Implementing the Concept of Islamic Banking in a Modern Islamic State (on the Example of Egypt): Problems and Prospects

In recent years, Islamic banking has begun to show increasing importance for the global economy. In the 90s, it went through a period of noticeable growth, which continued even after the 2008 crisis. This paper is devoted to the study of the experience of implementing the concept of Islamic banking in the Arab world, and in particular in Egypt, and the possibility of its application for Russia. Even though the Russian Federation has not yet integrated Islamic finance into its economy, it has great prospects for the development of this sector. This study will highlight the main constraints on the development of Islamic banking in Russia, as well as the potential benefits of its implementation. The study examined the characteristics of the structure and features of Islamic banks. Also, their stability in times of crisis was examined to assess their effectiveness. The research methodology includes the analysis of statistical information, analytical materials, reports, and forecasts concerning the development of Islamic banking in the global economy. In conclusion, the author gives some recommendations for the successful implementation of Islamic banking in Russia.