Standardization of Islamic Financial Transactions

Abstract

This article is devoted to the standardization of Islamic financial transactions. Currently, Islamic financial standards contain concepts that can be easily and effectively convey Russian analogues (such as "mudarabah" contract may be classified as trust), and specific terms and concepts that have no direct counterpart in the Russian common equivalent (such as "sukuk", "best fulfilment of obligations" "deliberate postponement of debt repayment"). All these terms and concepts were formed under the influence of a number of factors, ethical-legal being a key one. This article discusses examples of such concepts and terms with an explanation of their particularities and practical examples.