FUNDAMENTAL PRINCIPLES AND MECHANISMS OF FUNCTIONING OF THE ISLAMIC FINANCIAL SYSTEM
Keywords:
Islamic finance, fundamental principles, risk-sharingAbstract
The article reveals the fundamental principles of the Islamic financial system — risk-sharing, asset-backing, and ethical-legal restrictions — and demonstrates the mechanisms through which they are implemented in practice: contractual structures (mudarabah, musharakah, murabahah, ijarah), Shariah governance, money-market infrastructure (including IILM), and capital markets (sukuk, including ESG-sukuk). Methodologically, the study employs qualitative analysis of secondary data and a comparative approach by aligning international standards (IFSB/AAOIFI) with the practices of leading jurisdictions. Particular emphasis is placed on implications for the Republic of Uzbekistan: institutional requirements, product line, and priorities for the development of the liquidity market.
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