Civil-Legal Peculiarities of Halal Finance Natural Person — Consumers (on the Example of the Republic of Tajikistan)

Abstract

Halal financing is undergoing a process of globalization and is beginning to expand actively and steadily. Despite some advantages of this institution, there are a number of pressing problems that need scientific understanding. One of the main problems is the incompatibility of Sharia principles with traditional financial laws. Halal financing, based on the principles of Islamic theological doctrine, uses terminology and concepts that are not always equivalent to generally accepted traditional banking laws. Unlike traditional banks, halal banks cannot enter into certain transactions, such as a traditional consumer loan agreement. Nevertheless, the institution of an alternative to traditional consumer lending has not been sufficiently developed, especially in those countries where halal financing appeared not so long ago. The study of this issue in the post-Soviet space, where halal financing is beginning to develop, is still in its early stages, which necessitates its consideration. The article examines a halal alternative to traditional consumer lending through the murabaha agreement based on the civil legislation of Tajikistan.