SOME NON-FINANCIAL ASPECTS OF “ISLAMIC” FINANCES

Abstract

Currently, capitalist development of countries is closely connected with unequal income distribution both among different segments of the population and among countries. This tendency is clearly seen in the economies of Arab countries, among which there are countries from the top 10 of the richest countries, and countries set back in their economic development by decades because of world power interference in their sovereignty. Thus obtained new economic order shows the formation of new, unequal relations between different countries of Arab world where partnership relations are offset by arisen systemic crisis. The article considers such social and economic processes taking place in Arab countries as migration flows, macroeconomic consequences of decline in the world price of hydrocarbons, cash outflow from Arab oil-exporting countries. In addition, in the article are given main financial indicators of major Arab banks working with Islamic finances, indicators (in dynamics) of the oil sector, consequences of avoidance from commodity dependence by economic diversification in the GCC, the problems of liquidity not peculiar to Islamic financial institutions but to the economies of Middle Eastern countries are analyzed. Based on the information given in the article, it is worth noting that in the context of globalization and external economic processes, Islamic finances represent cash flow of Islamic countries whose essence does not carry their original purpose.

Keywords

• islamic finances
• middle eastern countries
• economic diversification
• oil
• migration
• cash transfers