Botirkhoja Jorayev
An independent researcher of NamSU
Abstract: In this article, causes for the introduction of the Islamic finance have been analyzed and current related issues have been identified as well as demonstrating their solutions. In order to obtain the aim of the article several legal and theoretical-scientific sources have been studied. Particularly, experience of numerous countries of the world has been comparatively analyzed and special characteristics in terms of following main principles of the Islamic finance have been identified. Especially, the article reveals the differences and economical nature of Islamic and traditional bank activities relatively as well as determining directions in implementing it and providing recommendations for using positive aspects of its implementation.
Keywords: Islamic finance, Islamic banks, takoful, usury, cave, maysir, islamic windows, risk distribution, profit and risk distribution, dualistic model, real assets.