Comparative analysis of Islamic banking instruments: theoretical aspect and development prospects

In the Islamic banking system, lending is known as interest-free financing of a transaction, a project that generates income after a certain period of time, remuneration or mutually agreed results. Islamic finance is increasingly seen as an alternative source of funds for companies of various fields of activity in various industries, especially in the financial technology industry. The improvement of the lending system and the identification of priority areas for the development of the Islamic banking system are currently at the center of economic, political and social life, responding to changes in the economic environment caused by the actions of government authorities, the bank is a guide in stabilizing the economic policy of the Arab states. The subject of the study is the economic relations arising in the process of financing Islamic banking projects. The main purpose of the study is to form a theoretical platform for the interaction of financial instruments of Islamic banking based on the structural and functional features of the Islamic banking system. The research methodology includes methods of system-structural, functional analysis with the construction of scientific and theoretical models based on the synthesis of modern scientific methods of cognition of economic and social phenomena. The results of the study are aimed at forming a parametric concept of Islamic finance in the lending system, based on the theory of restrictions and legal norms of banking operations by Islamic banks.