ISLAMIC FINANCE AND MODERN CHALLENGES
A. O. FILONIK Candidate of Economic Sciences Institute of Oriental Studies of the Russian Academy of Sciences Keywords: islamic banking, Islamic financial industry, financial business, assets, microfinance For half a century, Islamic banks have become famous for not recognizing charging interest for money transactions, which is categorically condemned in Islam as usury, and participate in the investment process as business partners, sharing all the risks of the funded project. Bank profits are generated from the income from the capital placed in such a project, which is forbidden to keep in a pot, which puts it entirely at the service of society, contributing to the idea of an even distribution of benefits and social justice. Islamic banks are more lenient than classical ones, which is especially important right now, when extreme instability in the Arab East significantly complicates the situation in the markets, turning off an important part of the region from normal economic life. Many economic institutions, even on the periphery of a military conflict, operate with a high degree of risk and are forced to build their activities in an unhealthy environment, which always has a chance to deteriorate sharply in circumstances that are difficult to foresee. Islamic banks, which, according to the established practice, are actively operating in the economy of Arabian oil exporters and beyond (mainly in Malaysia and, in a point version, in a number of Western countries), are in a better position in this regard. They are focused on moving away from the problem Arab States and are not subject to accidents of a non-economic order. It was here that after the oil price revolution in the mid-70s of the last century, they earned the reputation of a reliable business partner and quickly formed into an organic element of the financial system that ensures the stability of investment, trade and credit transactions. ARAB CAPITAL IN AN ISLAMIC IMAGE In the zone of relative calm, the Is ... Читать далее
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Қазақстан Желіде · 63 days ago 0 175
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Қазақстан Желіде
Астана, Kazakhstan
23.02.2024 (63 days ago)
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