Prospects for the development of islamic finance in the Russian Federation in the context of economic sanctions

Abstract

Importance: the growth trends of Islamic finance in the global economy make us think about the possibility of Russia’s participation in this system. The pilot project on partner financing in four republics of the Russian Federation gave a positive effect, eliminating the option of ignoring Islamic banking products. Purpose: in the current conditions of economic sanctions, pressure from Western countries and the withdrawal of their capital from the domestic economy; it is necessary to search for new sources for stable development; including strengthening relations with the countries of the Eurasian Union, new trade agreements with Asian countries and attracting investors from the Islamic world. development of the procedure for applying Islamic banking financial products in the activities of Russian organizations under economic sanctions. Research design: to achieve this goal, modern Islamic financial products tested during the pilot project are considered. Results: the construction of partner financing is based on the norms of Sharia, which fully share the principles of transparency and openness in conducting business activities and coincides with the ideology of ESG, in this regard, organizations are recommended to use new banking instruments adopted in the Islamic accounting system in settlements with counterparties. The modern position of the development of Islamic finance is the adoption of greater social responsibility by banks: risk sharing, job creation, interest-free financing of certain categories of citizens.