Abstract
The paper aims to analyze the current stage of development of Islamic finance and define the concept of Islamic finance, the importance of which is gradually increasing in the world. The authors relied on the methods of analysis, synthesis, induction, and expert evaluations. The study revealed the progressive development of Islamic finance in the world and the growing interest of countries outside the Organization of Islamic Cooperation in the models of Islamic finance, especially during and after the global financial crisis. The prospects for Islamic finance in Western markets are due to the need to finance infrastructure investments and ensure the reliable and secure functioning of the global financial environment. Islamic financial institutions have proved this reliability during the global financial crisis. The rapid development of Islamic finance in various jurisdictions offers excellent opportunities for Islamic finance and its continued prosperity in the world. The progressive development is based on several factors, including the most important ones—the advancement of global financial integration and the natural development of the Islamic finance industry.
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Acknowledgements
The paper was prepared within the framework of the project No. 203367-0-000 “Global Transformation of World Finance” (RUDN Universiy, 2021).
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Aidrous, I.A., Morsi, B. (2022). Fundamentals and Principles of Islamic Finance. In: Popkova, E.G., Polukhin, A.A., Ragulina, J.V. (eds) Towards an Increased Security: Green Innovations, Intellectual Property Protection and Information Security. ISC 2021. Lecture Notes in Networks and Systems, vol 372. Springer, Cham. https://doi.org/10.1007/978-3-030-93155-1_53
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DOI: https://doi.org/10.1007/978-3-030-93155-1_53
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