakhmatov S.K. Socio-Economic Features of Islamic Banking / S.K. Rakhmatov // Economics and management: problems, solutions. – 2020. – V. 2. – № 12(108). – PP. 56-63.
25.Holy Quran ‒ القرآن الكريم. [Electronic resource]. ‒ Access mode: https://islam-today.ru/files/koran/koran_osmanova.pdf (access date: 04/16/2022).
26.Tagaev S. Kh. The Problem of Usury in Banking: History and Modernity / S. Kh. Tagaev, K. Kh. Ibragimov // Agrarian and land law. – 2012. – № 5(89). – PP. 133-141.
27.Tun G. T. The Idea of Globalization of Mahathir Mohamad and the Muslim Banking Network in Malaysia / G. T. Tun // Scientific notes of Petrozavodsk State University. – 2016. – № 3(156). – PP. 43-50.
28.Shukhratpur M. Islamic Banking - a Credit Organization without Lending: on the Example of the Republic of Tajikistan / M. Shukhratpur // Current problems of jurisprudence: a collection of articles based on the materials of the LXVI international scientific and practical conference, Novosibirsk, January 23, 2023. Volume 1(65). – Novosibirsk: Siberian Academic Book, 2023. – PP. 27-30.
29.Shukhratpur M. Islamic Banking – Financing or Lending? / M. Shukhratpur // Joint XXII International Scientific and Practical Conference «Kutafin Readings» of the O. E. Kutafin University (MSAL) and the XXIII International Scientific and Practical Conference of the Faculty of Law of the M. V. Lomonosov Moscow State University. Moscow, RANEPA, November 23-25, 2022. – Moscow: Lawyer, 2023. – PP. 743-747.
30.Shukhratpur M. Islamic Institute of Finance in Tajikistan: historical and legal aspect / M. Shukhratpur // X Moscow Legal Forum «Sustainable Development of Russia: Legal Dimension». Moscow, Moscow State Law Academy, April 6-8, 2023. Moscow: MSAL, 2023. – PP. 258-261.
31.Alexander Pukhart and Shukhratpur Muhammadyusuf. Formation of Islamic Banking in Tajikistan / P. Alexander, M. Shukhratpur // Islamic Finance news. – 2023. – Vol. 20. – № 13. – PP. 21.
32.Arzaeva M. Zh. Islamic Finance: Formation Features and its Possibility of Financing Small and Medium Enterprises / M. Zh. Arzaeva, A. E. Barbossyn, G. I. Supugaliyeva // Economic series of the Bulletin of ENU named after. L.N. Gumilyov. – 2020. – № 1. – PP. 108-120.
33.Erdogan S. An Investigation of Iran’s Banking System: Challenges and Remedies / E. Seyfettin, G. Ayfer, R. D. Mehmet // Bilimname XLI. – 2020. – № 1. – PP. 957-990.
34.Seliverstova A. V.The Features of Lending in Islamic Banks / A. V. Seliverstova, Z. M. Korzovatykh // Islamic finance, islamic banks, credit. – 2017. – № 10. – РP. 105-110.
35.Tita N. Application of Bay' al-'Inah in Islamic Banking and Finance: From the Viewpoint of Siyasah Shar'iyyah / N. Tita, K. Saim // Conference: the 3rd Annual World Conference on Riba, Kuala Lumpur, 26–27 november 2012. – Kuala Lumpur: International Islamic University Malaysia. – 2012 – РP. 119-136.
36.Zeyneb H. O. Mit Ghamr Savings Bank: A Role Model or an Irreplicable Utopia? / H. O. Zeyneb // The Journal of Humanity and Society. – 2018. – Vol. 8. – № 2. – PР. 85-102.