FEATURES OF THE DEVELOPMENT OF ISLAMIC FINANCE IN THE CONDITIONS OF GLOBALIZATION
Abstract
Until the 20th century, there were no stable long-term forms of financial institutions in the Muslim world that could be defined as “banks”. The first banks, in their classical form, owned by Muslims (the corporate “majority”) began to appear after the 1920s. The collapse of the colonial system after the Second World War led to the emergence of new states, including Muslim ones. These states needed their own financial systems - this is how the first national banking institutions of Muslim countries began to appear. Since the second half of the XX century, in the Muslim world, primarily in the Middle East, a process begins, called “Islamic revival” - a term that refers to various types of spread or strengthening of Islam. An important role in this was played by the religious concept - tajdīd, which manifested itself throughout the history of Islam in periodic calls for the restoration of basic religious principles in public relations. Much of the “Islamic revival” of the second half of the 20th century was driven by disillusionment with the secular national powers and pro-Western ruling elites that had dominated the Muslim world for previous decades and who increasingly showed signs of authoritarian, ineffective political systems and lacking cultural authenticity.