Introduction: the issues of legal regulation of partner (Islamic) banking in Russia took on particular importance under the conditions of economic pressure put on Russia by a number of countries. The issue of attracting investment to the country, from the states of Asia and the Middle East in particular, has become especially essential nowadays. The development of partner banking in Russia is promoted by the fact that the population of Russia includes a significant number of Muslims, who are familiar with Shariah principles being fundamental for Islamic economy. Purpose: to analyze the essence and main features of the legal regulation of Islamic banking, the similarities and differences between the major approaches applied in Shariah principles and in Russian legislation, to identify problematic issues, and suggest possible ways of solving thereof. Methods: the present study is conducted based on a set of scientific methods, including analysis and synthesis, interdisciplinary approach and comparative legal studies. Results: the present paper demonstrates that the implementation of partner banking instruments is constrained by certain current prohibitions and restrictions in Russian legislation. Partner banking instruments are based on the fundamental principles of Shariah and theological doctrine, which in a number of cases do not fully correspond to, and sometimes conflict with, the legislation. The authors have considered the peculiarities of Islamic banking through the example of a Murabaha contract as the main institution of financing based on Shariah principles. The authors have concluded that in Russia there are various approaches to the issue of how to implement the instruments of Islamic banking in the Russian legal system, from zero tolerance to the need for an appropriate regulatory framework. Introduction of alternative, and especially Islamic, financial instruments in the country's economy determines the need to inten