Islamic finance system in Russia: the prerequisites, conditions and challenges for accelerated formation

The article is devoted to the study of the prerequisites, conditions and challenges of Islamic finance in the Russian Federation. The study is focused on assessing the positive and negative factors of the formation of the Islamic finance system in Russia. The purpose of the work is to consider and prove the need to introduce an alternative financing system, such as Islamic financing, into the Russian economy. In the article, the authors consider the main problems of the Russian financial system and the consequences of the decisions taken to prevent and eliminate them both in the economy as a whole and in the banking sector. The authors propose Islamic finance as a tool, which has several advantages and obstacles to use in the conditions of the Russian economy. The article identifies the existing prerequisites for the formation of this tool. In drawing conclusions, both internal political and socio-economic causes and conditions, as well as external, geopolitical and economic factors in the world, were taken into account. The challenges, crises and sanctions that have arisen, which have exposed the problems existing in the Russian economy, create prerequisites for the introduction of new tools into the economy, the use of which will contribute to the development of branches of the real sector of the economy, the creation of financial products that exclude the enrichment of some while reducing the quality of life of others. The authors proved that in modern conditions there is an urgent need to comprehensively study Islamic finance, based on the experience of the leading countries in implementing this direction, to develop and implement a special set of measures to expand the further functioning and scaling of a new model of money capital movement based on the principles, ethics and philosophy of Islam.