واقع وآفاق الصيرفة الإسلامية في بلاد القوقاز

The first Islamic commercial bank was established in 1975, and it was Dubai Islamic Bank. After that, Islamic banks were established in different part of the world and increased in number until they reached hundreds, and diversified into financing institutions, banks, Islamic windows and Takaful institutions (Islamic insurance). The Caucasus includes countries most of which are Islamic, so there is a need in these countries for Islamic financial services. Some institutions have already emerged in some of these Islamic countries, and they are continuing to expand. However, these emerging Islamic institutions face a number of challenges that limit their establishment or restrict their scope. Some of these challenges are general to which all Islamic financial institutions in the world are subject, and some are specific to the Caucasus region for reasons specific to the region. The paper reviews the reality of Islamic financial activities in the region, including banking, investment and insurance, and then presents the challenges faced by this important sector and the impact of those challenges on the growth, development and expansion of the Islamic financial sector. The research also outlines ways and means to overcome these challenges.