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Islamic finances within the system of public finances in the countries of the Arab East
Ryzhkova Ekaterina Aleksandrovna

PhD in Law

PhD in Law, associate professor at Moscow State Institute of International Relations of the Russian Federation

119454, Russia, g. Moscow, ul. Prospekt Vernadskogo, 76

ryjkova@inbox.ru
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Abstract.

This article examines the theoretical positions on the role and place of Islamic finances within the system of public finances of the countries of the Arab East. The author substantiates the need for differentiation of the notions of “public finances”, “private finances”, and “Islamic finances” in the countries of the region, as each of the listed institutions has own individual peculiarities. It is also worth noting that in the countries of the Arab East the problem is exacerbated by the presence of the own system of values based on religion. The conducted analysis allows concluding that the division of finances into public and private in the Islamic world is problematic. At the same time, despite the substantial differences in the approach to finances in the Western and Islamic science, it is not possible to completely disassociate the Islamic finances from public.

Keywords: public interest, property rights, Zakat, Islamic law, Arab World, public finance, islamic finance, riba, prohibitions in Islam, purpose of finance

DOI:

10.7256/2454-0706.2018.6.26536

Article was received:

07-06-2018


Review date:

07-06-2018


Publish date:

08-06-2018


This article written in Russian. You can find full text of article in Russian here .

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