Articles and books
Articles and books written by the members of “AMANAH CONSULTING GROUP” LLC
Fundamentals of Islamic Finance (book)
Author: E.A. Baidaulet
Reviewers: Ahmadjon Soliyev, Hamidulla Aminov, Botirkhoja Juraev
Part 5 Author: Husan Hasanov
This book is intended for university students, researchers, and the general public. It is the second work translated into Uzbek in the field of Islamic finance by economist B. Juraev. The book provides information on the theoretical foundations, mechanisms, and products of Islamic finance, as well as on international organizations engaged in this field.
2019-year
THE STATE AND PROSPECTS OF ISLAMIC FINANCE IN CENTRAL ASIA
Khasanov Khusan Vakhabovich, Olimova Laziza Ulugbekovna
This article discusses Islamic finance as one of the most relevant global issues, analyzing its achievements and advantages. It examines the current state of the Islamic financing system in Central Asian countries. The article also explores a number of foreign prospects in the field of Islamic finance.
2025-year
THE ROLE OF WAQF IN SOCIO-ECONOMIC DEVELOPMENT: GLOBAL EXPERIENCES AND CASH WAQF OPPORTUNITIES IN UZBEKISTAN
Tursunov Iskandar, Khasanov Khusan
Waqf is an integral institution in Islamic finance that plays a vital role in socio-economic development by providing essential services such as education, healthcare, and poverty alleviation. This article reviews practical waqf models in Turkey, Malaysia, and Indonesia, highlighting opportunities for contributing to social welfare through modern adaptations, including cash waqf initiatives. In Uzbekistan, the waqf sector is currently overseen by the “Waqf Charity Public Foundation,” which manages waqf properties and donations collected at religious sites. The study analyzes the current state of waqf governance in Uzbekistan, explores globally successful waqf models, and offers practical recommendations for enhancing the socio-economic impact of the waqf sector in the country, with a particular focus on the potential of cash waqf.
2025-year
THE OPERATION OF ISLAMIC BANKS IN THE ARAB REPUBLIC OF EGYPT
Khusan KHASANOV, Olimboy Tokhirovich DAVLATYAROV
This article explores the establishment and development of Islamic banks in the Arab Republic of Egypt and promotes the idea of creating promising Islamic banks in Uzbekistan by examining the obstacles and missteps that hinder the sector’s development.
2020-year
TEXTBOOK ON FUNDAMENTALS OF ISLAMIC FINANCE
R.V. ABDULLAEV, K. V. KHASANOV, Z. R. SODIKOV
Annotation: This textbook is intended for master’s students specializing in 70411101 – Islamic Economics and Finance and aims to enhance theoretical and practical knowledge and skills in the subject “Fundamentals of Islamic Finance.”
2023-year
ISSUES IN IMPLEMENTING INNOVATIONS IN BANKING
Khusan Khasanov
This article, authored by Khusan Khasanov, a representative of the Islamic Development Bank, analyzes the challenges of introducing innovations in the banking sector. It highlights the importance of innovation processes in a highly competitive environment. The author defines banking innovation as high-quality services delivered through new or modified banking products, services, and technologies. Four key proposals for implementing innovations are suggested: market analysis, innovation strategy, product promotion, and performance evaluation. The author classifies innovations into technological, organizational, and marketing categories. The article substantiates the need to build a sustainable innovation system.
2022-year
FOREIGN COUNTRIES’ EXPERIENCE IN DEVELOPING NATIONAL INNOVATION SYSTEMS
Khusan Khasanov
In the context of globalization, this article examines the characteristics of innovation development, development trends, and priority areas in foreign countries.
2022-year
TAKAFUL AS AN ISLAMIC INSURANCE SYSTEM
Khusan Khasanov, Shohsulton Mirzayev
This article highlights that insurance has become an integral part of the business and financial ecosystem today. It discusses how the rapid development of Islamic finance requires Shariah-compliant alternatives to conventional financial operations, and that “Islamic insurance” or takaful meets this demand. The article analyzes how takaful operates according to Shariah principles, its advantages compared to conventional insurance, and the development of the takaful and retakaful market globally, including its growth indicators and practices in countries like Saudi Arabia, Turkey, and Malaysia. The lack of legal documents regarding the takaful insurance system in Uzbekistan, bilateral insurance efforts, and the inclusion of mutual insurance development in the civil legislation reform concept approved by Presidential Decree No. F-5464 on April 5, 2019, are also discussed. The article concludes that reforms in Islamic finance and banking are essential for establishing takaful insurance and that the development of a successful Islamic insurance market would contribute to overall economic growth.
2020-year
BANKING SYSTEM REFORMS
Khusan Khasanov
This interview evaluates the impact of newly revised laws regulating banking activities in the Republic of Uzbekistan on the development of Islamic finance and banking. The article examines the obstacles hindering the operations of Islamic banks, including legal issues within banking regulations, the Tax Code, and the Civil Code. It also emphasizes that Islamic finance is significantly more advanced in neighboring countries such as Kazakhstan, Tajikistan, and Kyrgyzstan compared to Uzbekistan. The interview highlights Uzbekistan’s great potential to become a regional hub for Islamic finance and stresses the need for the Central Bank and relevant institutions to support the development of this sector.
2019-year
ANALYSIS OF THE RELATIONSHIP BETWEEN INTEREST RATE AND INFLATION LEVEL FROM THE PERSPECTIVE OF ISLAMIC FINANCE (Page 245)
Khusan Khasanov, Olimboy Davlatyarov
This article examines the concepts of interest rate and inflation in conventional economics and their interconnection from the perspective of Islamic finance. The article emphasizes that high inflation can worsen living standards and discourage foreign investors from investing. It advances the idea that interest rates themselves are a root cause of inflation and illustrates the direct proportional relationship between the two indicators using charts based on the examples of the USA, Uzbekistan, and Kazakhstan. In conclusion, the article suggests eliminating interest from the country’s financial system and expanding money supply solely based on demand, which could help prevent inflation and ensure economic stability. The advantages of Islamic assets, which are free from financial crises, are also noted.
2019-year
ETHICAL (ISLAMIC) FINANCING SYSTEM AS AN INNOVATIVE FINANCING TOOL (ON THE EXAMPLE OF UZBEKISTAN AND THE CIS)
Khasanov Khusan Vakhabovich
This article discusses the development history and current state of the Islamic financing system in CIS countries, as well as its advantages and prospects. The article also analyzes the prospects for introducing the Islamic financing system in the Republic of Uzbekistan.
2017-year
Cooperation of the Republic of Uzbeksitan with the IsDB group
Kh. Khasanov
This article is dedicated to the cooperation between the Republic of Uzbekistan and the Islamic Development Bank (IDB) Group from 2003 to the present. It also analyzes the IDB Group’s collaboration with various sectors of Uzbekistan’s economy.
2016-year
A Comparative Analysis on Takaful Acts between Malaysia and Indonesia(Malayziya va Indoneziya Takaful Qonunlari o'rtasidagi Qiyosiy Tahlil)
Wan Norhayate Wan Daod, Noor Mizan Arifin, Fakhrul Anwar Zainol, Fauzilah Salleh, Erwin Noekman
This article compares the takaful (Islamic insurance) regulations in Malaysia and Indonesia. The research was conducted in five phases, including the development of fundamental principles, industry discussion, and data analysis. Six general takaful companies (three from each country) were selected. The findings revealed that takaful regulations in Malaysia are comprehensively governed by IFSA 2013. In contrast, Indonesia’s UU40 covers both takaful and conventional insurance, with detailed explanations found in POJK. Practitioners suggested that comparing operational issues (such as TOF and POJK) reveals more significant differences. This research provides valuable insights for takaful operators across ASEAN countries.
