Abstract
This article presents the development of Islamic banking services, development trends in the World Bank financial system and the factors influencing the growth of the country’s economy. Today, two-thirds of Islamic finance is concentrated in Islamic banks. The urgency of establishing Islamic banking services in commercial banks is highlighted. There are practical suggestions and recommendations for the development of this area.
Highlights
The Islamic banking system remains one of the fastest growing industries in the world today and includes innovative financing mechanisms
The Shari'a prohibits the giving or receiving of money, as well as the payment or acceptance of interest payments for trade and other activities that provide goods or services that are considered to be contrary to its principles. In the past these principles were used as the basis of a prosperous economy, in the late twentieth century, a number of Islamic banks were formed to provide an alternative basis for Muslims, which in turn provided Islamic banking services to Muslims and to the nation's religious affiliation
[10] Islamic banking services are radically different from traditional banking
Summary
The Islamic banking system remains one of the fastest growing industries in the world today and includes innovative financing mechanisms. The issue of implementing the Islamic banking system is one of the issues that have been awaited by our entrepreneurs for many years. [2] it is important to attract funds from existing banks, investment funds and companies based on Islamic finance in developed countries to support the socioeconomic development of Uzbekistan and the private sector. Islamic banks are a bank or a system of banking activities that implements banking services in practice in accordance with the principles of Sharia (Islamic rules). In the past these principles were used as the basis of a prosperous economy, in the late twentieth century, a number of Islamic banks were formed to provide an alternative basis for Muslims, which in turn provided Islamic banking services to Muslims and to the nation's religious affiliation.
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