Abstract:

The market of the Islamic financing has been actively developing recently. The basic condition of its organization is the conformity of Islamic financial products with the requirements of the Koran and norms of the Sharia. Sukuk represents one of the most successful examples of the introduction of the Islamic financing not only into the countries with traditionally Islamic economy, but also into the countries with secular economy. Sukuk has considerable prospects of the development owing to a high investment orientation, constant growth of the Islamic population and requirements of the developed economies, including the Kazakh economy, in the attraction of direct foreign investments from Gulf States. The article addresses issues related to the use of tools of "Islamic finance" on the territory of the Republic of Kazakhstan. The main advantages and disadvantages of Islamic banking, the basic financing model developed by the Islamic banking system. The positive elements in the conduct of Islamic banking that can improve the performance of banks. The offered measures can promote in many respects the integration of this relatively new financial tool into the world financial system.