RISK-BASED SUPERVISION OF ISLAMIC MICROFINANCE ORGANIZATIONS IN UZBEKISTAN UNDER THE EVOLVING PRUDENTIAL FRAMEWORK
DOI:
https://doi.org/10.60078/2026-vol5-iss2-pp234-238Аннотация
This thesis analyzes the regulatory gap between the legal recognition of Islamic finance services in Uzbekistan’s microfinance sector and the absence of risk-sensitive supervisory methodology. It argues that existing compliance-based prudential ratios do not adequately reflect the heterogeneous risk structure of Shariah-compliant contracts. Based on Basel supervisory principles and IFSB standards, the study substantiates the necessity of introducing a proportionate risk-based supervision framework for Islamic microfinance organizations.
Библиографические ссылки
Basel Committee on Banking Supervision. Basel Framework, Supervisory Review Process (Pillar 2). Bank for International Settlements // https://www.bis.org/publ/bcbsca08.pdf
Islamic Financial Services Board. IFSB-15 Revised Capital Adequacy Standard for Institutions Offering Islamic Financial Services, 2013 // https://www.ifsb.org/wp-content/uploads/2023/10/2013-12-16_eng_IFSB15-Revised-Capital-Adequacy_Dec-2013.pdf
Islamic Financial Services Board. IFSB-23 Revised Supervisory Review Process of Institutions Offering Islamic Financial Services, 2021 // https://www.ifsb.org/wp-content/uploads/2023/10/IFSB-23_En.pdf
Law of the Republic of Uzbekistan “On Non-Bank Credit Organizations and Microfinance Activities”, adopted 28 December 2021, approved 17 March 2022.
Regulation “On Regulation and Supervision of Microfinance Organizations, Factoring Organizations and Pawnshops”, registered 11 January 2023, No. 3412.
Regulation of the Central Bank of the Republic of Uzbekistan “On the Procedure for Providing Islamic Financing Services by Microfinance Organizations”, registered 26 July 2024, No. 3536.
Regulation of the Central Bank of the Republic of Uzbekistan “On the Procedure for Providing Islamic Financing Services by Microfinance Organizations”, provisions on the Special Council authority and composition, registered 26 July 2024, No. 3536.
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