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Islamic Banking Worldwide and in Russia

Author

Listed:
  • Nadezhda Mikhailovna YARTSEVA

    (Russian Foreign Trade Academy, Moscow, Russia)

  • Artem Aleksandrovich SANDER

    (Russian Foreign Trade Academy, Moscow, 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.

Suggested Citation

  • Nadezhda Mikhailovna YARTSEVA & Artem Aleksandrovich SANDER, 2024. "Islamic Banking Worldwide and in Russia," Russian Foreign Economic Journal, Russian Foreign Trade Academy Ministry of economic development of the Russian Federation, issue 4, pages 93-103, April.
    • Handle: RePEc:alq:rufejo:rfej_2024_04_93-103
    DOI: 10.24412/2072-8042-2024-4-93-103
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    More about this item

    Keywords

    Islamic banking; Islamic finance; lending institutions; Russian banking system; CBR experiment;
    All these keywords.

    JEL classification:

    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages

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