Subject. This article discusses business models of Islamic banks and Islamic financial companies, their particular characteristics and risks. Objectives. The study is intended to classify Islamic banks and Islamic financial companies by their business models, and identify the risks related to these models. Methods. I conducted a desk analysis of published studies, which contains facts, figures and trends of recent changes in the Islamic financial industry. I used general scientific methods for classification and groupings, logical analysis and theoretical generalization. Results. I classified Islamic banks and Islamic financial companies by qualities of their business models, and identified specific risks related to these models. Conclusions and Relevance. I identified key risks for each of, and created a map of risks for all ten types of business models that indicate a key risk, estimated probability and risk management measures. The proposed map of risks is intended to be a supportive tool in setting up the further strategy for adapting Islamic finance throughout the Post-Soviet area. The study contributes to proceedings on issues and prospects of Islamic finance in the CIS countries. The analytical materials can be used by ministries and agents, top executives of banks and development institutions, investment, microfinance, lease, insurance and advisory companies, financial industrial groups that seek to raise or place capital in compliance with Islamic financial principles.
Keywords: Islamic finance, Islamic bank, Islamic window, neobank, risk mapping
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