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THEORETICAL AND PRACTICAL ASPECTS OF THE FORMATION AND PROSPECTS FOR THE DEVELOPMENT OF ISLAMIC BANKING IN REPUBLIC OF TAJIKISTAN

Author (s)

Yusupov D.S.

Abstract

Islamic banking is considered as one of the rapidly developing areas of the global banking market. The article provides an overview of the principles and practices of Islamic banking, including its origins and stages of development, distinctive features, profit and loss sharing, asset-based financing and the rejection of interest-based transactions (riba). The challenges facing the industry, including the offering of diverse Islamic financial products and services, and the need to increase awareness and understanding of Islamic finance among investors and consumers, are also discussed. The potential of Islamic banking to promote sustainable economic development and social well-being, particularly in Muslim-majority countries, is analyzed, and the need for further research and innovation in this area in the Republic of Tajikistan is substantiated.

Keywords

Islamic banking; riba; Islamic finance; financial instruments; financial availability

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