Islamic finance in Uzbekistan

2020 ◽  
Vol 26 (7) ◽  
pp. 1555-1570
Author(s):  
A.Z. Nagimova
Keyword(s):  
Cash Flows ◽  
Annual Reports ◽  
Islamic Finance ◽  
Investment Strategies ◽  
Economic Relations ◽  
Venture Investment ◽  
Development Institutions ◽  
The Republic ◽  
Industrial Groups

Subject. The article discusses all economic relations that emerge from cash flows invested under Islamic finance principles in the Republic of Uzbekistan. Objectives. The study is intended to determine the tendency and difficulties in the Islamic finance market of Uzbekistan. I examine the specifics of investment strategies Islamic investors choose to apply to the Republic of Uzbekistan. Methods. I collected and analyzed vast empirical data on Islamic finance deals closed within 1991 through 2020 in Uzbekistan. Primarily, I used ZEPHYR and ORBIS (Bureau van Dijk) databases, which were significantly enriched through the content analysis of publicly available mass media and corporate data (press releases, presentations, annual reports, management interviews, etc.) and related transactions. Results. I classified investors that put up their capital under the principles of Islamic finance. The article also describes distinctions of investment strategies Islamic investors follow in Uzbekistan. I determined the mix and specifics of Islamic investment in the republic. Conclusions and Relevance. I quantified and evaluated the supply of the Islamic finance in Uzbekistan by the number of completed deals. The article outlines the future of the Islamic finance market and difficulties impeding the influx of Islamic capital into Uzbekistan. The study considerably contributes to proceedings on the role of Islamic finance throughout the Post-Soviet area. The findings can be used by ministries and agencies to raise investment, managers of banks and development institutions, investment and lease companies, direct and venture investment foundations, and financial and industrial groups that seek to raise or deposit capital in accordance with the Islamic finance principles.

scholarly journals Russian-Mongolian Trade and Economic Relations: Far Eastern Prospects

2021 ◽  
Vol 8 (1) ◽  
pp. 29-38
Author(s):  
Victoria Namzhilova ◽  
Keyword(s):  
Management Practices ◽  
Raw Materials ◽  
Far East ◽  
Economic Relations ◽  
The Far East ◽  
Transport Connectivity ◽  
Research Findings ◽  
The Republic ◽  
Far Eastern

The article examines the role of the Far East in modern Russian-Mongolian trade and economic relations. Based on the data of customs statistics, the features of mutual trade of the Far Eastern subjects with Mongolia are determined. The factors determining the growing interest of Ulaanbaatar to Russian Far Eastern ports are identified. Author highlights the Mongolian projects of railways construction, potentially aimed at enhancing transport connectivity with Russian territories, especially in the context of mineral raw materials supply diversification. The «bottlenecks» of the transport and logistics environment in the region bordering on Mongolia – the Republic of Buryatia, are shown. The research findings are applicable to management practices, especially those concerning transport and logistics solutions to ensure Russian-Mongolian trade.

scholarly journals The Strategic Role of Local Community and Significance in Sustainable Entrepreneurial Ecosystem Development

2019 ◽  
Vol 57 (3) ◽  
pp. 365-379
Author(s):  
Milica Grujić
Keyword(s):  
Local Community ◽  
Technological Development ◽  
Social Indicators ◽  
Investment Strategies ◽  
Entrepreneurial Ecosystem ◽  
Responsible Investment ◽  
The Republic ◽  
Community Improvement ◽  
Community Investment

AbstractThe stimulation of entrepreneurship development is one of the most effective local community developing strategies, therefore, entrepreneurship is regarded as the key initiator of innovation and technological development within a local community. Local community improvement leads to the improvement of the entire entrepreneurial ecosystem it belongs to. In this paper, the role of local community in entrepreneurial ecosystem is regarded through local community investment, since it’s considered one of the socially responsible investment strategies. The focus of the paper is the case study on the example of Cross Border Development Office between the Municipality of Zitiste in the Republic of Serbia and the Municipality of Sakalaz in Romania. The research focuses on the local community investment and the activities of the Office that have led to the improvement of economic and social indicators in the community as an entrepreneurial ecosystem actor

scholarly journals Islamic Capital in Kazakhstan

2021 ◽  
Vol 65 (2) ◽  
pp. 100-108
Author(s):  
A. Nagimova
Keyword(s):  
Global Economy ◽  
Annual Reports ◽  
Islamic Finance ◽  
Investment Strategies ◽  
Financial Centre ◽  
Finance Industry ◽  
Challenges And Opportunities ◽  
Cis Countries ◽  
Islamic Insurance ◽  
Investment Growth

Over the last decades Islamic Finance has been expanding its role in the global economy, including in the Post- Soviet Area. Who are the key players of Islamic Finance market? What are their investment strategies here? This paper considers above questions by investigating more than 250 deals involving Islamic investors over the period 1991–2020 in Kazakhstan Republic. The data on deals gathered from two main sources: i) M&A database Zephyr (Bureau van Dijk), and ii) open sources (information agencies, company annual reports, press-releases, presentations, interviews). We are analyzing the growth of the Islamic Finance industry in Kazakhstan, and dependency on two key investors – Islamic Development Bank and Abu Dhabi Government. Then We study the structure of Islamic Finance investments by the type of investors. We found that despite the small share of Islamic banks and Islamic leasing (ijara) companies they have become an important factor of the financial sector in Kazakhstan. We saw that the potential for issuing sukuk and developing Islamic insurance (takaful) have not yet been realized but Islamic Finance became one of the six pillars of the Astana International Financial Centre (AIFC). In addition, we have identified several factors critical to further Islamic Finance market development in the Central Asia. In conclusion there is a question whether Kazakhstan financiers and policymakers will be able to apply creative approach to Islamic Finance that not only allow to adopt the experience of other countries, but also bring something new. Acknowledgements. This study is funded by RFBR, project number 19-310-60002 “Islamic Finance in the Post-Soviet States: challenges and opportunities for investment growth in the CIS countries”.

The role of the police in anti-money laundering

2019 ◽  
Vol 22 (1) ◽  
pp. 145-157
Author(s):  
Nikola Dujovski ◽  
Snezana Mojsoska
Keyword(s):  
Money Laundering ◽  
Social Life ◽  
Annual Reports ◽  
Comparative Approach ◽  
Main Body ◽  
Content Type ◽  
The Public ◽  
Republic Of Macedonia ◽  
The Republic

Purpose This paper aims to describe and discuss the role of the police in anti-money laundering, with particular reference to the situation in the Republic of Macedonia. Design/methodology/approach A doctrinal approach is used to describe the role of the police in anti-money laundering policy, as well as to discuss whether the police is the central and main body in the fight against this crime. Deductive and inductive methods are used to analyze the collected data about Macedonian activities, provided by domestic and international organizations and institutions. Government agencies, institutions and bodies with different capacities for identifying and combating money laundering are included. Findings According to global statistics, about $2tn is laundered annually. Money laundering directly affects general economic and social life and the entire development, which shows why the concerns about this phenomenon have been growing worldwide. The most important issue in combating money laundering refers to preventing and detecting the problem. The police have the central role in combating money laundering in the Republic of Macedonia, but they must co-operate with public prosecutors and other agencies to fight this crime with more success. Even though Macedonian legislation is harmonized with European Union (EU) directives, there are a lot of activities in the field of money laundering to be done to fulfill EU standards. Relevant collected data were acquired from MONEYVAL reports, annual reports from the Ministry of Interior, Public Bureau of Statistics and statistics from the public prosecutor’s office, including all published documents. Originality/value The paper answers questions related to the role and effectiveness of the police by examining different authorizations and powers. Different approaches in implementing the law are specified and suggestions to overcome “two voices” are given. A comparative approach is also used to demonstrate the number of criminal charges per year, mainly collected by the public prosecutor’s office. The authors analyze whether additional training is needed for the police. All institutions should collaborate with the police because money laundering offences may be disclosed during investigations of other offences.

The Role of the Republic of Kazakhstan in International Legal Support of Energy Security

2019 ◽  
Vol 9 (7) ◽  
pp. 1457
Author(s):  
Dana S. SMAGULOVA ◽  
Yessil Sh. RAKHMETOV ◽  
Akmaral V SMANOVA ◽  
Bahytkul KONYSBAI ◽  
Botakoz SHANSHARBAУEVA
Keyword(s):  
Energy Security ◽  
Nuclear Power ◽  
Global Energy ◽  
Power Sources ◽  
Economic Relations ◽  
Bilateral Agreements ◽  
International Stability ◽  
The World ◽  
The Republic

The global energy security is the steady system of the legal, political and economic relations allowing to support effective functioning of a world power system. International legal problems on ensuring energy security effectively can be solved only by cooperation of the states in this sphere. For ensuring effective cooperation in the international energy security the states need to develop the general legal approaches for a long-term outlook which will promote the solution of such problems as reliable providing fuel with traditional types; diversification and safety of power supply; development of nuclear power; energy saving; search of breakthrough technologies and perspective environmentally friendly power sources. In the process of consideration of these issues the main international Agreements as well as the role of the Republic Kazakhstan in international legal support of energy security on the example of bilateral agreements with the leading States of the world community have been analyzed and investigated in this article. The creation of a global system energy security system will save the world from the conflicts generated by the struggle for energy security and will contribute to the international stability as a whole. The Republic of Kazakhstan as an active participant in global economic relations is interested in strengthening energy cooperation with all states on the principles of equal partnership and mutual benefit and contributing to the implementation of breakthrough international initiatives aimed at strengthening global energy security.

scholarly journals THE NOTION, CLASSIFICATION AND IMPORTANCE OF GOODS CLASSIFICATION IN THE LIGHT OF THE NEW CIVIL REGULATIONS OF REPUBLIC OF MOLDOVA

2021 ◽  
Vol IV (2) ◽  
pp. 139-163
Author(s):  
Viorica Ursu ◽  
◽  
Natalia Chiriac ◽  
Keyword(s):  
Social Relations ◽  
Economic Value ◽  
Legal Person ◽  
Legal Form ◽  
Economic Relations ◽  
Efficient Management ◽  
The Social ◽  
The Republic ◽  
Social Wealth

Any natural or legal person has a heritage, i.e. a set of rights and obligations that are assessable in money or in other words, with economic value. The rights, obligations and goods to which they refer may be considered individually or as a legal universality belonging to a person. The goods are, without any doubt, the basis of the social wealth of any country and any society. The economic relations are mostly the relations about certain goods. Once they have acquired a legal form, they do not change their content, keeping the same object - goods. Therefore, the correct reflection of the place and role of goods in social relations is essential for the efficient management of the country's economy.According to the unanimous opinion of the legislator, theorists and practitioners, goods are one of the main objects of civil law. Thus, this article represents a synthesis that analyzes the notion of goods, as well as their classification and importance in the new regulation of the Republic of Moldova’s Civil Code. This research is also important due to the fact that the new changes are related to some categories of new goods, but also the completion of the existing ones, which were not found in the previous rules, but which were introduced due to the development of new social relations and new categories of goods that have appeared in our society.

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

2021 ◽  
Vol 03 (02) ◽  
pp. 131-138
Author(s):  
Mahinnora Nurullaevna Mirkhamidova ◽  
Keyword(s):  
Financial Institution ◽  
Science And Technology ◽  
Legal Aspects ◽  
Financial Resources ◽  
Islamic Finance ◽  
Development Bank ◽  
Investment Opportunities ◽  
The Republic ◽  
Cis Countries

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.

scholarly journals Tariff Policy in Hydropower and Its Impact on the Economy of Tajikistan

2019 ◽  
Vol 10 (2) ◽  
Author(s):  
Alexander Shupletsov ◽  
Valery Burakov ◽  
Firdavs Buriev
Keyword(s):  
Well Being ◽  
Tariff Policy ◽  
Economic Relations ◽  
Policy Structure ◽  
Hydropower Potential ◽  
The Republic ◽  
Sustainable Renewable Energy ◽  
The Government ◽  
Near Future

The current energy policy in Tajikistan is to increase the production of electricity, to maximize the benefits from the existing hydropower potential in the coming years and to meet the growing needs of the population and enterprises of the country. In addition, in the near future, after the construction of the Rogun and Sangtuda HPPs, the Government of the Republic plans to export excess electricity to neighboring countries. In Tajikistan, the use of all types of energy resources will contribute to the development of the economy, but the most feasible and sustainable renewable energy is hydropower, which will ensure the highest socio-economic well-being in the country. This article analyzes the role of hydroenergetics in the system of economic relations of Tajikistan. It carries out an analysis of the tariff policy impact in the field of Tajikistan hydropower complex on the main socio-economic processes of the state. It develops regression models within the framework of the dependence of the governmental economy on the changes in the tariff policy structure in the hydropower complex.

scholarly journals Integration Processes of the Republic of Azerbaijan to the World Economy

2020 ◽  
Author(s):  
Ramin İsmayilov
Keyword(s):  
Economic Development ◽  
World Economy ◽  
Developed Countries ◽  
Economic Relations ◽  
Economic Practice ◽  
World Markets ◽  
The World ◽  
The Republic ◽  
The Developed Countries

The article deals with the economic development characteristics of the Republic of Azerbaijan, the natural resources and production of Azerbaijan. After the independence, the policy of the new market economy followed by the Azerbaijani state and government and plans of how the developed countries will integrate their economic practice will be examined. With the new investments in the country and the introduction of the products to be produced in the world markets, the steps and plans to strengthen the economic relations with the world will be discussed. The role of Azerbaijan in the world economy, its foreign-economic relations with other states and continents were analyzed extensively. Proposals have been made to further develop and upgrade existing economic relations.

To analyze the role and problems of islamic finance development in the economy of the Republic of Tajikistan

2020 ◽  
pp. 110-120
Author(s):  
A.Z. Nagimova
Keyword(s):  
Content Analysis ◽  
Cognitive Mapping ◽  
Islamic Finance ◽  
Investment Strategies ◽  
Empirical Base ◽  
Finance Development ◽  
The Republic

The article deals with the phenomenon of Islamic Finance presented in the economy of the Republic of Tajikistan. Based on a broad empirical base, the author analyzes the specifics and structure of investments involving Islamic capital in Tajikistan. A classification of investors using the tools of Islamic Finance is given. Content analysis and cognitive mapping methods reveal the features of relevant investment strategies. The total amount of Islamic capital is estimated and the role and limitations of the development of Islamic Finance in the country's economy are determined.

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