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.