About islamic finance

Islamic financing has a social orientation with the priority of moral and ethical principles, since the most important task of Islam is to ensure the well-being of people through the preservation of their lives, minds, honor and property. Such a social orientation makes it possible to determine the main goal of economic development – to ensure social justice in the distribution of the results of economic activity, which is possible through the development of the economy and economic growth.

Based on the above, the modern scholar Hasanuz Zaman gave the following definition of Islamic economics: “Islamic economics is knowledge based on the principles of Islam and its application, aimed at preventing injustice in the process of production and distribution of material resources in order to satisfy human needs and allow them the best to fulfill their obligations to the Creator ”.

 Thus, economic relations in Islam are based on the following principles:

  • striving for benefit and approval of only those profits that have been earned as a result of useful activities;
  • promoting the observance of human rights and the development of partnerships;
  • prohibition of everything that contains oppression of people, generates enmity between them and everything harmful to religion, life and honor of people.

Islamic finance is based on the same principles, which is represented by the following institutions operating in accordance with Islamic law:

  1. Islamic banks are financial institutions that accept deposits and invest accumulated funds. They also include subsidiary banking units or Islamic “windows” of conventional banks.
  2. Islamic financial institutions that are not banks. These include Islamic housing cooperatives, LEASING and factoring companies, microfinance institutions, private investment and venture funds, financial companies, and institutions related to philanthropy.
  3. Islamic insurance (takafful).
  4. Islamic capital market and its participants. These include brokerage houses, investment banks, etc.
  5. 5. Islamic financial infrastructure, including the payment system; screening, trading and clearing systems; Internet business infrastructure; organizations contributing to ensuring economic security and maintaining liquidity; regulatory bodies; bodies exercising control over compliance with financial reporting standards; rating agencies; organizations providing statistical information; educational institutions and research organizations.

Additional information: Activities of the Islamic Research and Training Institute at the Islamic Development Bank

Sharapov A.M.

Sharapov Azamat Masharipovich

Head of Risk Management Department


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