Implementation Processes of Islamic Finance Services in practice in Uzbekistan
Аt the Tashkent Financial Institute, On January 13, 2022, the Department of Banking organized a scientific seminar-training for the teaching staff of the Department of Banking and Accounting and Audit in Banks on the topic “Introduction into the practice of financing based on Islamic principles and priority directions of development”.
The head of the department "Banking" A. Omonov introduced the invited guests Khusniddinov Muzaffar and Ibadov Muhammadfayoz Muhammadvafayevich.
The first to speak was Husniddinov Muzaffar, co-founder and financial manager of Islamic Business and Finance LLC and founder of the website islommoliyasi.uz.
Khusniddinov presented very interesting information on the work of credit institutions operating on the principles of Islamic finance, on the dynamics of their development, geographical and regional development. He spoke about plans to develop the Laws of the Republic of Uzbekistan in the field of Islamic finance and securities. He introduced foreign authors and local scientists to the current literature, resented a book to the institute as a gift.
After the presentation, the speaker was asked a lot of questions from lecturers, in particular about the problems hindering the real development and introduction of Islamic finance into practice, and others, to which detailed answers were received.
Further, the expert of PJSB "Trust Bank" on the development of methods of Islamic financing and methods of their implementation, Ibadov Muhammadfayoz Muhammadvafayevich, spoke. He directly spoke about the practice of introducing Islamic windows in the activities of PJSB "Trust Bank", about the stages of cooperation with the ICRC, about the role of the bank as an intermediary between Islamic finance. Problems related to the current legislation and the need to solve them were touched upon.
At the end of the scientific seminar, representatives of the dean's office of the faculty "Banking" and the teaching staff expressed their deep gratitude to the lecturers for the informative and interesting seminar.