The Islamic Banking: Goals for the Nearest Future

DOI: 10.20542/0131-2227-2017-61-2-85-93

A. Filonik (,
Institute of Oriental Studies, Russian Academy of Sciences (IV RAN), 12, Rozhdestvenka Str., Moscow 107031, Russian Federation 


By now, the Islamic banks have passed through a rather historically short period since their first steady appearance at the financial markets in the Arab region. Nevertheless, this period was a scene for various events which finally resulted in creation of the successful Islamic project that has led the whole industry to the bloom. Meanwhile, the time that should undoubtedly be regarded as a preliminary stage of the Islamic capital formation and increase is coming to its end. One can say that the Islamic banks have already reached the ceiling in their capacity, and now ought to somehow revise their positions, evaluate perspectives and design a policy which would allow them to stay progressive in their future actions. The list of their weak points is not long enough. However, they are fairly sensitive and closely related not only to new spheres of a capital use, but also to more effective practices of assets management aimed at gathering of all efforts and remedies available in order to secure the new rise of the Islamic banking. It is worth to say that a rather big portion of efforts has been wasted till now due to losses in friction generated inside conservative mechanisms of the banks themselves and among them as well. In regard to the problems facing the industry, its managers do not consider that it will be easy to quickly mobilize the huge structures of the Sharia banks and push them forward with a necessary velocity. It may be no accident that the current time-table of the Sharia banking development program confirms the lack of meaningful positive shifts, while the whole deal is now proceeding to rotate round the common problems of the Islamic industry. The author assumes that critical understanding of the road passed by the Islamic banking may be considered a good potential for them to concentrate on the most important issues in a more decisive manner which may change the balance in favor of contemporary banking techniques and more effective social protection. 


Islamic banks, conventional banks, Islamic assets, Sharia standards, microfinancing, commercial financing, competitiveness 


1. Al Tawil A. R. Dubai Passed a Record Distance as the Capital of the Islamic Economy (In Arabic). Аl Bayan, 29.10.2014.

2. Global Leaders at the Forum. Khaleej Times, 29.10.2014.

3. Al Tami-mi A. Z. Future of the Arab Economy (In Arabic). Al Arabi, 2015, May, no. 678, pp. 19-21.

4. Islamic Banking Needs Global Standartization. Business Islamica, 2013, vol. 7, issue 8, pp. 30-32.

5. Owermohly, Sarah. Going Global with Islamic Finance. Business Islamica, 2013, vol. 7, issue 8, pp. 34-35.

6. Is Islamic Banking Reaching Potential? Business Islamica, 2013, vol. 7, issue 8, p. 2.

7. Bocharova L.S. K voprosu o mikrofinansirovanii v arabskikh stranakh [Remarks on Micrоfinanсing in the Arab Countries]. Lomonosovskie chteniya2011. Sektsiya vostokovedeniya [Lomonosov Readings‑2011. Oriental Studies]. Moscow, IAAS MSU, 2011, pp. 143-145.

8. Bubu, Das Augustine. Banks Can Provide Innovative Financing. Gulf News, 26.02.2014.

9. Rashid A. We Invest the Waquf Capital and Develop It in Harmony with the Sharia Low and in Accordance with the Right Policy (In Arabic). Аrrai, 15.11.2009.

Registered in system SCIENCE INDEX

For citation:
Filonik A. The Islamic Banking: Goals for the Nearest Future. Mirovaya ekonomika i mezhdunarodnye otnosheniya, 2017, vol. 61, no 2, pp. 85-93. DOI: 10.20542/0131-2227-2017-61-2-85-93

Comments (0)

No comments

Add comment

Current Issue
2019, vol. 63, No. 9
Topical themes of the issue:
• Diplomacy of the Academic Community: the Past and the Present (For the Jubilee of MGIMO)
• Precise Long-Range Weapons in Europe: Problems of Limitation and Control
• Arctic: New Region of World Policy
• European Economic and Monetary Union: 20 Years After 
View This Issue (2019, vol. 63, No. 9)
Send article

Dear readers!
This is to inform you that we begin to provide free access to full-text archive issues of the journal on our WEB-site. As of now, the releases of 2015–2017, as well as № 1–6 of 2018 are available. The work on deepening the open archive of full-text issues will be continued.

Dear readers!
This is to inform the researchers of the Institute of World Economy and International Relations that electronic version of the 2-nd issue of 2019 of French magazine Politique étrangère is now available. Those who are interested, please personally address to the editorial staff of MEMO Journal (room 18-17) with an electronic media (e-mailing is not possible because of technical reasons).


In response to the challenges of our time the Editorial board continues to open new thematic rubrics:

“The Common Spaces”. The XX century was marked by the process of active development of the so-called common spaces, namely the World ocean, outer space and the Internet which, due to various reasons, were previously perceived as peripheral for the mankind and were not used at all or less intensively. Since then, the degree of their development and usage is constantly increasing. Even though the prospects of obtaining material dividends from their use are often extremely remote, the level of competition there is steadily increasing, resulting in growing inter-state conflicts’ potential.

“Silk Road and prospects of Great Eurasia”. It is planned to publish materials concerning the Chinese project of Silk Road and its impact on the socio-economic development of various countries in Eurasia and the integration processes in this mega-region.

“Africa today and tomorrow”The rubric devoted to contemporary issues of Africa which is attracting growing interest of the world's leading actors. We plan to publish the articles analyzing the status of statehood, socio-economic and political development of the countries of Black continent, as well as the integration processes between them.

Dear colleagues, authors and readers!

We kindly request you to turn to editor-in-chief and executive secretary directly concerning reviewing scientific publications in our journal. Only editor-in-chief takes decision on order and publication the reviews!


"World Eсonomy and International Relations" announces a contest for the best joint academic publications of domestic and foreign researchers and experts in topical issues of the world economy and international relations. The winners will be selected according to the results of peer reviewing and discussion at the Editorial Board. The articles will be published in priority order.


The print version of “World Economy and International Relations” journal is distributed by advance subscription only, and is not offered for retail sale. To subscribe please address to any post office in Russia by referring to the Federal Postal Service Union Catalogue, section “ARSMI”, the journal index is 70542. The subscription may be made for the whole subscription period or starting from any nearest available month for desired number of issues.

To purchase the full-text electronic version of the journal’s issue/article please address to the WEB portal of Scientific electronic library or URL:

In journal
                     Articles for the year
                     Authors for the year
2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 | 2005 | 2004 | 2003 | 2002 | 2001 | 2000 | 1999 | 1998 | 1997 |

The author’s opinions may not coincide with the position of editorial