Islamic Banking Worldwide and in Russia

Abstract

This article explores the basic principles of Islamic banking, providing an overview of its various financial instruments and their differences from traditional banking services. The second part of the paper provides information on the current state of Islamic finance in Russia and in the world, reveals its development trend. The conclusion highlights the main problems associated with the integration of Islamic banking in the financial system of Russia, presents the prospects for its financial products, and emphasizes the importance of taking into account cultural and legislative peculiarities in the implementation of Islamic financial mechanisms.