Subject The research in the field of Islamic banking is conditioned not only by bankers’ interest in innovative financial products but also by a variety of interpretations of theoretical foundations of Islamic banking, as well as a discussion on the need to apply the experience of Islamic banks in the traditional financial system. Objectives The aim of the study is to examine theoretical foundations of Islamic banking in the understanding of leading scientists of the CIS countries, to identify prospects and problems for applying the experience of Islamic financial institutions in Russian regions. Results The analysis of the banking sector in regions that implement a pilot project for introduction of Islamic banking revealed a number of problems and prospects. Conclusions An Islamic banking model has a specific set of properties contributing to formation of sustainable development of not only the banking market but also the financial market as a whole. Therefore, the practical use of characteristics of the Islamic banking model is a promising direction in addressing the challenges of innovative banking products and services generation and modern banking modernization, based on diversification of risk between the participants of economic relations.
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