Subject Risk is an integral part of any economic activity. The functioning of various economic models implies not only the presence of specific features, but also specific risks. Active dissemination of Islamic finance in the global financial market dictates studying the risks of Islamic banks and identifying their sources and specifics. Objectives The paper aims to identify risks inherent in the canonical Islamic economic model and the model formed on its basis through integrating the elements of the Anglo-Saxon model into it. Methods I analyze the basic approaches to risk classification of Islamic banks that are presented by researchers of international organizations, and foreign and domestic scientists. To determine the risks inherent in Islamic banks, I offer two forms of their functioning: the natural economic environment and the economic cluster. Results There is a separation of concepts of 'modern Islamic banking' and 'Islamic banking'. In their product line, modern Islamic banks include products specific for the Islamic economic model and the Anglo-Saxon model adapted to the norm of the Islamic law. Islamic banks have the risk of non-compliance with the norms of the Islamic law, which under current conditions may be supplemented by exposure to changes in prices for oil products, as well as geopolitical risks, which do not fully pertain to economic risks. Conclusions The research results will help identify tools to reduce the risk of modern financial institutions of both the Islamic banking and traditional one.
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