THE CONCEPT AND ESSENCE OF ISLAMIC FINANCE IN THE WORLD

D. Sattarova

doi:10.5281/zenodo.7400711

D. Sattarova

Abstract. The article discusses the concept and essence of Islamic finance, its main principles, Islamic banking and their difference from conventional banks. This study aims to explain the theoretical aspects of the most common financial methods of Islamic banking, the products of Islamic Capital Market, functioning and differences of Islamic insurance. In this article, we offer an overview to provide elementary information and serve as the basis for further study.

Keywords: Islamic finance, Islamic banking, sukuk, takaful, Islamic Capital Market, mudarabah, musharakah, salam, murabaha, ijarah, istisna.

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