Институциональные особенности исламского бизнеса и современная деловая практика: эффект финансовой колеи
Law-ethical base of Islamic business enters into contradiction with the norms of the business practice, characterized by the high level of uncertainty, lack of information, law level of trust, prevalence of private interest over public etc. Islamic financial institutions often have to seek compromise with the existing environment on the financial markets: extra expenses and risks arise resulting mainly from overcoming of the financial path dependence which stems from the fact that modern financial system is based on interest loans, speculation and unsecured debts.
The article is devoted to the problem of the islamic financial instruments development in the context of the interest-based financial system monopoly in the world financial system. The situation when the whole financial system is based in interest as a reward for the loan, makes the development of islamic financial institution dependant on the path which the world financial system passed throughout the last century. The path dependence, as a term introduced by the institutionalists, occurs in this matter. Speking about Islamic finance the author introduces a term "financial path dependence"