On the Basic Principles of Legal Regulation of Islamic Banking Relations

The interest to Islamic financial institutions in Russia is linked to the development of international economic relations, where the participation of Muslim countries increases every year. In this regard, the Russian Federation continues the process of introducing Islamic banking products in such regions of the Russian Federation, as the Republic of Dagestan, Bashkortostan, Tatarstan, and the Chechen Republic. The Republic of the North Caucasus Federal District has also been among the least creditworthy regions, which is due largely to religious prohibitions on loan interest. In this connection, it was also appropriate for modern Russian banks to cover these regions with their financial services. Such practical problems have led to the relevance of legal research related to the functioning of Islamic banking both in the global economy and in the Russian Federation, where the legal regulation of banking relations has recently been supplemented with norms on partner financing. The authors' research methods are related to the intersectoral public-legal nature of the regulation of Islamic financial relations. The main authors’ conclusions relate to the compliance of modern banking products with Islamic law, which is related to the problem of certification by the Sharia expert community. But Russian legislation, although it adheres to the basic principles of Islamic banking in the rules of partner financing, has not established the status of such expert communities. In this context, there are differences in the requirements for Sharia experts, and the concept of Sharia standards is being interpreted vaguely both in practice and in the field of Islamic banking studies.