Islamic finance in the Russian Federation: trends, problems and prospects

The article examines the current state of Islamic finance in the Russian Federation, and also hoghlights the trends and challenges facing the industry. The results of the study show that the Islamic financial services industry (IFSI) is still at an early stage and is mainly represented by the Islamic banking segment, while the Islamic insurance (takaful) sector and the Islamic capital market are completely unrepresented. However, the industry has a great potential for development and expansion as the demand for Sharia-compliant goods and services from the multi-million Muslim population grows. In conclusion, the article proposes actions to create favorable conditions in the Islamic finance market of the Russian Federation.