ISLOM MOLIYASIDA RISKLARNI BOSHQARISH

Toshpulatov Davron Akromovich

Iqtisodiyot fanlari doktori (DSc),

Bank hisobi va auditi kafedrasi,

Toshkent davlat iqtisodiyot universiteti

E-mail: toshpulatov.davron@mail.ru

ORCID: 0009-0006-6776-8913

Annotatsiya. Ushbu maqolada islomiy bankingning an’anaviy moliyaga nisbatan risk tuzilmasi hamda o‘tish davri iqtisodiyotida shariatga muvofiq moliyaviy vositalarni joriy etish bilan bog‘liq masalalar tahlil qilingan. Tadqiqotda Bazel II/III standartlari va Islomiy Moliyaviy Xizmatlar Kengashi standartlarida (IFSB-1 dan IFSB-31 gacha) nazarda tutilgan risklar taksonomiyasi O‘zbekistonning institutsional va huquqiy muhiti bilan qiyosiy yondashuv asosida o‘rganilgan. Shuningdek, islomiy moliyaviy mahsulotlarning risk xususiyatlari, turli moliyalashtirish vositalarining risk profillari hamda ularni baholash mezonlari ko‘rib chiqilgan. Maqolada O‘zbekiston sharoitida islomiy moliyani joriy etish jarayonida yuzaga kelishi mumkin bo‘lgan institutsional, huquqiy va tashkiliy omillar tahlil qilingan hamda mamlakatda ikki tomonlama bank tizimini shakllantirishga qaratilgan amalga oshirish mexanizmlari yoritilgan.

Kalit so‘zlar: Islomiy bank risklarini boshqarish; Shariatga rioya qilmaslik riski; siqib chiqarilgan tijorat riski; foyda va zararni taqsimlash; IFSB prudensial standartlari; ikki tomonlama bank tizimi; O‘zbekiston moliyaviy islohoti; Sukuk bozori.

RISK MANAGEMENT IN ISLAMIC FINANCE

Davron Toshpulatov Akromovich

Doctor of Economic Sciences (DSc)
Department of Banking Accounting and Audit
Tashkent State University of Economics
E-mail: toshpulatov.davron@mail.ru
ORCID: 0009-0006-6776-8913

Abstract. This article analyzes the risk structure of Islamic banking in comparison with conventional finance, as well as issues related to the introduction of Shariah-compliant financial instruments in a transition economy. The study examines the risk taxonomy envisaged under the Basel II/III standards and the standards of the Islamic Financial Services Board (IFSB-1 to IFSB-31) through a comparative approach in relation to the institutional and legal environment of Uzbekistan. Furthermore, the article considers the risk characteristics of Islamic financial products, the risk profiles of various financing instruments, and the criteria used for their assessment. The paper also analyzes the institutional, legal, and organizational factors that may arise during the implementation of Islamic finance in Uzbekistan and highlights the implementation mechanisms aimed at establishing a dual banking system in the country.

Keywords: Islamic bank risk management; Shariah non-compliance risk; displaced commercial risk; profit and loss sharing; IFSB prudential standards; dual banking system; financial reform in Uzbekistan; Sukuk market.

УПРАВЛЕНИЕ РИСКАМИ В ИСЛАМСКИХ ФИНАНСАХ

Тошпулатов Даврон Акромович

Доктор экономических наук (DSc)
Кафедра банковского учета и аудита
Ташкентский государственный экономический университет
E-mail: toshpulatov.davron@mail.ru
ORCID: 0009-0006-6776-8913

Аннотация. В данной статье проанализированы особенности структуры рисков исламского банкинга по сравнению с традиционными финансовыми институтами, а также вопросы, связанные с внедрением финансовых инструментов, соответствующих нормам шариата, в условиях переходной экономики. В исследовании на основе сравнительного подхода рассмотрена таксономия рисков, предусмотренная стандартами Базель II/III и стандартами Совета по исламским финансовым услугам (IFSB-1–IFSB-31), с учетом институциональной и правовой среды Узбекистана. Кроме того, исследованы риск-характеристики исламских финансовых продуктов, риск-профили различных инструментов финансирования, а также критерии их оценки. В статье также проанализированы институциональные, правовые и организационные факторы, которые могут возникнуть в процессе внедрения исламских финансов в Узбекистане, и освещены механизмы реализации, направленные на формирование двухуровневой банковской системы в стране.

Ключевые слова: управление рисками исламских банков; риск несоблюдения требований шариата; риск вытесненной коммерческой доходности; распределение прибыли и убытков; пруденциальные стандарты IFSB; двухуровневая банковская система; финансовая реформа Узбекистана; рынок сукук.

Foydalanilgan adabiyotlar

1. Islom Moliyaviy Xizmatlar Kengashi (IFSB). IFSB Islomiy moliyaviy xizmatlar sohasining barqarorlik hisoboti 2024. — Kuala Lumpur: IFSB, 2024. https://www.ifsb.org
2. BMTTD O’zbekiston. O’zbekistonda islom moliyasini joriy etish: imkoniyatlar va muammolar. — Toshkent: BMTTD, 2024.  https://www.undp.org/uzbekistan/publications/introduction-islamic-finance-uzbekistan
3. Botirova H.O. O’zbekistonda islom moliyasining umumiy ko’rinishi: muammolar va istiqbollar // European Journal of Economics, Finance and Business Development. — 2023. — T. 1, № 4. — B. 20–25. URL: https://europeanscience.org/index.php/2/article/view/246
4. Abedifar P., Molyneux P., Tarazi A. Risk in Islamic Banking // Review of Finance. — 2013. T. 17, № 6. — B. 2035–2096. DOI: https://doi.org/10.1093/rof/rfs041
5. El-Gamal M.A. Islamic Finance: Law, Economics, and Practice. — Cambridge: Cambridge University Press, 2006. DOI: https://doi.org/10.1017/CBO9780511753756
6. Akkizidis I., Khandelwal S.K. Financial Risk Management for Islamic Banking and Finance. — New York: Palgrave Macmillan, 2008. DOI: https://doi.org/10.1057/9780230598751
7. Oseni U.A., Hassan M.K. Managing Shariah Non-Compliance Risk via Islamic Dispute Resolution // Journal of Risk and Financial Management. — 2020. — T. 13, № 1.  B. 2. DOI: https://doi.org/10.3390/jrfm13010002
8. Čihák M., Hesse H. Islamic Banks and Financial Stability: An Empirical Analysis // Journal of Financial Services Research.  2010. – T. 38, № 2-3. B. 95–113. DOI: https://doi.org/10.1007/s10693-010-0089-0
9. Hassan M.K., Aliyu S. A contemporary survey of Islamic banking literature // Journal of Financial Stability. 2018. T. 34.  B. 12-43. DOI: https://doi.org/10.1016/j.jfs.2017.11.006
10. Abdeljawad I., Rashid M. va boshq. Cushion Hypothesis and Credit Risk: Islamic versus Conventional Banks from the MENA Region // PLOS ONE. — 2024. — T. 19, № 7. — e0306901. DOI: https://doi.org/10.1371/journal.pone.0306901
11. O’zbekiston Respublikasi Markaziy banki. 3536-sonli qaror: Mikromoliya institutlari tomonidan islomiy moliyalashtirish xizmatlarini ko’rsatish to’g’risidagi nizom. — Toshkent: O’MB, 2024-yil 27-iyul. [Elektron resurs]. URL: https://cbu.uz/uz/documents/resolutions/
12. Islom Moliyaviy Xizmatlar Kengashi (IFSB). IFSB-1: Faqat islomiy moliyaviy xizmatlar ko’rsatuvchi muassasalar uchun xatarlarni boshqarishning asosiy tamoyillari [Bank segmenti]. Kuala Lumpur: IFSB, 2005. [Elektron resurs]. URL: https://www.ifsb.org/published-standards/
13. Lahsasna A. Shariah Non-Compliance Risk Management and Legal Documentations in Islamic Finance. Singapore: John Wiley & Sons, 2014. DOI: https://doi.org/10.1002/9781119208686
14. Islom Moliyaviy Xizmatlar Kengashi (IFSB). IFSB-12: Islomiy moliyaviy xizmatlar ko’rsatuvchi muassasalar uchun likvidlik xavfini boshqarish bo’yicha rahbariy tamoyillar. — Kuala Lumpur: IFSB, 2012. [Elektron resurs]. https://www.ifsb.org/published-standards/
15. Islom Moliyaviy Xizmatlar Kengashi (IFSB). IFSB-13: Islomiy moliyaviy xizmatlar ko’rsatuvchi muassasalar uchun stress-test bo’yicha rahbariy tamoyillar [Bank segmenti]. — Kuala Lumpur: IFSB, 2014. [Elektron resurs]. https://www.ifsb.org/published-standards/
16. Islom Moliyaviy Xizmatlar Kengashi (IFSB). IFSB-31: Shariat boshqaruvini samarali nazorat qilish bo’yicha asosiy tamoyillar. Kuala Lumpur: IFSB, 2025.  https://www.ifsb.org/press-releases/
17. Al Rahahleh N., Bhatti M.I., Misman F.N. Developments in Risk Management in Islamic Finance: A Review // Journal of Risk and Financial Management. — 2019. — T. 12, № 1. — B. 37. DOI: https://doi.org/10.3390/jrfm12010037
18. Asadov A., To’raboyev A. va boshq. O’zbekistonda sukukka bo’lgan talabning empirik tahlili // Economies. 2024. — T. 12, № 8. — B. 220. DOI: https://doi.org/10.3390/economies12080220
19. Islom Moliyaviy Xizmatlar Kengashi (IFSB). IFSB-23: Islomiy moliyaviy xizmatlar ko’rsatuvchi muassasalar uchun kapital yetarliligining qayta ko’rib chiqilgan standarti [Bank segmenti]. Kuala Lumpur: IFSB, 2021. [Elektron resurs]. https://www.ifsb.org/published-standards/
20. Rosman R., Abdul Rahman A.R. Islom banklari tomonidan risklarni boshqarishning IFSB rahbariy tamoyillari amaliyoti: Xalqaro dalillar // Journal of Islamic Accounting and Business Research. — 2015. — T. 6, № 2. — B. 150–172. DOI: https://doi.org/10.1108/JIABR-09-2012-0058
21. Islom Moliyaviy Xizmatlar Kengashi (IFSB). IFSB-17: Islom moliyasini tartibga solishning asosiy tamoyillari [Bank sektori]. — Kuala Lumpur: IFSB, 2015. https://www.ifsb.org/published-standards/
22. [22]  Safarova N. O’zbekiston tijorat banklarida islomiy moliyani joriy etish samaradorligi // American Journal of Economics and Business Management. — 2025. — T. 8, № 10. — B. 5097–5104. https://globalresearchnetwork.us/index.php/ajebm/article/view/4077