Iqtisodiyotni raqamlashtirish sharoitida buxgalteriya hisobi, iqtisodiy tahlil va auditni xalqaro standartlar asosida rivojlantirish muammolari va istiqbollari

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of finance. The global Islamic finance industry is growing at a rapid rate, with an 
increasing number of countries recognizing it as a legitimate alternative to 
conventional finance. The history of Islamic finance is rich and diverse, and it 
continues to evolve with the changing needs of the global economy. 
Islamic finance refers to financial systems that abide by Islamic law, also 
known as Sharia. Sharia law includes rules for economic and financial conduct, 
which are intended to promote social justice, fairness, and ethical behavior. Islamic 
finance prohibits interest (or riba), speculation (or gharar), and gambling (or maisir). 
Therefore, Islamic finance is based on shared risk and profit, as well as the concept of 
asset backing. 
- Islamic banking: Islamic banks operate under the principle of profit-sharing 
rather than charging interest on loans. Islamic banks also provide a variety of services 
similar to conventional banks, including current and savings accounts, investment 
accounts, and credit cards. 
- Islamic bonds (or sukuk): Sukuk are financial instruments that represent 
ownership of an underlying asset or project. Sukuk provide investors with a share of 
the profits generated by the underlying asset. 
- Islamic insurance (or takaful): Takaful is a cooperative risk-sharing system 
that protects individuals and businesses against loss or damage. Takaful follows the 
principles of mutual help and cooperation. 
- Islamic investments: Islamic investments are made in accordance with Sharia 
law, and typically focus on ethical investments that have a positive social impact. 
Islamic investments may include real estate, stocks, and other financial instruments. 
Overall, Islamic finance aims to promote social welfare, ethical behavior, and 
financial stability. Islamic finance is a growing industry, and is increasingly 
becoming a mainstream financial system worldwide. 
Islamic finance refers to financial systems that abide by Islamic law, also 
known as Sharia. Sharia law includes rules for economic and financial conduct, 
which are intended to promote social justice, fairness, and ethical behavior. Islamic 

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finance prohibits interest (or riba), speculation (or gharar), and gambling (or maisir). 
Therefore, Islamic finance is based on shared risk and profit, as well as the concept of 
asset backing. 
Islamic finance includes a variety of financial products and services, such as: 
- Islamic banking: Islamic banks operate under the principle of profit-sharing 
rather than charging interest on loans. Islamic banks also provide a variety of services 
similar to conventional banks, including current and savings accounts, investment 
accounts, and credit cards. 
- Islamic bonds (or sukuk): Sukuk are financial instruments that represent 
ownership of an underlying asset or project. Sukuk provide investors with a share of 
the profits generated by the underlying asset. 
- Islamic insurance (or takaful): Takaful is a cooperative risk-sharing system 
that protects individuals and businesses against loss or damage. Takaful follows the 
principles of mutual help and cooperation. 
- Islamic investments: Islamic investments are made in accordance with Sharia 
law, and typically focus on ethical investments that have a positive social impact. 
Islamic investments may include real estate, stocks, and other financial instruments. 
Overall, Islamic finance aims to promote social welfare, ethical behavior, and 
financial stability. Islamic finance is a growing industry, and is increasingly 
becoming a mainstream financial system worldwide. 
Islamic finance is an alternative financial system that operates according to the 
principles of the Shariah, the Islamic law. While it has gained popularity over the past 
few years, like any other financial system, it also faces risks that can impact its 
stability and growth. Here are some key risks that must be considered in Islamic 
finance: 
1. Shariah Risk: Shariah risk is the risk that an investment might not adhere to 
the principles of the Shariah. It is the fundamental risk in Islamic finance, as all 
transactions in Islamic finance must be Shariah-compliant. Shariah risk can arise 

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from issues such as unclear interpretation of Shariah, differences between Shariah 
scholars, or lack of expertise in Shariah compliance. 
2. Credit Risk: This is the risk that a borrower may not be able to repay their 
debt, resulting in a loss for the lender. This risk is faced by both conventional and 
Islamic finance, but in Islamic finance, the ruling on interest or riba may affect the 
repayment process. The borrower must pay back the principal amount and, in some 
cases, a predetermined or agreed-upon profit margin. In case of default, the lender 
may bear the loss instead of charging interest. 
3. Market Risk: Market risk refers to the risk of losses due to changes in market 
conditions. In Islamic finance, market risk is associated with commodity-based 
transactions such as murabahah or mudarabah, where the price fluctuations of the 
underlying asset can impact the profitability of the transaction. 
4. Liquidity Risk: Liquidity risk refers to the risk that an investor may not be 
able to sell an asset or access funds when needed. In Islamic finance, liquidity risk 
can arise because of the lack of a secondary market or limited participation of 
conventional banks. 
5. Operational Risk: This is the risk of loss due to internal operational failures 
such as fraud, errors, system failures, or human errors. Operational risk in Islamic 
finance is similar to conventional finance, but the application of Shariah-compliant 
methods and processes may require additional due diligence and monitoring. 
In conclusion, Islamic finance faces risks like any other financial system. 
However, the specific nature of Shariah compliance and the use of profit-and-loss-
sharing arrangements can lead to unique challenges in managing risks. Appropriate 
measures such as having a strong governance framework, due diligence of Shariah-
compliance, and providing adequate liquidity can mitigate these risks and promote 
sustainable growth in Islamic finance. 

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