Anvar Tursunov,

PhD., Dean of Extramural education faculty of

The Banking and Finance Academy of Uzbekistan

Email:, ORCID: 0000-0001-9556-4332


Abstract. Since ancient times, Waqf institutions have performed a certain function of the state by providing social protection for economically and materially poor families in the society. Through waqf institutions, wealth was redistributed by the rich to the needy part of the population. That is, the rich donated their wealth to the waqf fund, and the needy section was financed from the waqf fund. As a result, the strong stratification between the rich and the poor was avoided. Based on the ideas of the modern capitalist concept, today the rich are getting richer and the poor are getting poorer. It doesn’t matter whether we call it market economy or digital economy, it is a model that complements each other logically. These models are concerned with how to make a person more rich. As a result, the wealth of the entire society is concentrated in the hands of a few individuals and families. In developed countries, the number of people living in the office is several times more than the number of people living in their own homes. Microfinance organizations emerged in the 1980s as a result of the growing need for financial institutions to fight poverty. The main goal of microfinance programs is to reduce poverty by providing financial services to the population with low or no income.

             In the last 30 years, as a result of the development and wide spread of the Islamic finance and banking system, Islamic financial services have been offered to replace traditional financial services. Another reason for this is that the financial services of microfinance organizations are based on lending and receiving interest from it, and this includes the element of riba, which has been rejected by most Muslim societies. Islamic microfinance organizations were created to fill this gap. Simply put, an Islamic microfinance organization is an institution that operates on the basis of Sharia rules.

It has been said that it is good to go back to history[1]. Accordingly, waqf funds as a financial institution served humanity until the last century and lost its importance as a result of the collapse of Islamic empires and the weakening of Muslim societies, but today has great potential and its modern models. and we intend to conduct a study on the organization of Islamic microfinance through a waqf fund.

Keywords. Waqf fund, Islamic Microfinance Organization, usury, Islamic financial services, zakat, waqf, murabaha, musharaka, mudaraba.



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