PERSPECTIVES AND APPLICATION OPPORTUNITIES OF ISLAMIC BANKING IN POST-SOVIET COUNTRIES
The article is devoted to the discussion of current issues in Islamic banking in the post-Soviet countries. Islamic type of banking model where banking activity is being regulated by the Shariah Law is considered in the article. Major functions of Islamic banks are stated in the article, major reasons for the sharp increase of the banks' assets are discussed. The expansion of Islamic finances to the other countries (Great Britain, Germany, France and the USA) is considered as well. The functioning mechanisms of Islamic banks in these countries are described as well. The emphasis is made on the subject of expansion of Islamic credit institutions in Russia (Tatarstan), Kyrgyzstan, Azerbaijan, Kazakhstan and the Ukraine