Fundamentals and Principles of Islamic Finance

The paper aims to analyze the current stage of development of Islamic finance and define the concept of Islamic finance, the importance of which is gradually increasing in the world. The authors relied on the methods of analysis, synthesis, induction, and expert evaluations. The study revealed the progressive development of Islamic finance in the world and the growing interest of countries outside the Organization of Islamic Cooperation in the models of Islamic finance, especially during and after the global financial crisis. The prospects for Islamic finance in Western markets are due to the need to finance infrastructure investments and ensure the reliable and secure functioning of the global financial environment. Islamic financial institutions have proved this reliability during the global financial crisis. The rapid development of Islamic finance in various jurisdictions offers excellent opportunities for Islamic finance and its continued prosperity in the world. The progressive development is based on several factors, including the most important ones—the advancement of global financial integration and the natural development of the Islamic finance industry. © 2022, The Author(s), under exclusive license to Springer Nature Switzerland AG.