Infrastructure peculiarities of Islamic banking

Abstract

The article considers the concept of Islamic banking and infrastructural peculiarities that contribute to its development at the current stage. It brieflfly describes the activities of such organizations as the International Islamic Fiqh Academy (IIFA), the Islamic Development Bank (IsDB), the Islamic Development Bank Institute (IsDBI), the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), the Islamic Corporation for the Development of the Private Sector (ICD), International Islamic Trade Finance Corporation (ITFC), World WAQF Fund (WWF), Islamic Solidarity Fund for Development (ISFD), Islamic Financial Services Board (IFSB), Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), and International Islamic Financial Market (IIFM). Particular attention is given to the experiment on the development of Islamic banking in the Russian Federation and its potential impact on the inflflux of foreign direct investment into the country.