HISTORY OF FORMATION OF SYSTEM OF ISLAMIC FINANCE
Despite rapid growth Islamic financial activities in many countries remain limited and in some countries are not presented at all. Weak penetration of Islamic finance in local and international financial system brings necessity to stimulate development of Islamic financial activities. Building confidence in Islamic financial business model is critical and fundamental for development of Islamic finance. Enormous but still insufficient efforts are taken to develop Islamic finance. Organization of Islamic Cooperation (OIC) has direct or indirect impact on the development of Islamic finance in the world. Special place in the development of Islamic finance in the world holds Council for Islamic Banks and Financial Istitutions - CIBAFI, established and located in Bahrain, and Sheriyah Review Bureau (SRB). CIBAFI is one of the 4 international Islamic financial infrastructure of non-profit institution established in 2001 by the decree of the Emir of Bahrain №23. Structure CIBAFI includes various banks and financial institutions around the world. The Council of Islamic Banks and Financial Institutions provides consulting services in the field of Islamic banking and promotes the interests of the Islamic financial institutions. Since 2013 CIBAFI decided to go beyond Bahrain and the region in order to develop a regulatory framework and practice of Islamic finance activities outside the Arab world. Currently negotiations to open offices in Tunisia, Azerbaijan and some other CIS countries are conducted. Another private consulting company Sheriyah Review Bureau (SRB) located in Bahrain specializes in issuing of compliance to Sharia financing activities. Main clients of SRB are traditional banks with operations in conjunction with the Islamic financial institutions. In order to attract more and more new investments and deposits to develop new regions representatives of the traditional banking sector pay a lot of attention to Islamic banking opening Islamic bank window.