The relevance of the study of regulation of the institution of Islamic finance in Russia is due to the fact that the global Islamic financial services industry continued to expand in 2024, confidently recording growth of 14.9%, reaching total assets of 38.8 trillion US dollars. The growth trends reflect the deepening presence of Islamic banking in traditional countries and wider reach in other markets. The Institute of Islamic Finance is increasingly attracting attention in Russia. The research methodology is based on institutional analysis using open data from credit institutions, the Russian Government, regional departments, reports of the Bank of Russia, federal and regional regulatory documents. The results of the study confirm that a system of creating non-independent Islamic banks is emerging in the country. Islamic financial services to Islamic structures are provided in Russian credit institutions through separate “windows”. Interest from the state is manifested in the fact that the experiment on introducing partnership financing has been extended until 2028. For Russia, the experience of selling Islamic financial products in the countries of the Commonwealth of Independent States, where several Islamic banks operate according to the relevant standards, is of no small importance. The work analyzes the activities of Russian banks participating in the experiment in providing Islamic financial services, studies the development of a system of Islamic banking public administration, identifies problems that impede the development of this financial institution in the country, as well as the reasons for the population’s disinterest in using Islamic banking products. In conclusion, it is emphasized that in modern conditions, Islamic banking is becoming important due to sanctions restrictions imposed by Western states and the economic turn to the East, the need to increase the investment flow from Muslim countries. For investors from Islamic countries, the availability of financial instruments that comply with the principles of Shariah may be a mandatory condition for investing capital.
