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Topical issues related to the formation of the Islamic financial system: at the intersection of philosophy and practice


  • Magomet Yandiev

    () (Department of Economics, Lomonosov Moscow State University)


The so-called Islamic finance is an intensively developing segment of the world finance. It puts a great amount of not so much practical but complex theoretical questions to the financial regulator and professional participants of financial markets. In search of answers financial analytics have to use some philosophical tools of scientific analysis and decision-making. Just a question to illustrate the problem: At what level (protein, cell, DNA, molecule, atom, proton, etc.) does pork cease to be meat tabooed for Muslims and become a biological material that may be used?

Suggested Citation

  • Magomet Yandiev, 2013. "Topical issues related to the formation of the Islamic financial system: at the intersection of philosophy and practice," Working Papers 0004, Moscow State University, Faculty of Economics.
  • Handle: RePEc:upa:wpaper:0004

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    Islamic finance; Islamic banking; riba; gharar; maisir;

    JEL classification:

    • F29 - International Economics - - International Factor Movements and International Business - - - Other
    • F30 - International Economics - - International Finance - - - General
    • G00 - Financial Economics - - General - - - General
    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy

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