This publication presents and classifies the key events in the Islamic finance market in Russia in 2025. It also analyzes institutional, regulatory, and operational changes in this area, including existing challenges. The author examines and describes current trends and development paths for Islamic finance in Russia, identifies challenges and limitations, and proposes ways to overcome them. The publication also presents a forecast for the development of the Islamic financial sector in priority areas in 2026. Particular attention is paid to the need to intensify the process of creating a system of national standards for Islamic financial instruments and procedures for their implementation.

Keywords: Islamic finance, partnership financing, sukuk, philanthropic products, Sharia standards, regulation, two-pillar financial system, geopolitical priorities.

JEL Classification: F15, Z12

For citation
Zaripov I.A. Key areas of Islamic finance development in Russia in 2026. Islamic Finance, 2025, vol. 1, no. 2, pp. 5–16. https://doi.org/10.65324/if007

The article presents an analysis of the state and prospects of the formation of integration transport systems of the Islamic states of Central and South Asia with a nodal concentration on the territory of the Russian Federation. The strategic place of the development of international transport corridors in the general model of the development of the Islamic economy is determined. The implementation of previously adopted projects for the formation of Eurasian transport corridors is analyzed. The trends of shifting the trajectories of transport corridors in the southern and northern directions are determined. The consequences of abandoning the concept of creating a multimodal crossroads of Eurasian transport corridors on the territory of Central Russia are assessed. The inexpediency of opposing the M12 motorway corridor to the previously designed Europe-Western China corridor has been determined in terms of its length and lack of integration with the transport network of the Islamic states of Central and South Asia. The article presents an analysis of the prospects for the development of the North-South Eurasian transport corridor in terms of its advantages and limitations. The competitiveness of the meridional transport corridor is evaluated in relation to the possible construction of a canal from the Persian Gulf to the Caspian Sea. The article also assesses the potential of Islamic and pan-Eurasian integration in financing the development of a transcontinental waterway from the Persian Gulf through Russia to the European states. The role of the end-to-end branched skeletal network of the unified international North-South corridor in economic and political stabilization in the Islamic countries of South Asia and the Middle East has been substantiated.

Keywords: Islamic economy, international transport corridors, transport services, and federal transport strategies.

JEL Classification: F30

For citation
Khomenko V.V. Islamic countries of Central and South Asia in Russian logistics strategy. Islamic Finance, 2025, vol. 1, no. 2, pp. 17–22. https://doi.org/10.65324/if008

Islamic social financial instruments such as zakat, waqf, and sadaqah play a crucial role in reducing poverty and fostering the socio-economic development of Muslim societies. Among these tools, the waqf is a sustainable charitable mechanism that generates long-term social benefits through donation-based investments. Despite its historical importance, the development of waqf institutions in several countries remains limited due to regulatory constraints, institutional inefficiencies, and low public awareness. Particular attention is given to the potential role of financial technology in transforming Islamic social finance. The research explores the integration of blockchain technology and crowdfunding platforms to improve transparency, governance, and efficiency in waqf management. Using a conceptual and institutional analytical approach, the article proposes a blockchain-based waqf-chain model designed to modernize the management of waqf funds and strengthen the integration of Islamic social finance within the broader financial system. Using Kazakhstan as an example, the article identifies key legislative and institutional problems that hinder the development of waqfs and proposes a blockchain-based waqf chain model to modernize the infrastructure of Islamic social finance. The results show that digital transformation can significantly strengthen trust, improve the collection and distribution of charitable funds, and enhance access to financial services while maintaining Sharia principles.

Keywords: Waqf, Islamic finance, Digital tools, Blockchain, Social finance, crowdfunding.

JEL Classification: F15, Z12

For citation
Kuanova L.A., Sagiyeva R.K., Zhangabayev N. Digital Transformation of Islamic Social Finance: Blockchain-Based Waqf Development. Islamic Finance, 2025, vol. 1, no. 2, pp. 23–37. https://doi.org/10.65324/if009

This article examines two recent trends in the Russian banking sector: artificial intelligence and Islamic banking. The relevance of this topic is underscored by research in artificial intelligence, which has enabled the application of AI technologies in banking, and by sanctions against Russia, which are forcing Russia to become attractive to investment from Eastern countries, particularly the Persian Gulf states, whose banking activities are based on Islamic principles. Therefore, the aim of this study is to identify the intersections between Islamic banking and AI technologies and to assess the prospects for their synergistic development in the Russian financial system. Using methods of analysis and synthesis, comparison and contrast, and scientific logic, the authors studied key trends in the development of Islamic banking and the implementation of artificial intelligence in the Russian banking system. They concluded that, despite the parallel development of both areas — the expansion of the partner financing experiment to 35 participants and the active implementation of artificial intelligence technologies and fintech solutions in banking practices — their synergies are still in their infancy. The most promising points of intersection are the launch of an AI-powered Islamic financial index and plans to create a digital Islamic bank, which suggests that a foundation has been laid for the integration of artificial intelligence technologies into the Islamic finance infrastructure in Russia. Thus, this article represents the first attempt in the scientific world to understand two of the most pressing contemporary trends in Russia: the development of Islamic banking and the use of artificial intelligence for this purpose.

Keywords: Artificial intelligence, principles of partnership financing, partnership financing, Islamic banking, Islamic finance.

JEL Classification: F15, Z12

For citation
Derzaeva G.G., Aletkin P.A. Islamic Banking and Artificial Intelligence in Russia: Intersection Points and Prospects for Synergy. Islamic Finance, 2025, vol. 1, no. 2, pp. 38–45. https://doi.org/10.65324/if010

The article is devoted to the analysis of the Islamic legal and ethical approach to the arms trade in the context of modern international relations, the global arms market and the practice of the states of the Islamic world. We identify the contradiction between the normative principles of Islamic jurisprudence, focused on preserving peace, preventing harm and achieving the goals of Sharia, and the actual practice of active participation of Islamic states in the global arms market. The article analyzes the works and positions of modern Islamic researchers and religious leaders devoted to both direct issues of conventional weapons trade and weapons of mass destruction, as well as related topics such as Islamic commercial law, the foundations of peace, ethics of war and peace. Special attention is paid to modern interpretations, due to the lack of direct norms on trade of modern types of weapons in classical literature. It is shown that Islamic jurisprudence considers weapons not as an ordinary commodity, but as a sphere of special moral and legal control, the turnover of which should be assessed through possible consequences for the security of society, the intentions of the parties and compliance with the principles of justice. A comparison of the provisions of Islamic law with the actual data on armed conflicts and arms imports in the countries of the Islamic world makes it possible to identify the reasons for this discrepancy. They are primarily related to following factors: constant regional instability, the rigid logic of ensuring national security, dependence on external sources of weapons, the geopolitical rivalry of major powers, and the deep involvement of Islamic states in the existing system of international military, political, and economic relations. In these circumstances, decisions on arms purchases are made as an element of a strategy for survival and protection of sovereignty, which often contradicts ethical principles. Thus, the revealed contradiction indicates an imbalance between the moral principles of the Islamic tradition and the realities of modern regulation of the arms trade, which requires further reflection.

Keywords: arms trade, Islamic law, Sharia, prohibition of arms trade, import of weapons.

JEL Classification: F15, Z12

For citation
Dikhina D.M. An Islamic Perspective on the Arms Trade. Islamic Finance, 2025, vol. 1, no. 1, pp. 46–55. https://doi.org/10.65324/if011

This article analyzes the factors determining the choice of Islamic financial products in the United Arab Emirates (UAE). It examines the evolution of Islamic banking in the UAE from a niche segment to a mainstream financial service operating alongside the traditional banking system. Particular attention is paid to the behavioral patterns of various socio-demographic groups. Based on an analysis of primary survey data and relevant research, key factors are identified, including Sharia compliance, which is crucial for UAE citizens; a bank’s image, reputation, and service quality, which are of primary importance to expatriates; and awareness of Islamic banking mechanisms, the lack of which is a major barrier for all consumer categories. Special attention is given to the impact of digitalization and fintech, which are transforming the consumer experience, and the shift from the dominance of religious factors to a rational assessment of product market characteristics. This article examines the influence of cultural characteristics (collectivism vs. individualism) and new trends, such as the integration of ESG principles and the development of the green sukuk market. As Islamic banking in the UAE ceases to be a choice based solely on religious considerations, potential areas for further growth are suggested. These include enhanced audience segmentation taking into account cultural and religious diversity, the development of educational programs to overcome low awareness (especially among expatriates), and the introduction of differentiated product offerings based on digital technologies and ethical financing. The study’s findings identify important drivers and barriers that must be considered in the formation and development of the Islamic finance sector in both Muslim-majority countries and in jurisdictions where the sector is still in its infancy.

Keywords: Islamic finance, Islamic banks, United Arab Emirates, consumer behavior, choice factors.

JEL Classification: F15, Z12

For citation
Rakhmatullina K.R., Sesik S.A. Islamic Finance in the UAE: Demand Characteristics. Islamic Finance, 2025, vol. 1, no. 1, pp. 56–64. https://doi.org/10.65324/if012