Islamic banking in the Russian Federation: development trends

The research elaborates on the integration of Islamic finance into the global economy. Such an inclusion is due to the fact that the demand for Islamic investment resources has increased significantly in recent times. The main tools of Islamic finance are revealed, and the aspects of Islamic bank activities are examined. The paper considers the main stages of Islamic banking development both in Russia and abroad. The author notes that searching for the new economic niches for Islamic banking and the new strategies that help improve the current banking mechanism serves as the basis for the development of the Islamic banking system. The study identifies the constraints on the full implementation of Islamic banking in the Russian economy. The research provides recommendations that can help expedite this process. In particular, the emphasis is placed on enshrining the status of Islamic banks in law and providing public awareness of the availability and safe use of Islamic bank services.