Current State and New Directions of Activity of Islamic Financial Organizations in the World Economy

Islamic finance has been showing growth in turnover for several decades, and most experts predict positive dynamics in the future. This is due to a number of factors, in the first place, the rapid growth of the Muslim population, which is growing at a significant rate and by 2050 will amount to 2,494 million people. Also, in addition to the population, the economic power of the Muslim states is also growing, which is expressed in the growth in the volume of GDP that is created in the Muslim states. The data reflecting the GDP indicator shows that compared with 1913, the GDP of the Muslim world has grown from 1.5% of the world GDP in 1913 to 10.2% of the total GDP in 2011. In order to forecast and assess the development of Islamic finance, it is important to assess the dependence of the main indicator, reflecting the scale of development of the Islamic financial system – the total assets of Islamic banking on other indicators. The dependence of these indicators is supposed to be determined based on the formation of a correlation-regression model. Based on the model obtained, the following conclusions can be drawn about the influence of such indicators as the number of banks, the number of Muslim population, as well as the number of countries in which Muslim banking operates.

At the same time, in a number of Muslim countries there are problems associated with various political and social crises that periodically occur in Muslim countries. In a number of countries such as Syria, Afghanistan, Iraq there is a civil war. This hinders the development of Islamic finance and the economy in general. The COVID-19 pandemic has had a huge impact on economic development. In this regard, it is relevant to assess the current state and possible new areas of activity of Islamic financial organizations in the world economy.