LEGAL APPROACHES TO THE INTRODUCTION OF ISLAMIC INVESTMENT FUNDS IN UZBEKISTAN

Abstract

The article analyzes the possibilities of the normative legal framework for the organization of activities of Islamic investment funds in Uzbekistan and legal approaches in this regard. Although views on the need to use the opportunities of Islamic finance in Uzbekistan have existed for a long time, no progress has been observed in terms of legislation. The provision of Islamic finance services in the private sector is rapidly developing while the legislature is closely monitoring the processes. Today, according to the author, two different approaches have been formed in Uzbekistan regarding the formation of legislation related to Islamic finance. According to the first approach, new legislation on Islamic finance should be created. The second approach rejects the creation of new legislation and considers it sufficient to introduce amendments and additions to existing legislation. In the course of the analysis, the author studied the contents of both approaches more widely and expressed his opinion. In the concluding part of the article, the author put forward proposals on the establishment of Islamic investment funds and their legal regulation and improvement of national legislation.