Akademik Məlumat İdarəetmə Sistemi
70th International Scientific Conference on Economic and Social Development, no.1, pp.459-465, 2021 (Conference Book)
The Islamic economic model has become widespread in the world, which has determined the interest of the economic and scientific communities in introducing its experience into the traditional financial model in order to minimize the risk of crisis situations and form a more stable financial system. The problems of the development of Islamic banking have acquired particular relevance now: the demand from the dynamically increasing number of Muslims in the United States and Europe for financial services and transactions made in accordance with the principles of Sharia is constantly increasing; financial products offered by the Muslim industry are attractive enough for both Muslim and non-Muslim investors. In addition, it is interesting to discuss the need to apply the experience of Islamic banks in the traditional financial system. Therefore, the topic of the development of the Islamic financial industry in Azerbaijan is also relevant in connection with its rapid growth throughout the world. The aim of the work is to study the theoretical foundations of Islamic banking, analyze the problem and development of Islamic banking in modern conditions of the new challenge of globalization of the economy, as well as develop recommendations and proposals for the introduction of Islamic institutions into the banking system of Azerbaijan. Analysis of the financial sector in Azerbaijan and Russia, which are implementing a pilot project to introduce Islamic banking, revealed a number of problems and prospects. Firstly, the developed market environment contributes to the adaptation of the principles of the Islamic banking model, and secondly, the availability of qualified personnel in the field of Islamic banking makes it possible to develop tactical and strategic plans for the development of a financial institution