) as opposed to conventional one. The first part of the paper covers, among other things, such issues as the nature and historic roots of Islamic insurance and early forms of Islamic insurance and it narrates the disputes among Muslim scholars concerning the compatibility of insurance with Islamic Shariah. The second part deals with the history and emergence of Islamic insurance in the modern financial market, as well as the practice of Islamic insurance in different countries. The third part discusses the feasibility of Islamic insurance in Russia in the current legal framework. The paper contains a comprehensive glossary of related terms.