Directions and principles of credit activity of Islamic banks

The article provides an overview of the principles and practices of Islamic lending, its unique features such as profit and loss sharing, asset-based financing and avoidance of interest-based transactions. The importance of the social responsibility of Islamic banks and their compliance with the ethical principles of Sharia is shown. The author examines the problems that limit the widespread introduction of Islamic banking in the Russian Federation, but believes that certain areas of lending under the Islamic banking scheme can be successfully used to develop the investment component of the Russian economy in the context of sanctions restrictions of traditional banking.