Current trends in settlements and payments in the Islamic finance system

The article is devoted to the peculiarities of the functioning of settlements and payments in the system of Islamic finance. The author paid special attention to the issues of building a payment infrastructure, including an interbank settlement system and a mechanism for regulating risks and liquidity. The author revealed tthat in order to make cross-border payments, Islamic financial institutions have developed and effectively use the centralized and multicurrency payment system BUNA, operating on the SWIFT infrastructure. The system is a high-tech mechanism based on innovative digital solutions. More than 100 credit institutions use this payment system, and the operators are central banks of Islamic countries and transnational banks. The study showed that the modern settlement and payment system in the Islamic states uses both traditional mechanisms for regulating claims and obligations between counterparties and unique payment solutions, including those based on the use of achievements of the financial technology industry.