Science, Technologies, Innovations №4(20) 2021, 14-23 p

Alasgarova Nigar Mahal — Head of Marketing and Coordination Department of the Research Institute of Economic Reforms of the Ministry of Economy of the Republic of Azerbaijan, Baku, Hasan bay Zardabi ave. 88, AZ 1011; +99912 430-96-18;; ORCID: 0000-0002-0506-229X


Abstract. Since the period of its creation, the Islamic financial system has been applied in many countries around the world, and it is forecasted that the amount of funding on the world financial system based on Islamic principles will be USD 3.8 trillion in 2023. Taking into account this trend in the development of Islamic finance, the article provides the definition of the role of the state structure in the emergence and development of this system based on the analysis of the existing state of the Islamic financial system in various countries. It should be noted that the assessment was based on an explore of the level of development of Islamic banks, Islamic capital markets, takaful, Islamic financial institutions and the Islamic fin-tech market in different countries. As a result of research, it was found that Malaysia, Iran, and Saudi Arabia are leading. Analyzing the current situation, it is getting clear that these countries have the highest share of indicators of the Islamic financial industry. As a result of the research, the first three states being compared according to the system of indicators formed and the structure of statehood, and it was being concluded that the state structure did not play an important role in the development of this system. Thus, Malaysia is in the first place which are not based on Sharia, on six indicators, ahead of the Islamic states of Iran and Saudi Arabia, The reports of the Council of Islamic Financial Services, Global Islamic Fintech, Refinitive Islamic Finance Development Indicators and countries’ ratings were used as a source of information.

Keywords: Islamic financial system, takaful, Islamic capital market, Malaysia, Islamic banks.


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