THE POLITICAL AND LEGAL PROCESSES THAT INFLUENCED THE DEVELOPMENT OF FINANCIAL INSTITUTIONS IN ISLAMIC LAW DURING THE 19TH-20TH CENTURIES

Аннотация

The article provides a detailed and gradual analysis of the development of Islamic financial institutions in the 19th-20th centuries and the impact of political and legal processes during that period on this development. Additionally, the influence of the European continental and common law systems on Muslim countries, their legal peculiarities, and financial-legal systems is analyzed.Furthermore, by the second half of the 20th century, a number of countries were at the next stage of development of Islamic finance, leading to several initiatives and practical outcomes aimed at regulating it legally, which are discussed in the article.