On June 11-12, 2021, a specialized training was held on the topic «Ijara and Murabaha», organized by Al Huda Center for Islamic Banking and Economics (CIBE) via ZOOM video link. There presentatives of Al Huda CIBE, the Islamic Development Bank (IDB) and the mutualinsurance company «UZARO» made presentations in the following are as at the training: — The schools of Islam: Akida, Ibadat, Muamalat, Muasharat and Ahlak; Types of economic theory. Principles of Islamic Economics; Financial transactions based on the rules of Sharia — Murabaha; Definition and essence of Ijara; Sukuk Basics.
It should be noted that at present, there levance of the topic of Islamic finance for the development of the economy of our countryis increasing. The aim of thi s training is to promote and recognize awareness of Islamic finance instruments as a sustainable financial solution for Uzbekistan. So, during this event, on the first day, the features of Murabaha’s financial transactions were examine dindetail, including such aspects as Forbidden things in financial transactions, Pillars (fards) of a transaction, The concept of property in Islam (7 conditions), Kabd (presence of property in the hands of owner), Stages of transactions (promise, agreement of intent, transaction), Status of transactions (Sahih, Mavkuf, Fasid, Batil, Makrukh), Types of Murabakh: with payment by installments (financing), ordinary resale with a surcharge, etc.
On the second day, the training participants got acquainted with such widespread Islamic financial instruments as Ijarah and Sukuk in banks of Islamic countries. The speakers described in detail the Difference between Ijara and Leasing, the Difference between Ijara and Selling, Selling with Subsequent Leasing, as well as the Underlying Assets, Sukuk structure and risks arising from the issuance of Sukuk, etc.
The training was actively attended by the Ministry of Investment and Foreign Trade of the Republic of Uzbekistan, the Leasing Association of Uzbekistan, leasing companies and commercial banks.