Islamic Finance: Legal Basis and Features of the Organization of Shariah Compliance in Financial Organizations

Today, Islamic finance in Russia is going through a new stage of its formation and development, as well as the compliance management system with the principles and norms of Sharia – shariah compliance, without which Islamic finance is not possible. The shariah compliance system, in its structure, differs little from traditional compliance system, and consists of external and internal controls, which reduces the likelihood of violations of the principles and norms of Sharia, which is its distinctive feature. Within the framework of this work, the Islamic financial system is analyzed and, conducting an experiment on the territory of the Russian Federation on partner financing, with an emphasis on the study of the organization of the shariah control system. The analysis of the sources of Islamic law, the regulation of the experiment on partner financing, international standards in the field of shariah compliance, as well as a systematic analysis of the implementation of shariah control among the participants of the experiment was carried out. The purpose of the study is to identify gaps at the legislative level and in the implementation of a management system for compliance with the principles and norms of Sharia, followed by the development of proposals for changes, including at the legislative level, as well as steps that need to be taken to build an effective shariah compliance system in Russia. The practical significance of this study lies in the possibility of applying its results to systematize shariah compliance among participants in the partnership financing experiment.