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Historical Trajectories and Modern Dynamics of Islamic Financial Law in Central Asia

Published online by Cambridge University Press:  02 October 2024

Abdumukhtor Rakhmanov ,
Abhishek Thommandru  and
Shokhrukhbek Tillaboev
Abdumukhtor Rakhmanov
Affiliation:
Professor of the Department of International Law and Human Rights, Tashkent State University of Law.
Abhishek Thommandru
Affiliation:
Assistant Professor, Institutional Affiliations: Alliance University, Faculty of Law and Policy Studies, Alliance School of Law, Bengaluru, India.
Shokhrukhbek Tillaboev
Affiliation:
Lecturer of International Law and Human Rights Department; Alumnus of Brunel University London, Tashkent State University of Law.
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Abstract

This paper examines the historical development and contemporary landscape of Islamic financial law in Central Asia. Rooted in Sharia principles such as avoiding riba (usury), gharar (uncertainty), and maysir (gambling), Islamic finance has evolved into a sophisticated framework that promotes equity, transparency, and social welfare. In Central Asia, a predominantly Muslim region shaped by diverse cultural influences, Islamic financial jurisprudence reflects a unique blend of traditional practices and modern regulations. The growth of Islamic finance in this region is driven by increasing awareness, regulatory support, and integration with global markets. Key principles like the prohibition of interest, risk-sharing, and asset-backed financing underpin the operations of Islamic financial institutions.

Case studies from Kazakhstan, Uzbekistan, and Tajikistan illustrate successful implementation strategies. The paper concludes by emphasizing the potential for Islamic finance to drive sustainable economic development in Central Asia and the need for ongoing research, collaboration, and policy support to navigate the complex dynamics of this evolving field.

Keywords

Central Asiaeconomic developmentIslamic financeregulationSharia
Type
Article
Information
International Journal of Legal Information , Volume 52 , Issue 1 , Spring 2024 , pp. 74 - 87
Copyright
Copyright © The Author(s), 2024. Published by International Association of Law Libraries

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