THE NECESSITY OF DEVELOPING THE REGULATORY LEGAL FUNDAMENTALS OF THE ISLAMIC BANKING SYSTEM IN THE REPUBLIC OF UZBEKISTAN

Abstract

This article substantiates the need to develop a regulatory framework for the Islamic banking and financial system in Uzbekistan based on foreign experience in the field and the results of a survey of the population and businesses. It also analyzes the current work and shortcomings in the development of the relevant regulatory framework. In addition, the benefits that can be seen through the introduction of the Islamic banking system and suggestions and recommendations for the faster implementation and efficient operation of the system are given.