Digital Innovations in the Financial System of Islamic Countries of the Middle East

Abstract

In the Middle East region, there are international financial centers (IFC). In addition to Tel Aviv, Istanbul and Baku, all these financial instruments operate on the basis of the Islamic financial system. The military-political situation in the region around some Islamic states, mediated by the United States and Tel Aviv. After Egypt and Jordan, since September this year, the UAE, Oman and Bahrain, and since October 2020, Sudan resumed diplomatic and economic relations with Israel. Saudi Arabia is actively involved in these processes. Digital innovation in the financial system of the Islamic countries of the Middle East is mainly taken in the institutions of these centers. Digital technologies work, in contrast to analog with discrete signals, are actively implemented in accounting systems, in data storage systems, in trade, in the fields of insurance, lending and banking services. At the same time, the requirements of Sharia are strictly observed.