Islamic financial system: history, features and prospects for the development of Islamic finance in Russia

Abstract

The purpose of the study is to assess the modern state of the Islamic financial system and the prospects for the development of Islamic finance in Russia. The article focuses on the features of the Islamic financial system, its advantages and disadvantages, factors that prevent the spread of the Islamic financial model in non-Muslim states, including Russia. The scientific novelty consists in the theoretical justification of the need to introduce Islamic finance into the domestic financial system, the development of priority measures to accelerate this process, aimed at developing cooperation with the countries of the East and increasing the availability of Islamic financial services for interested users in Russia. As a result, the history of the development of the Islamic financial system was considered, an assessment of the state of Islamic finance in the world was given, as well as the main problems and opportunities for the development of Islamic finance in Russia were identified.