Islamic Banking as a Phenomenon: Religion in Economics or Economics in Religion?

The article provides a study of Islamic banking as a phenomenon that spreads annually not only within the framework of the Islamic economic system formed in religious countries, but also in traditionally secular states. Thus, in Russia (a secular state), Federal Law dated 08/04/2023 No. 417-FZ on partner (Islamic) financing has been in force since 2023, which legislatively establishes the legal status of partner (Islamic) financing opera-tions. The aim of the study is to identify those patterns that allow the principles and rules of Sharia to effectively regulate traditional economic phenomena. Using methods such as induction and deduction, analysis and syn-thesis, comparison and juxtaposition, the article explores the foundations of building an Islamic financial sys-tem, as well as the specific features of Islamic banking that give it stability in the face of global instability and external threats (during the banking crisis of 2007‒2008, it was Islamic banks that showed incredible resilience to external influences). Based on the results of the research, the article concludes that the main prohibitions of Sharia are riba (loan interest), gharar (excessive uncertainty or lack of transparency), maisir (gambling), the sale of unacceptable (haram) goods or services, as well as moral and ethical standards (Code of Ethics for Islamic Finance Specialists) The principles underlying the construction of the Islamic financial system make Islamic banking stable and popular not only in religious but also secular states in the context of global instabil-ity.