Volume 11 - Volume 11
Improving the Use of Islamic Banking Services in Financing Investment Projects in Uzbekistan
Abstract
Financial inclusion is remained low level by the majority of households and firms in Uzbekistan, instead of using formal finance, they are more partial to save and borrow informally. In this case, both indicate the high cost of finance as the top reason for not using it. Moreover, households, which are mostly Muslim, declare that religious reasons prevent them from using formal finance, as only conventional finance is available. The result of the survey was passed between a number of households and entrepreneurs that most of them claimed to use Islamic banking products. On the other hand, there are not created main mechanisms, infrastructure, and other important devices to regulate Islamic banking services in the country.
The major objective of this study was to investigate there were used some Islamic banking products
under some conventional banks for two decades and we have discussed the empirical experiences in
Uzbekistan as well as given recommendations for improving the use of Islamic financial services
related to foreign experiences and the result of the survey.
Paper Details
PaperID: 1869
Author's Name: Dilmurod Yusupaliyevich Khujamkulov, Ruhiddin Khusniddin Ogli Zayniddinov, Dilmurod Rakhmatullayevich Ergashev, Mamajon Akhmatjonovich Mamatov and Khusniddin Fakhriddinovich Uktamov
Volume: Volume 11
Issues: Volume 11
Keywords: Islamic Finance, Islamic Banking Products, Survey, SWOT Analysis, Legislation of Tax and Banking, Uzbekistan, IDBG, IDB, ICD, Entrepreneurs and Individuals, Conventional Banks.
Year: 2021
Month: May
Pages: 2205-2220