The outlook of Islamic financial model in globalization's conditions

Abstract

In the modern system of world economic relations, the concept of the Islamic financial model begins to take increasingly strong positions in the world economy. The subject of research of the article is the features of development and forecasts of the Islamic financial model in the global economy. The goal is to study modern trends of the Islamic financial model’s development; identify the features of the existence of the Islamic economy in the context of the global world economic system; determine the forecasts for the development of the Islamic economic model in the global economy; determine the effectiveness of the Islamic financial model in the context of modern economic realities; the formation of mechanisms for solving challenges associated with the development of the islamic economic model. General scientific methods are used, such as modeling, analogy, deduction, induction, generalization, classification, observation, comparison, measurement, experimental methods of research, abstraction, aggregation, statistical, graphical, logical-theoretical, historical-logical, methods of analysis, synthesis, comparative analysis, and others. The following results were obtained: on the basis of the analysis of manuals, monographs, scientific articles of Ukrainian and foreign scientists, reports of well-known analytical companies, statistical materials of international European institutes and institutions of MENA countries and resources of the global Internet. Conclusions: lack of greater standardization in legal structures and interpretation of Sharia. This is crucial in order to turn the industry on a sustainable growth path. It is necessary to show the market how to achieve standardization by introducing standard structures, documentation or steps that emitters must pass to make batch release simpler and more effective. If standardization is to be achieved, there will be more time for stakeholders to innovate and create new Islamic finance instruments that will boost growth.