Islamic investment funds: national legislation and legal approaches

The article analyzes the possibilities of normative legal framework for organization of activities of Islamic investment funds in Uzbekistan and legal approaches in this regard.

Although views on need to the use of opportunities of Islamic finance in Uzbekistan have existed for a long time, no progress has been observed in terms of legislation. The provision of Islamic finance services in private sector is rapidly developing while legislature is closely monitoring the processes. Today, according to the author, two different approaches have been formed in Uzbekistan regarding formation of legislation related to Islamic finance. According to the first approach, new legislation on Islamic finance should be created. The second approach rejects creation of new legislation and considers it sufficient to introduce amendments and additions to existing legislation. In course of the analysis, the author studied the contents of both approaches more widely and expressed his opinion.

In concluding part of the article, the author put forward proposals on establishment of Islamic investment funds and their legal regulation and improvement of national legislation.