Archakova-Uzhakhova M.B.Published in:
Global Markets and Financial Engineering (Russian version)
– Volume 4, Number 2 (April-June 2017)

JEL classification: G11, G15, G23

Keywords: ijara, international financial reporting standards, islamic finance, istisna, mudaraba, murabaha, musharaka, riba, salam, sukuk


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Abstract:

In recent years, Islamic finances have occupied a significant niche in the global economy. The number of Islamic banks that fully meet the requirements of the Islamic economic model has significantly increased. At the same time, due to the globalization in the world economy, the Shariah-compliant finance tools are provided not only by Islamic banks, but also by traditional European banks. The author of the article has studied the features of Islamic finance transactions, has made a comparative analysis of the financial contracts based, on the one hand, on the Shariah standards and requirements and offered by traditional economy on the other hand. We also assess the effect and consequences of the introduction and application of Islamic finance tools in Russia.

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