The following paper bases on an analysis of relevant scientifi c material, the Russian Federation legislation and includes an empirical study that is a sociological survey of Muslim entrepreneurs. Thus, the author proposes his own defi nition of the term «Islamic business», which is understood as socially responsible entrepreneurship based on Islamic Law (Sharia) following, where social responsibility comes as a seminal formulation. In conclusion, the author encourages the researchers to intensify theological studies of a new economic phenomenon in the context of observing the ethical standards of Sharia.