The difference between Islamic and traditional banks, the development of Islamic financial organizations in Uzbekistan

Abstract

The main difference between Islamic banks and conventional banks is that Islamic banks are based on the principles of Sharia, while conventional banks are only created by man. Thus, all aspects of operations, such as product features and business approach, are derived from Sharia law, making it significantly different from traditional banks. This article talks about these and other differences and proposals for starting Islamic banks in the Republic of Uzbekistan, as well as the need for banking sectors based on Islamic laws and solutions to the problems of opening such banks in Uzbekistan.