Legal regulation of investments in Islamic banking: experience of the Russian Federation and the Republic of Azerbaijan

The article examines current aspects of investing in Islamic banking, considering the experience of two countries. Islamic banking offers investment opportunities that adhere to Shariah principles, making it attractive to those seeking to comply with religious beliefs. The article draws attention to the practice of using instruments such as sukuk, murabaha, mudaraba and others to carry out transactions in accordance with Islamic law. An experiment with partnership financing, conducted in Russia from 2023 to 2025, is aimed at determining the effectiveness of regulation of this system. The requirements for participation in the experiment for various organizations, their responsibilities and restrictions in accordance with the principles of Islamic finance are discussed. Comparing the experiences of Russia and Azerbaijan allows us to identify similarities and differences in approaches to investment in Islamic banking. The differences in the use of investment instruments, such as mortgage loans, trust management of financing, leasing, and others are discussed in detail.