Within the framework of this article, the authors consider the potential from the introduction and development of Islamic banking within the banking sector of the Russian Federation. The study examines the banking model, which is poorly understood within Russia, but has a significant rate of spread within the framework of world practice. The subject of the study is the Islamic banking model. The purpose of the study is to identify and substantiate the prospects for the introduction of Islamic banking products within the domestic banking sector. The research uses methods of statistical and bibliometric analysis, as well as deduction. In addition, within the framework of the article, the method of generalization and the method of expert assessments are carried out. The existing positions of foreign and domestic experts are analyzed. The result of the study is the authors justification of the expediency of developing an Islamic banking model within the economic space of the Russian Federation.