Islamic financial instruments and their application in the Modern economy
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Abstract
This study is devoted to the analysis of the impact of Islamic finance on the modern economy, with an emphasis on the possibility of its application in Russia. The author examines the methodology of developing key Islamic financial instruments such as musharaka (partnership), mudaraba (commercial agreement), ijara (lease), sukuk (Islamic bonds) and Islamic investment funds. Special attention is paid to the characterization of the commercial approach of Islamic financial transactions, considered as a progressive element contributing to the development and stabilization of the financial system of the state. The article explores the potential of introducing Islamic economic principles at the state level for stakeholders seeking to improve their material well-being and raise the social level of the least protected segments of the population. In the context of the Russian economy, the introduction of Islamic finance can become a catalyst for attracting investments from the Middle East and Southeast Asia. These regions, which have significant financial resources, are interested in investing in economically promising projects that comply with Sharia principles. In conclusion, a socioeconomic assessment of Islamic financial concepts and their role in the modern economy is presented.
Keywords:
Islamic economics, Islamic finance, Islamic financial instruments, Islamic investment products, mudaraba, musharaka
For citation
Kudzhaev V.A. Islamic financial instruments and their application in the Modern economy // Bulletin of the Bоlgar Islamic Academy, 2025, no. 2 (10), pp. 7–17.
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