Tashkent, Uzbekistan – In the heart of Tashkent, the capital of Uzbekistan, where a significant global conference on shaping a sustainable Islamic financial system is underway, Professor Dr. Ali Qaradaghi, President of the International Union of Muslim Scholars, delivered a compelling address.

During a specialized scientific workshop held last Tuesday, Dr. Qaradaghi presented a crucial paper on "Islamic Sukuk." He meticulously outlined the vital role these Sukuk play in the revitalization and development of Islamic societies. Yet, with utmost candor, he also pointed out the deficiencies and challenges encountered in some contemporary Sukuk experiences, particularly when they deviate from being genuine tools of development to become mere formal frameworks or nominal substitutes for conventional debt bonds. Dr. Qaradaghi issued an urgent call for comprehensive reform and the establishment of robust principles and regulations, ensuring that Sukuk remain effective instruments, true to the spirit of Sharia, and capable of realizing the greater objectives of the Ummah.

From a Quranic perspective, Dr. Qaradaghi underscored that "wealth" in Islam represents a grand civilizational project and a fundamental means for developing the earth, rather than merely an account within banking ledgers. This outlook, as he clarified, bestows a broader dimension upon Islamic banking, transforming it into a force for building humanity and society, and solidifying dignity and justice.

Dr. Qaradaghi reaffirmed that the paramount challenge facing the Islamic banking system today is not merely in the drafting of contracts or the creation of formal alternatives to conventional instruments. Rather, it lies in practically embodying Quranic values in all financial dealings. This necessitates a strong institutional will, meticulous legislation, and stringent oversight to ensure that all transactions align with the sublime objectives of Sharia and provide a just and dignified life for humanity.