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| Open Access | HISTORY AND DEFINITIONS OF THE FORMATION OF THE ISLAMIC FINANCIAL SYSTEM
Doniyorova Mokhinur Shokhnazarovna , Tashkent State University of Economics Department of Economic Theory 1st year Master'sAbstract
In this article, the process of formation of the Islamic financial system, its historical roots, stages of development, and main definitions are analyzed from a scientific and theoretical perspective. Also, the emergence of Islamic financial institutions, early financial practices, the views of medieval Muslim economists, and the factors that influenced the formation of modern Islamic banks were analyzed. The article provides a scientific explanation of the development processes of the Islamic financial system in the world and Uzbekistan, the main definitions and terms.
Keywords
Islamic finance, interest rate prohibition, Sharia principles, Islamic banking, financial history, risk sharing, halal financial operations, murabaha, mudaraba, Muslim economic thought, Islamic economics, financial ethics.
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