Legal Aspects Of Cooperation Of The Republic Of Uzbekistan Within The Islamic Development Bank

Аннотация

This article describes the role of the Islamic Development Bank in today’s international community and the basic aims of this organization. The article also discusses the problems of cooperation between Uzbekistan and the IDB, and also proposes legal solutions for a wider use of the investment opportunities of this financial institution. This is evidenced by a number of laws adopted in Kazakhstan on Islamic finance among the CIS countries. The article examines the research of theorists and practitioners on the benefits of using IDB financial resources. The practical results of the initiatives of the President of Uzbekistan Sh. Mirziyoyev in the framework of cooperation between Uzbekistan and the IDB are presented. In the conclusion part of the article, the author offers proposals for cooperation in the field of science and technology in the framework of IDB programs. KEYWORDS Islamic Development Bank, Arab Coordination Group Basic principles of Islamic banking, normative legal acts on Islamic banking, implementation of Islamic financial principles, Gulf countries, integration of the Republic of Uzbekistan into the IDB. - INTRODUCTION The Islamic Development Bank (hereinafter significance of which is growing currently. The referred to as IDB) is one of the largest IDB has 57 member states and the intergovernmental organizations, the organization supports the development of The US A Journals Volume 03 Issue 02-2021 131 The American Journal of Political Science Law and Criminology IMPACT FACTOR (ISSN – 2693-0803) 2021: 5. 952 Published: February 28, 2021 | Pages: 131-138 Doi: https://doi.org/10.37547/tajpslc/Volume03Issue02-19 these member countries. According to the IDB Currently, Kazakhstan is making important Charter, any member of the Organization of progress in cooperation with the countries of Islamic Cooperation can become an Islamic Central Asia within the IDB. Development Bank member after paying the MAIN PART minimum membership fee. The Republic of Uzbekistan cooperates as a The basic directions of the Islamic full member of the IDB. As for the cooperation Development Bank’s activities are of Uzbekistan with the IDB, Uzbekistan joined strengthening cooperation between Islamic the international organization in 2003. Since countries, fighting poverty, raising the level of joining the IDB, Uzbekistan has been actively education, supporting science and cooperating with the IDB and within it. technology, as well as investing in the Currently, the number of shares of the IDB of infrastructure of the banking and financial the Republic of Uzbekistan is 1344 (0.03%) sector. formed. Russian scholar E.Sh. Sultanov describes the The basic areas of activity of the IDB in Islamic Development Bank in his research, Uzbekistan are financing of socially significant noting that its member states are the largest projects in the main infrastructural and development banks in the developing world strategic sectors of the economy. [1]. In fact, the Islamic Development Bank, according to E.Sh. Sultanov, is the largest Cooperation with the IDB of the Republic of development bank, which is one of the basic Uzbekistan has been established in reasons why we consider the largest donor accordance with the Resolution of the Cabinet countries in the Persian Gulf with enormous of Ministers [3]. With this decision, the financial strength. Government of the Republic of Uzbekistan adopted the provisions of the Agreement on According to another study by R. Beckin, the the Establishment of the Islamic Development Russian state is interested in the inflow of Bank of August 12, 1974 and the Islamic investments from the Muslim world, especially Development Bank has 250 shares with a from the Persian Gulf countries, and in this nominal value of 10,000 Islamic Dinars / SDR. regard should be a member of the OIC within the Islamic Development Bank for closer Since joining Uzbekistan, the group has economic integration with the Muslim world. invested $ 1,858.6 million in different sectors, said that there will be opportunities for soft according to a 2017 report by the Islamic loans for the implementation of urgent Development Bank. Earlier, the Islamic projects [2]. Development Bank allocated 100 million soums for the implementation of the first We also agree with R. Beckin on the phase of the project “Development of housing significance of integrating the Gulf countries in rural areas” provided in US dollars. In 2015- into the IDB to increase investment flows to - 2016, the project built 1,415 houses, 33.80 km the Gulf countries. of access and internal roads, 40.62 km of The ideas put forward by R. Beckin are drinking water systems in 22 rural settlements confirmed by the example of Kazakhstan. of Tashkent, Samarkand and Fergana regions. The US A Journals Volume 03 Issue 02-2021 132 The American Journal of Political Science Law and Criminology IMPACT FACTOR (ISSN – 2693-0803) 2021: 5. 952 Published: February 28, 2021 | Pages: 131-138 Doi: https