Specifics of the Muslim economic model: principles and forms of financial relations
The article discusses the key principles of the Muslim economy: diversity of forms of ownership; economic freedom within certain religious limits; social justice; the status of people as trustees, vicegerents of property from Allah; the prohibition of riba in interest accrual; the ban on harar - gambling and exces-sive risk; submission of zakat - religious tax; al-adl wa’l-ihsan (balance of inter-ests in the economy and its legal nature); ihtiyar - ensuring the “freedom of will” of economic entities; fard - the issue of liability for assets in the interests of the public good; in rubles - the principle of the useful development of resources and their joint use. The author analyzes the main financial instruments of Islamic bank-ing: mudaraba, musharaka, ijara, mukarada, salam, murabaha, musavama, bai muajal, istisna, arbun. The study of the most important principles of the economic model of Islam on the example of modern Muslim states allows us to conclude that this model, offering a fair system of economic relations, is becoming increasingly competitive in the context of globalization.