LEGAL REGULATION OF ISLAMIC BANKS IN RUSSIA O.A. Yastrebov1, A.R. Batyaeva2, A.A. Hajiyev3 1 The Law Institute of the Peoples’ Friendship University of Russia 2 The Department of Administrative and Financial Law Law Institute of the Peoples’ Friendship University of Russia 3 Student of the Peoples’ Friendship University of Russia 6, Miklukho-Maklaya st., Moscow, Russia, 117198 Forty years ago in the Islamic states of banks (credit institutes in our understanding) wasn’t since laws of Sharia consider issue of money under percent a grave sin. <...> Now in the world there are more than 300 Islamic banks, their general assets exceed 500 bln. dollars of the USA with a growth from 10 to 15 percent a year (data of UBS Swiss Bank which opens at itself Islamic department). <...> According to Sharia, the Islamic bank can’t invest money in some forbidden types of activity: production and sale of alcohol, gaming houses, and other restrictions of an ethical sort. <...> Islamic banking is fundamentally oriented to real economy, to real production and to allowing for speculation. <...> One of the interfering factors influencing implementation and development of Islamic banking in Russia is the low awareness of professional participants of the financial market, and also the population in general, about structure and the principles, functioning of the specified banking. <...> However, the problem can be solved adjustment of the Russian legislation, creating thereby favorable conditions, both for local, and for foreign investors for implementation and promotion of an Islamic bank system. <...> Key words: Islamic banking, Sharia law, the structure and features, interest, dynamic growth, the legal regulation of Islamic banks, banking. <...> Forty years ago in the Islamic states of banks (credit institutes in our understanding) wasn’t since laws of Sharia consider issue of money under percent a grave sin. <...> Now in the world there are more than 300 Islamic banks, their general assets exceed 500 bln. dollars of the USA with a growth from 10 to 15 percent a year (data of UBS Swiss Bank which opens at itself Islamic department). <...> Therefore an important problem is that the Russian banks, the non-financial entities and public authorities shall consider tendencies of development of Islamic banking in the world and consequences for national economy <...>