#Summary_1
This article is not directly related to my thesis topic, as it focuses on the legal challenges hindering the development of Islamic Finance in Uzbekistan. In contrast, my research specifically examines Islamic Insurance (Takaful), a subset of Islamic Finance. However, I chose to read this paper first because I believe that before conducting research in any field, it is essential to understand the current state of the subject, along with its challenges and opportunities. Fortunately, this paper provided me with that insight.
Summarizing the article, it employs a library-research method, analyzing legal documents related to various financial sectors, including banking, capital markets, and insurance. It highlights several legal barriers that have slowed the introduction of Islamic Finance services, primarily stemming from Uzbekistan’s banking legislation, tax policies, and civil code. The authors provide a detailed examination of each legal obstacle and propose solutions for the government and regulatory bodies to effectively address these issues.
Additionally, the paper compares Uzbekistan’s situation to that of neighboring countries that have successfully implemented Islamic Finance services. In conclusion, the authors recommend that the Uzbek government develop a structured approach to facilitate the creation of a legal and regulatory framework for Islamic Financial Institutions. Instead of a single legislative act covering all aspects of Islamic Finance, they suggest drafting separate legal acts for each financial sector to ensure more effective regulation.
Alhamdulillah🍀
This article is not directly related to my thesis topic, as it focuses on the legal challenges hindering the development of Islamic Finance in Uzbekistan. In contrast, my research specifically examines Islamic Insurance (Takaful), a subset of Islamic Finance. However, I chose to read this paper first because I believe that before conducting research in any field, it is essential to understand the current state of the subject, along with its challenges and opportunities. Fortunately, this paper provided me with that insight.
Summarizing the article, it employs a library-research method, analyzing legal documents related to various financial sectors, including banking, capital markets, and insurance. It highlights several legal barriers that have slowed the introduction of Islamic Finance services, primarily stemming from Uzbekistan’s banking legislation, tax policies, and civil code. The authors provide a detailed examination of each legal obstacle and propose solutions for the government and regulatory bodies to effectively address these issues.
Additionally, the paper compares Uzbekistan’s situation to that of neighboring countries that have successfully implemented Islamic Finance services. In conclusion, the authors recommend that the Uzbek government develop a structured approach to facilitate the creation of a legal and regulatory framework for Islamic Financial Institutions. Instead of a single legislative act covering all aspects of Islamic Finance, they suggest drafting separate legal acts for each financial sector to ensure more effective regulation.
Alhamdulillah🍀