Importance Islamic finance is a significant phenomenon of the modern financial world. The Islamic financial system is rapidly developing. However, the majority of studies on the corresponding subject deal with Islamic financial intermediaries, markets and instruments, whereas the role of public finance is often underestimated. Objectives The article addresses the fundamentals of Islamic taxation and covers three key questions: 1) peculiarities of Islamic taxes in comparison with conventional taxes; 2) special features of Islamic taxation organization; 3) the specifics of Islamic taxation in the context of the Islamic financial system. Methods The logic of the research is determined by the special features of Islamic finance: the priority importance of the ethical economic management principles. Thus, we pay attention not only to financial, but also to social and cultural aspects of the studied problems. When assessing the financial features of Islamic taxation, we have been guided by the concept of functional and structural finance. Results Islamic taxation is one of the most important institutions of the Islamic financial system. The list of Islamic taxes is fiercely debated for compliance with the Quran and the nature of tax requirements. Mobilization and redistribution of the raised funds within Islamic taxation are less fiscal than religious. Islamic taxes combine traditional imposing and innovative levying. Conclusions and Relevance The Islamic taxes are not directly related to the existence of the State. In many countries, including Russia, the zakah is collected and distributed by non-governmental organizations. Remarkably, they are often more efficient than corresponding State structures. We also come to conclusion that Islamic taxation is an important precondition to overcome social inequality.
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