THE CONCEPT OF ISLAMIC BANKING AND ITS ESSENCE IN THE BANKING SYSTEM OF UZBEKISTAN

Abstract

The Islamic financial sector today is one of the fastest growing sectors in the world and includes innovative financing mechanisms. The development of this network is especially important for Muslim-majority countries. This article discusses the essence and features of Islamic banking, the rules of operation, the main financial instruments of Islamic finance. In connection with the urgent need for banking sectors based on Islamic law and solving the problems of opening such banks in Uzbekistan, proposals are made for the establishment of Islamic banks in the Republic of Uzbekistan.