Possibilities of Introducing Islamic Banking Services in Commercial Banks

Abstract

In the world, attention is being paid to the scientific research on the efficient operation of Islamic banks, gaining a decent place in the banking system, and the continuous increase in the volume of sukuk issuance in the stock market. The ability of Islamic financial institutions to serve the interests of society, increasing the possibility of diversifying practices in the stock market with the issuance of sukuk, the establishment of Islamic financial transactions and the regulation of penalties and fines incurred in these transactions, the operation of Sharia councils that control the compliance of the transactions with Sharia rules, scientific research is being conducted in areas such as improving the practice of Islamic financial institutions. Attention is paid to investment attraction, introduction of alternative financing institutions and tools in Uzbekistan. In the republic, the task "..to expand the scope and improve the quality of banking services due to the involvement of advanced international experience and technologies" has been set. In order to fulfill this task, it is necessary to mobilize the funds of foreign investors and the part of the country's population that is not involved in financial relations into the economy by establishing alternative financial institutions, justifying proposals and recommendations on the integration of Islamic financial institutions into the country's financial system, the practical application of financial transactions operating in accordance with Islamic principles, and traditional organization of "Islamic windows" in banks is one of the most urgent issues.